Owners of small businesses – take notice! 2016 is shaping up to be the best year in the last eight to take out a business loan. Why?
- Our economy is in better shape now than at any point since the Great Recession, meaning now is the time to expand your business.
- Interest rates remain low, despite the Federal Reserve’s recent interest rate hike.
- New alternatives to bank loans have become popular in the last year or two, providing competitive borrowing opportunities for businesses with less than perfect credit histories.
- Employment remains strong, putting more spending money into the pockets of Mr. and Mrs. John Q. Public.
A Good Time for a Good Loan
Given that the timing is optimal right now, your biggest decision should be where, rather than whether, to obtain a small business loan. In the first place, you want to approach a lender that is likely to approve your loan request. Unless you have spotless credit, that rules out banks. For most mere mortals, a better choice is a commercial lender like IOU Financial, where we approve 85 percent of loan applicants.
Does Anybody Really Know What Time It Is?
Timing is about more than choosing when to borrow. Timing also refers to the way you repay the loan. Nothing is scarier than the massive monthly payments that banks expect you to cough up. We have a better idea – we divide your repayments into daily installments that we automatically transfer out of your bank account every day. It’s convenient and much easier to budget for. Many of our customers tell us our terms are painless, and we believe them.
Of course, even daily payments can’t compensate for outrageously high interest rates. Guess what – our APRs start as low as 6 percent and are half of what you’d pay for a cash advance.
Cumbersome Bank Process
Banks set up insane obstacles to discourage all but the most dogged business owners from applying for a business loan. We’re talking about mountains of paperwork, never-ending credit and personal checks, and repeat requests for ever more information. We think this is nonsense, and offer instead a streamlined, online loan application process that takes only three minutes to complete and only a few seconds to pre-approve. That’s how we are able to put money in your bank account within 24 hours.
Another difference between IOU Financial and a traditional bank loan is that we look beyond your credit score and consider the totality of circumstances, such as your business equity and cash flows. We don’t send loan applications to some distant corporate headquarters where anonymous underwriters look for ways to deny your request. With IOU Financial, the person you work with is the person who approves your loan. We want to know our customers firsthand and we work hard to say “Yes!” to your loan application.
Feature Galore
Another nice feature we offer is that we can renew your loan once you’ve repaid only 40 percent of the principal. There are never any upfront costs or prepayment fees. We use simple interest calculations, so you only pay interest on your outstanding loan balance. Not all banks provide the same level of service. Maybe that’s why TrustPilot gives IOU Financial a rating of Excellent (Five Stars) – we believe that helping our clients succeed is the best way to grow our business.
So that’s it – now is the time and IOU Financial is the place to borrow up to $150,000 quickly and hassle-free. Contact us today!
