5 Things Banks Don’t Want You To Know
Banks are finally starting to realize that their era is about to come to a close. Gone are the days when everyone is at the mercy of banks, and where all business owners rely on them for money. In fact, that power is vanishing thanks to alternative lenders like Red Payments. Even high profit companies are now scorning banks and opting for alternative business financing. Once you know these five facts about banks and business lending, you’ll understand why the days of big banking are coming to a close.
- Only 1% of SBA loans ever get approved. Droves of good, honest business people have applied to them. With new laws and regulations in place, only a scant few actually get approved. Your chances at getting the once-ubiquitous opportunity loan are basically shot.
- Bankers can tell you what you can and cannot spend the money on. If they tell you what you can spend your money on, anything outside of that can cause you to get into serious trouble. This means you can qualify for a loan, only to be unable to use the money you just got on things you absolutely need.
- If you get denied because of credit, your credit score can take a major hit. Moreover, even with the credit issue aside, you’ll soon find out it’ll be even harder to actually get a loan in the future. It’s a cycle that some company owners really don’t ever get out of.
- There are alternatives that actually allow you to walk away without paying if your business goes under. Banks will repossess your home if you can’t get your business to take off. They will also tank your personal credit score and force you to pay up. With cash advances, if you don’t earn money, you don’t have to pay.
- Banks are the ones that started the smear campaigns against cash advances. This is the real big issue they don’t want you to know. They are very well aware of the threat advances and alternative lending pose their business - and that’s why they’re doing everything possible to dissuade business owners from taking them. They aren’t looking out for small businesses. They’re looking out for themselves and their profits.
At Red Payments, you can make your ends meet pretty easily through a cash advance. Unlike banks, we actually do look out for small businesses and match you with the right funding for your needs. Give us a call today, and you’ll be able to see the money you need soon enough.