That really depends on where you apply for your business loan.
Well, for example, in the last half of 2016, banks were only approving 20-25% of small business loans. So, unless you have stellar credit and really strong business credentials, you’re likely to get declined.
That doesn’t sound complicated. That sounds depressing.
You didn’t let us finish! You know the real estate phrase, “location, location location?” Well, that kind of applies in this situation. While banks were busy dashing the dreams of just about everyone who walked through their doors, alternative lending sources were doing the opposite. In fact, alternative lenders were approving 60-62% of similar loans.
So I shouldn’t be applying at a bank, obviously.
We didn’t say that, exactly. We’re sure there are some people out there who like rejection. But for those that don’t, you can save yourself a lot of pain by applying for a small business loan through an online lending marketplace like Lendio. We work with more than 75 lenders so there is almost always a way to find a loan that can work for you. Not to mention, our application is simple and free, and we assign you a personal funding manager who will help you get the loan you need for your small business.
So if I apply through Lendio, I’ll definitely qualify for a business loan?
We can’t guarantee that. The improbable can always happen. Maybe the sun won’t rise tomorrow, who knows? But the best way to find out is to fill out an application and see for yourself! 15 minutes from now you could have your answer.
…Well, what are you waiting for?
Shh, I’m focusing on your application.