In these volatile economic times, many of the big banks have made it very difficult for individuals and small businesses to get loans, even for moderate amounts. Such is the nature of our current banking system that they have become afraid of taking too many risks and have become risk-averse. This means that many legitimate small businesses face a challenge when they want to grow and expand their operations.
The Glory Days Are Over
Before the global financial crisis (GFC) hit the world, banks were full of confidence. Times seemed fairly easy and money seemed easy to come by from their perspective. The GFC changed all of that and we are now in an economic environment that is volatile and uneasy. Furthermore, investigations into the big banks in this country have found systemic corruption and mismanagement at all levels. This has caused regular people to lose faith in them.
A Smarter Way to Get a Small Business Loan
The challenge for any small business operating in today’s world is funding their growth. Such businesses face the challenge of growing without the immediate support of a loan from the big banks because they represent too much of a risk as far as the banks are concerned. The answer is to seek a small business loan from an independent financial lender.
Of course, even going to such a small independent lender will generate some reasonable questions, such as: “Is Max Funding legit?” In this environment, people are right to be sceptical but the truth is that independent lending has exploded in recent years. In fact, many small operators have seen that there is a gap in the market because the big banks have become very risk-averse. This is good news for small businesses looking to grow because it means that they can get loans quickly and conveniently.
So, why seek a loan from a place such as Max Funding? Here are some things to consider:
- Convenience: Going to a bank usually means filling out extensive forms, showing 100 points of ID, and then waiting for approval. This can take days and many small businesses really need financial injections quickly. A smaller, independent financial loan agency can have pre-approval done in mere minutes via an online form. Not only that, but the money can be transferred the same day.
- Flexible: Most people who have bad credit or a poor credit history are now locked out of bank loans because they represent too much of a risk. An independent lender will consider people with poor credit and will often loan to them. Why should your credit history hold you back from having a successful business, after all?
In volatile economic times, the big banks have almost shut up shop when it comes to small business lending. The best way to get around this is to use a smaller, independent financial lender.