As a business owner, you face enough risk making day-to-day decisions regarding everything from resource optimization to where to hold the staff anniversary party. However, these risks and complexities can seem like a proverbial walk in the park if you choose the wrong business lender.
Here are 3 painful and costly consequences that await you if you make this major mistake.
They’ll move numbers around, tell convoluted stories about variable interest rates and the government, and earnestly get you to focus on what you’ll be able to do with the funds (e.g. “just think of what your restaurant will be able to do with a brand new freezer and oven!”).
If you fall victim to these types of lenders, then one thing is absolutely certain: you’ll end up paying far more than you expect, and potentially, more than you can afford.
However, if you choose the wrong business lender, then it’s a foregone conclusion that you’ll get trapped by a maze of terms and conditions — and none of them (even by accident) will be in your favor.
There will be obstacles and penalties to things that you can’t even imagine, but will not able to get around with pulling out your checkbook or credit card.
Unfortunately, you’ll typically face these and much other time consuming, tedious, costly and risky scenarios if you choose the wrong business lending partner.
After all, they’re not concerned about your efficiency. They’re focused on their profit.
At National, we’re proud of our high standards, and the integrity of our people and policies. That’s where we’re proactively transparent regarding all costs (and potential costs) of borrowing, and disclose all terms and conditions that govern a professional lender-borrower relationship. And just as importantly, we know that sometimes time is more precious than capital, which is why we lean forward to make the borrowing process as efficient for you as possible — not just during your application process, but after we engage in a relationship. That’s why we’re available to you 24/7/365. That means if you have a brainstorm any time of day and want some advice on how to get funds to make it happen, we’re here — and we’ll help!
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.