Getting a small business loan in 10 minutes sounds great, right? As easy and simple as business borrowing is, it may not be the best move for you to make if you end up having borrower’s remorse on your business loan.
If funding can help you take things to the next level, then you should seek a small business loan. But remember, whether it’s your first or fifth round of funding, not all small business loans are created equally. There’s a minefield of lenders out there—many of them without your best intentions at heart looking to charge sky-high interest rates. These lenders may look to sell you on a loan however they can.
In this post, we’ll share a few helpful tips about how you can make sure you’re getting the right small business loan, and avoid a case of borrower’s remorse.
Avoiding borrower’s remorse doesn’t mean refraining from getting a loan or merchant cash advance altogether. It just means taking a different approach to business finance—in which you prioritize the long-term, instead of immediate funding.
Has a brand new item ever caught your eye in the store? Despite the hefty price tag, you bit the bullet and bought it anyway. Then later on, you realize it’s similar to something that you already own.
That’s a classic case of buyer’s remorse. In the small business world, having borrower’s remorse on a business loan is quite similar.
You have a new opportunity in your business to take things to the next level. Just to test the waters, you make a few phone calls or fill out a few forms and learn what you qualify for. You get caught up in the new opportunity, and without shopping around to learn about all of the available options, move forward with the deal.
The market has never been better for small business owners. There are financing options available everywhere to help you improve your business even more. The process is quick and simple, and after all, who has time to sift through options?
If you want to avoid entering a situation that you’ll later regret, then you’ll need a more proactive mentality.
Business owners that receive funding generally have borrower’s remorse for a few reasons:
However, all of these reasons essentially boil down to the same problem: you didn’t get the best deal on a business loan. It’s quite common to be blinded by the impact of the deal.
There are ways that you can avoid having borrower’s remorse on business funding.
Whether you’re considering getting funding or you have some contracts out, it’s important to know how you can avoid being ripped off.
We created a free downloadable ripoff report with all of the information you need to get the best deal! The free report—10 Questions You Must Ask Before Getting a Business Loan—also includes a second free report—5 Things Your Business Lender Doesn’t Want You to Know.
If you want to get a business loan that will help (instead of hurt) you, then download it now!
To learn your business loan options through National, fill out our 60-second application!
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!
Matt Carrigan is the Content Writer at National Business Capital & Services. He loves spending every day creating content to educate business owners across every industry about business growth strategies, and how they can access the funding they need!