FAQs
Looking for answers? We provided real answers
to your frequently asked questions.
Alternative Lending Myths
We busted some myths about alternative financing so you don't miss out on funding because of misinformation.
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Why Choose Us
Easy processing, dedicated customer service - It doesn't end there. We've laid out other reasons why you should choose WeCompete Lenders.
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Application
You need that loan application. Here are some answers to push you towards the right business loan.
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Loan terms
Are the terms unfamiliar? Understand financing better with a little help from our team.
Learn MoreAlternative Lending Myths
We have loan specialists and we have myth busters. Find out which is true about alternative lending below.
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Only desperate businesses work with alternative lenders.
Alternative financing gained the reputation of being a desperate attempt to get funding. This is because most of the applicants for loans are businesses that have been turned down by banks and other lending institutions.These businesses are not desperate, but rather these are businesses that have options. Most small businesses lack assets, but they are rich in cash flow. Considering bank loans require collaterals, small business owners, and startups have little to no chance of getting approved.
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I have no other options except banks.
The statement above could never be more WRONG. However, it does have some hint of truth in it if somebody said it ten years ago. During the recession in 2007, banks closed their doors to almost all businesses. It was difficult for anyone, big or small, to get a loan. When the economy started picking up, banks became even more stringent with their loan options, especially when it came to startups and small businesses.Alternative lenders changed the landscape of the lending industry. By providing fast loan processing and financial services that are accessible to small business owners, alternative lenders have replaced banks as the primary source of funding for businesses.
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Only businesses with bad credit apply for alternative financing.
Unlike banks, alternative lenders provide loans for businesses with bad credit scores. This, however, does not mean that the only businesses that turn to alternative funding are those with bad credit scores. On the contrary, the average FICO scores of most borrowers were found to be around 680, with most borrowers having credit scores higher than 700.Businesses find it easier to qualify for loans with alternative lenders compared to banks. It is not just about credit scores because good credit scores do not guarantee approval from traditional lenders. WeCompete Lenders, however, looks beyond credit scores and focuses on the potentials of the business.
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The minimum loan amount is 6 figures.
This statement is entirely untrue. Minimum borrowing amounts from traditional loans are relatively high. It is a dilemma for small business owners that need funds but cannot afford the monthly rate of bank term loans.Alternative financial institutions are more flexible with their minimum loan amounts. At WeCompete Lenders, for example, the minimum amount is $5000, but we can provide funding of up to $1,000,000 or more.
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Alternative lenders are unreliable.
This misinformation is largely because alternative lenders have higher approval rates yet fewer requirements compared to banks. It makes people wonder why they would risk capital for small businesses.The growth of the industry placed it under public scrutiny. The myth that alternative lending is a scam or is mainly unreliable has been debunked by the Better Business Bureau when it gave alternative lenders A and A+ ratings.. Alternative lending is a very competitive and transparent industry. Since transactions are mostly conducted through the internet, it is prone to fraudulent schemes. It is the responsibility of the borrower to research on the credibility of the lender they choose.
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I can’t afford the monthly payments when business is slow.
Term loans from traditional lenders require borrowers to pay a fixed amount monthly. This can cause a massive dent in the cash flow when business is slow. Luckily, there are alternative financial solutions that have flexible payment methods. A good example would be a merchant cash advance where the payment depends on the daily or monthly credit card sales. Another good example is invoice financing wherein businesses can draw up advances in their receivables.
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Alternative lending is bad for your credit score.
Downright false! Alternative lending will negatively affect your credit score if 1) you do not pay your dues in full and on time or 2) you applied for too many loans on a short period. Both of which will affect your score whether you applied through a lender, a bank or a credit union.Other than that, applying for an alternative loan can improve your credit score. Alternative loans do not appear on your credit report; they are channeled through your business credit. This separation ensures that personal loans such as mortgages and car loans do not affect the result of your application.
Why Choose Us
When in doubt, choose WeCompete Lenders. We have a lot more to offer aside from being the premier company int he lending industry. Get to know us better with these quick facts.
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What is WeCompete Lenders?
As the premier company in the alternative lending industry, WeCompete Lenders seeks to empower merchants by providing them with a variety of loan services. At WeCompete Lenders, we have partnered with over 100 lenders to provide our clients with the best lending options for their businesses.
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How did WeCompete Lenders get its name?
WeCompete Lenders is reshaping the landscape of the alternative lending industry as we strive to drive lending rates lower. Our company name was drawn from our move to make the industry competitive and merchant friendly.
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How do I reach WeCompete Lenders if I have any questions?
If you have any inquiries about our loan services, you may contact us at (844) 516-0633, or you can also visit our website at www.wecompetelenders.com.
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Why should I choose WeCompete Lenders over my bank?
Business owners should approach us because our approval rates are higher than the approval rates of banks and because our requirements are more realistic compared to traditional banking. We understand that companies that apply for loans may not always have outstanding credit scores. Our approval rates are high, and our interest rates are low. We cut to the chase, and application can take less than three minutes with same day approval and next day financing.
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Why do businesses choose us?
Companies come to us because we offer them an array of services, we also educate them on their lending options and provide them with hands on customer service, clear terms, and low-interest rates.
Application
We're here to help you decide. Our application process has become even more convenient with answers to frequently asked questions.
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How do I apply?
It’s hard to say no to our clients. All applications that come in are easily approved. Applying is a breeze, just fill out the form here or talk to one of our loan professionals at (844) 516-0633.
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How long will I have to wait?
After completing our online application, one of our expert loan advisors will reach out to you to discuss our available loan options for your needs. You will be able to receive a variety of loan offers from our partner lenders, all you have to do is pick one and receive funding the following day.
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How soon can I access the funds?
We understand that businesses apply for loans because they need funds immediately. The funds can be accessed by companies immediately after receipt; that is 1-2 days after application.
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Does my personal credit score matter?
Credit scores are an indicator of how well an individual or a company handles finances. It is important to maintain good credit score but having a very low credit score or no credit score does not disqualify you from availing any of our loans. We are not here to turn you down. Rather we are here to offer you a chance to pick up or expand your business.
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What if I don’t qualify?
Funds acquired from our loan services can be used to regulate cash flow or expand your business. You can allocate it for marketing campaigns, personnel acquisition, business expansion, inventory, equipment upgrade, relocation or renovation of structures.
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Where can I use the funds from the loan?
Some loans have minimum requirements. If your qualifications do not cut it to the requirements of the loan you are applying for we will not turn you away. Our company will tailor a loan to cater to your financing needs based on your qualifications.
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Can I Get A Business Loan After Bankruptcy?
Bankruptcy in your past doesn’t necessarily preclude you from getting a small business loan, but it might make it more challenging. Not all lenders have the same requirements after bankruptcy, but it’s unlikely a borrower would qualify within the first two years. Many lenders will require two years of improving credit history following the disposition of bankruptcy.
Loan Terms
Understand each business loan better. Below is a list of common loan terms you are bound to encounter in your search for financing.
Still have questions?
Contact our team for more information.
call: (844) 516-0633 email: contact@wecompetelenders.com