Alternative lending is a general term used to describe lending platforms that are based online.
Alternative finance refers to a variety of new financial channels that are not part of traditional banking systems.
What are the roles of alternative financing institutions?
Our economy is driven mostly by small and medium-scale enterprises. These companies often need capital to propel their businesses and expand operations. After the economy broke down in 2008 traditional financing institutions, such as banks, became more stringent with their regulations and requirements for loan approvals.
To address the issue, alternative financing institutions like WeCompete Lenders, joined the lending industry. Banks approve only around 20% of loan applications, the remaining 80% turn to alternative financing institutions for options. These institutions offer a more diverse range of loan products and financial services to cater to the demands of the industry.
Why choose an alternative lender to finance your business?
Applying for an alternative loan is easy. Getting turned down for a loan opens up an opportunity to tackle new types of loans that may be more suitable for the needs of the business.
Flexible Offers, Rates,
Alternative lenders offer a variety of loan offers with flexible rates and terms. Because it is an open market, and a bit more competitive than bank loans, the interest rates are generally lower.
It takes at least six weeks for banks to approve a loan whereas for alternative lenders, with a more streamlined organizational process and an online platform, it would take as little as one day.
What should you look for in an alternative lender?
Although it is a great convenience for business owners to have someone they can turn to when the waters become deep, alternative financing is still an emerging industry and marketers must be wary of the lending partners they choose.
WeCompete Lenders is a lending company that you would want to do business with because we possess qualities that you should look for in an alternative lender.
Understands your business needs
The beauty of partnering with WeCompete Lenders is highlighted by our flexibility in terms of loan agreements. Unlike other lending agencies, we can tailor a loan product to fit the needs of your business. Our experts are knowledgeable in different industries. We partner you with one that knows the ins and outs of your company because we are aware that this can help provide your business with more advantages and maximize your loan potential.
Provide you with several options
Because we can customize your loans, we are able to come up with several loan schemes as solutions to different financial problems.Every financial hiccup is offered more than one loan option.
Simple application and quick approval processes
Businesses apply for loans because they need funds immediately. Being the excellent lender that we are, we developed a simple application process and hired experts to guide our potential clients. And since small businesses apply for loans because of the immediate need for cash, we came up with a quick approval process and deliver the funds in 24 hours.
A good reputation
Read loan reviews by satisfied clients. We uphold the standards of integrity in the alternative financing industry.