Small businesses need access to different lending options and you may be considering a Lending Club line of credit. If so, it’s important to know that you do have other choices. One of the best is a line of credit from Financing Solutions.
Lending today can be tricky and confusing. You must learn more about the various types, like a Lending Club line of credit, to decide what is right for your business.
The Disadvantages of a Lending Club Line of Credit
A Lending Club line of credit is really just a cash advance, not a true line of credit. The difference is that with a cash advance you have a fixed payment that must be made. You cannot pay off this instant business loan easily. As a result, you will end up paying much higher fees.
Lending Club is a very large organization that is run by Wall Street professionals. Therefore, it’s easy for the small business owner to be lost in the shuffle.
In effect, a line of credit is an agreement between your business and a financial institution. They agree to allow you to borrow against a maximum amount of money at any time. You agree to replace the money you withdraw in a timely fashion, proving that they made the right decision by trusting you. Essentially, it is a backup plan that you can use as you wish.
Is There an Alternative to a Lending Club Line of Credit?
It may surprise you to know that the Financing Solutions (www.financingsolutionsnow.com) line of credit program is one of the first line of credit programs to be put in place for alternative lenders. With it, businesses and nonprofits with revenue over $300,000 are able to get a line in place, at no cost. You can use this line at any time for any business purpose.
If you are not using the line, there are no charges. Best of all, if you use the line and then pay it back in 48 hours there are no charges.
You can also pay off the line at a later date. If you do that then you just need to make the minimum payments and you can pay off the balance when it is best for you.
What Are the Benefits of a Financing Solutions Line of Credit?
At Financing Solutions, any fees you pay are still just a fraction of the costs you would pay with a Lending Club line of credit. You also get access to the owners of the company at any time.
The owners of Financing Solutions are career entrepreneurs with 25 years of experience building companies. When you work with Financing Solutions, it’s obvious that they really understand what it is like to run a small business or nonprofit.
You can apply with Financing Solutions for a line of credit and you will receive a written offer same day. One of experienced account managers will then follow up with you to answer any of your questions. With their instant business funding, you can solve your lending issues and increase your success.