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Why is Ondeck Capital Not the Best Place to Go for a Business Loan

Most likely, you know the best place to go for a fabulous vacation or even to purchase new office furniture. As an entrepreneur, you should also know where to go for instant business financing and that Ondeck Capital is not the best place to go for a business loan.Ondeck Capital makes their funding decisions based on computer algorithms.

There are numerous alternative lenders popping up all over. Many are helpful but some only exist to take advantage of those in dire situations. It is important that you do your homework and understand what is involved with each one in order to make the right choice for your small business.

What Are the Disadvantages of Ondeck Capital?

All alternative lenders are not created equal. In the case of Ondeck Capital, the more you learn, the less likely you may be to choose them for your instant business funding needs.

For one thing, Ondeck Capital makes their funding decisions based on computer algorithms. Your information is input into a computer program and if your business and financials do not fall within their set parameters, you will not be eligible for funding.

Additionally, Ondeck Capital charges expensive fees which get added to the cost of your small business loan. It is also worth noting that Ondeck Capital requires a long term repayment schedule, meaning you could still be making payments on your loan two years from now.

Where is the Best Place to go for Short Term Business Financing?

To obtain immediate business funding, the best place to go is a cash advance company, like Financing Solutions (www.fundmypayroll.com). They make it simple to get financing for any business need such as making payroll, purchasing supplies or building working capital.

At Financing Solutions, real human beings make the approval decisions, not some impersonal computer. The company is run by two serial entrepreneurs who fully understand the joys and pains that come from owning a small business.

As a result, they are willing to listen and they look at more than just numbers on a piece of paper. Unlike Ondeck Capital, Financing Solutions take many factors into consideration, such as current payment habits of those with less than perfect credit, to decide on your eligibility. In fact, approximately 90 percent of those who apply with Financing Solutions are approved, often for same day business funding.

Best of all, there are no penalties for early repayment. Most of the businesses that use a cash advance company are able to repay the funds in just a few weeks or months, when their cash flow improves or the account receivables they have been waiting for come in.

What Are the Best Ways to Grow Your Business?

There are numerous things you can consider today to help your business grow tomorrow. A little research and sweat might be all it will take to get your business to the next level.

If your business has shown consistent profit and steady growth, it may be time to expand to multiple locations or to begin franchising. Before considering this huge step, make sure you have the right infrastructure in place to be successful.

You could also find collaborative opportunities. For example, if your business creates software, it might be beneficial to strike up a symbiotic relationship with a computer manufacturer.

Another great way to grow your business is to contact Financing Solutions. They can take away your fast cash worries so you can focus on your continued growth and success.

 

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