Business owners are well-aware of the perks of commercial loans. The right type of loan can help you take your venture to new heights, keeping a strong grasp on finances. However, sometimes the loan provider you approach may not be the right option for you.
Here are a few signs that you should switch your commercial loan provider.
The Loan Provider Hasn’t Disclosed All of the Loan Terms
One of the biggest red flags you can spot in lenders is when they withhold information regarding the loan terms and don’t fully explain what the terms would entail. For instance, they may not elaborate on the repayment terms or keep the interest rate a secret. They may also introduce a surprise fee later on, including terms and charges that they hadn’t mentioned before.
If your loan provider hasn’t clarified the loan terms in detail, you might want to consider switching lenders. Knowing the loan terms allows business owners to assess their budget and growth estimates more realistically and be prepared for the future. Loan providers who aren’t upfront about the exact terms and details can affect how you prepare for your financial needs. The last thing you want is to find out late during the loan process that the terms are unfavorable for your business and likely to put you at a financial risk.
The Loan Provider Has Gotten Negative Reviews
Never take negative reviews and experiences shared by previous clients lightly! Many loan providers do a pretty good job concealing past issues and mishaps that they were involved in. On the surface, they may seem like the best possible commercial lenders who you could go to. However, before you finalize any loan terms, make sure that you sift through their online reviews on different platforms and reach out to previous clients to get a better understanding of what it’s like working with them.
Think about it; do you want to work with a loan provider who’s known for disappearing midway through the process and offering poor customer support services? Or, a lender who has a history of deceiving clients and acting against their best interests?
Make sure you look up reviews available for your loan provider. If there are too many negative reviews or complaints regarding the lender, it’s best to switch to a different commercial loan provider.
The Loan Approval Process Takes Forever
Finally, if the current loan provider is taking way too long to get things moving along, it’s recommended that you approach a lender who’ll streamline the process. Most business owners who apply for commercial loans need the money urgently and can’t afford to wait several months for the application to be reviewed and approved. If you have a pressing financial need and require funds at the earliest, it only makes sense to go to a loan provider who’ll speed up the process.
That’s where our team at QuickAssist comes into the picture. As a leading business financing firm, we provide a range of business financing options to small business owners. You won’t have to wait several weeks or months to get the bank loan alternatives that you need when you work with us! We’ll connect you with lenders and get the process started ASAP.
Need to take a small business loan for your venture? Apply today or get in touch with our team for more details!