An alternative lender might be quicker
Many SME owners and managers don’t have time to apply for a loan with a traditional lender. There are lenders who can provide an entirely online option, freeing people to borrow money on their own time, from the comfort of their own office. In addition, loans can be approved within days, rather than waiting for weeks to hear back from a big bank.
You may be able to get a product that suits your needs better
Larger institutions generally have standardised products. Loan terms, interest rates, and repayment sizes are almost non-negotiable. Alternative lenders often place the power to choose options back into the hands of the borrower, making it possible to choose what solution suits them best.
You can plug and play
Many alternative lenders have been born in the digital age. This means they don’t have outdated protocols for how they deal with their clients. They can often plug into your accounting and merchant systems, creating an easy ecosystem for you to operate within.