I’m sure you are familiar with the old adage, “it takes money to make money”. Well, small business lender Everline is more than aware of that saying, and they live it every day. As a small business lender, often referred to as alternative financing, they are acutely aware of the capital needs by small and medium sized businesses in the market today. They have funded over 6,000 business loans, equating to £60m in total funding.
Here are some of the basics regarding loans from Everline. You are able to borrow up to £120,000 in total for a period of 15 months. The best part is that you can apply online, and the process takes a total of about 10 minutes. Then, once your application has been approved, you can receive funding within 5 minutes. It’s this type of efficiency that makes alternative financing companies like Everline more attractive than the banks. Another feature that often differentiates them from the traditional banks is the lack of a prepayment penalty if they want to close their loan early. You can pay in full or make partial payments on your loan and you will only be charged the interest for the amount of time the funds have been borrowed.
Alternative lenders are becoming more and more popular, that is, if they have an efficient and fluid process like Everline has. Consider the stodgy structure of the brick and mortar banks. They have outdated lending rules, older systems, and a slower application process. Often times small businesses don’t have the flexibility of a larger organization. If they don’t have the capital necessary then may be unable to make their products thus ending a business before it is even able to get off the ground. This is especially true for season businesses like a landscaping company. They often times need to be their machinery and equipment during the offseason so that they are ready to go during the peak summer season. Unfortunately, they don’t have the funding, nor do they have the revenue coming in yet to justify a loan to the larger banks. A company like Everline understands the cyclical nature of this type of business and is comfortable loaning out money in advance.