How do we review business loan companies?
We have dedicated plenty of efforts to learn the ins and outs of each company before we reviewed and rated it. Our research begins with a thorough scan of each company’s website, determining how user friendly it is, and how easy is it to sign up with it.
Then, we analyze the terms and conditions offered by each company. This is one of the most important stages upon creating a business funding review. We look at things like:
Ease of adding your company’s details – The most automated the process is, the higher our rating is. We prefer companies that are hassle-free, which also makes the application process prompt.
Time for approval. This is absolutely pivotal for us in our review. One of the main reason people want to steer away from banks is the long approval time and complicated processes before money is in the bank. We look for companies that are able to make automated decisions, based on proprietary systems and algorithms.
Interest. This is not as straight forward as many think, and definitely not the main consideration for us, even though we try to dive into the interest terms and see they “make sense”. The thing with the companies we review is that the interest rates are highly flexible and depend on the business’ health. Companies like Fleximize and Funding Circle can get to very low interest rates (APR of 6% for Funding Circle), but could get extremely pricey as well. Bad credit business loans are inherently expensive, but they are still useful and can be an excellent last resort.
Our next stage of research is looking over the internet, and making “behind the curtains” research with industry leaders, about the credibility of each company. The most important thing for us when we review business loan companies is to ensure these companies are using fair practices, and people had good experiences with them. Companies like Kabbage which has been getting a fair amount of criticism are not well-ranked.