National Funding business loans online lender
Small business owners sometimes need a quick injection of cash; a vital piece of equipment fails, raw materials are needed for a large order, or an opportunity to scale presents itself.
Thatâs where National Funding comes in. National Funding, a business loans online lender based in San Diego offer loans to small businesses with no collateral. These loans are processed quickly and are easier to acquire compared to lengthy, policy governed banks.
The company has been supporting small businesses since 1999 with a suite of services such as equipment financing, leasing and Merchant Cash Advances (MCAs.). Since shifting their focus to online lending, National Funding has become a premier business loans online lender in the country. Their lending portfolio has provided over $1.5 billion in loans.
There are some things to note. With the ease in acquiring loans come high APRs and require daily or weekly payments. Once the small business can manage these stipulations, National Funding can be a reliable source of working capital
How does National Funding compare to a traditional small business loan? A business loan online lender like National Funding may have less lending requirements than traditional banks. As a result, they can provide the capital you need in as little as 24 hours. Traditional small business loans may take over a week for approval.
Another advantage of a National Funding loan is the period of repayment. This can be repaid in as little as 6 months to 15 months. Other small business loans provide longer terms and as a result, lower installments. In fact, National Funding offers Early Payoff Discounts, allowing reduced interest rates for early settlement.
As they take on more risk, the cost of borrowing is greater. The APR on the loan, for example, may exceed the standard for other online and traditional lending institutions. Traditional lenders may have APRs in excess of 99%. National Funding will be a great option if you are confident in your businessâ ability to pay back the loan quickly, and the cost of the loan can fall on your expected profits.
The total cost of the loan (including fees) varies from 15% to 30% of the loan amount. The loan value and credit history are factors that affect the total cost. Once small businesses weigh the pros and cons, they will see the benefit of a business loan online lender like National Funding.
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