Would you trust a bank for your small business loan?

And to be fair about best small business loans…

It is not only our beloved Australian banks.

Wells Fargo agreed to $3 billion settlement to resolve fake account scandal.

(The Department of Justice announced today)…

⁣As part of the settlement…

The bank admitted it wrongly collected millions of dollars in fees and interest.

And harmed credit ratings of some customers.

While illegally using customers’ private information, officials said…
⁣
⁣Unrealistic sales goals…

Led to millions of accounts being opened without customers’ knowledge.

And under false pretences, Wells Fargo has admitted.
⁣
⁣The three-year deferred prosecution agreement…

They will clear Wells Fargo & Company and its subsidiary…

Wells Fargo Bank, N.A., of their potential criminal.

And civil liability stemming from the practices.

As long as the companies comply with certain conditions.

And continue to cooperate with government investigators.
⁣
⁣The Securities and Exchange Commission…

Will distribute a $500 million civil penalty to investors as part of the deal.

Is it any wonder we love transparency 🙂

OK, what’s the deal with non-bank loans…

“Are you crazy?” shouts Homer Simpson!

The decision to go with a bank or non-bank lender…

May sound silly, but you can’t wait for them to come to you.

This is where we step in with a personalised service.

And helping to deliver faster funds to you…

So what type of lender works in your best interest (no pun intended).

You’d want best small business loan for your circumstances right?

Just like any other purchase…

Your choice would be based on availability.

Value for money…

And compatibility with your needs.

Why would any small business choose a non-bank lender…

Once upon a time, not too long ago…

If you needed a loan.

You went to a bank. Why?

Simply because it was the only option available to you.

Today, non-bank lenders are providing a legitimate alternative.

You’re not forced to use a traditional bank…

Non-bank lenders have created a competitive environment.

It can be leveraged to your advantage if you look around.

What is a non-bank lender?

A non-bank lender is a lender which has its own source of funds.

Advantages of using a non-bank lender…

In a nutshell…

You’ll be happy to know…

Unsecured business loans from non-bank lenders are growing in popularity.

Non-bank lenders borrow their funds at wholesale prices.

This means they’ve got a decent amount of margin with scope.

And this can often provide lower interest rates than banks.

A stronger advantage of non-banks over traditional banks…

Okay, they’re smaller and subject to different set of regulations.

Non-banks tend to be more flexible in the way they approach lending.

Matter of fact, in a much better position to tailor loans.

Yes, tailored loans to suit individual circumstances…

Being smaller in size means a higher level of customer service.

Personal service is a high priority for many borrowers.

It resonates for for people who have experienced bad service from a bank.

Non-banks are in a good position to offer personalised service.

And faster turnaround times on loan applications…

What’s the one big advantage non-banks have?

They’re willing to lend to higher risk borrowers.

For example:

• Self-employed
• Small business
• Entrepreneurs

They can be a lot more accommodating of fluctuating credit history.

Non-bank lenders are subject to scrutiny and regulation.

And this means risk and security is less of an issue.

Particularly if it comes at the cost of:

• Low rates
• Flexibility
• Personalised service

Quick question:

Do you know what most small businesses are doing?

We’re seeing business problems, challenges, possibilities…

And opportunities from a one dimensional perspective.

What do you struggle with in your business right now?

Any ideas as to what is holding you back?

Do you need to focus on growth and want help?

Okay what happens if you stay where you’re at?