If you’re considering taking out a small business loan, you should have a razor-sharp focus on finding an experienced and responsible loan provider. In this blog, we’ll help you find the right loan agent for your needs. Keep reading, take notes, and feel free to ask us questions toward the end of the blog. Let’s begin!
1. Look for Transparency
As you start meeting loan agents, look for transparency. The right loan provider will patiently walk you through everything. They’ll start by understanding your requirements instead of imposing their own loan plan on you.
Every business has a unique set of requirements and goals. If your loan agent isn’t taking the time to understand these, they’re trying to make quick money.
The right agent will create a customized plan based on what you’re looking for. They’ll openly and honestly communicate all the details: the fees, loan criteria, repayment obligations, and so on. If you feel that the meeting is rushed or that your provider isn’t properly listening to your requirements, keep looking.
2. Keep Flexibility in Mind
Your loan should be flexible, not rigid. If a provider is unrelenting, you’re making a mistake. Depending on your business project, you’ll require a certain sum of money. Similarly, you’ll have a specific repayment schedule in mind.
Your wishes must be respected, and a flexible plan should be laid out. If you feel that you’re being forced to opt for different terms or lower your loan amount, consider it a red flag.
Most loan agents also provide business assistance. However, there’s a fine line between giving advice and forcing a client to choose a plan that puts more profit in the agent’s pockets. The right agent will have your best interest at heart. While they’ll want a good deal for themselves, their first goal will be meeting your requirements and ensuring flexibility.
3. Do Your Own Research
Never walk into a business loan meeting without doing research beforehand. You should have a basic understanding of loan qualifications, pre-approval, standard interest rates, loan terms, and payback options.
If a provider is trying to scam you, you must be able to understand what’s happening. Similarly, if a provider offers great terms and rates, you should be able to pick up on it as a good sign.
Market research and industry research will go a long way in helping you spot a great lender. If you don’t know what you’re walking into, you’ll get sweet-talked by any lender. Use your own knowledge to negotiate, ask the right questions, and ultimately land a great deal. Start reading our FAQs page to get up to speed with the basics.
At Whitestone Fund, we provide safe, secure, and swift business loans and merchant cash advances to clients across New York.
As one of the most esteemed short-term business loan and cash advance providers in Yonkers, we offer excellent loan terms and variable loan amounts ($5,000 to $500,000 for business loans and up to $1,500,000 for cash advances).
If you’re looking for quality business financing in NYC, submit an online application. For more information, give our business loan agents a call today. We’re always happy to help!