Growing a company from the ground up is one of the most exciting ventures in the business world, and a lot of people are starting their own small businesses nowadays. Many wonder, “What is the best small business loan option?”
Traditionally, people go to banks when they need a front of cash to start their business, but there are other loan methods, too. Another popular way to get money are title loans because it is a much quicker and hassle-free way to get a big boost of cash. Check out some of the pros and cons to each lending method.
Getting an Auto Title Loan to spark a Small Business
A car title loan, also known as an auto equity loan, is a loan in which people use their vehicles as collateral for a quick cash. Because this type of loan is not backed up by credit like traditional ones are, borrowers can get the money they need without having their credit checked – allowing those with bad credit to get a loan and also speeding up the otherwise long processing period for everyone.
The reason title loans are so beneficial as a small business loan is because they offer perks that bank loans cannot. For example, auto title loan borrowers can:
- Get up to $50,000 no matter what their credit or income is
- Collect their cash in just 24 hours or less after applying
- Design a repayment plan that is flexible and easy to manage
- Apply from any computer or smart phone in 3 easy steps
If someone wants to start a business but they have bad credit racked up or strict time constraints to meet in order to make their ideas a reality, an auto equity loan is the ticket! It can provide the immediate cash needed in a short span of time, plus repayment plans are malleable to almost every situation.
Getting a Bank Loan to spark a Small Business
Now, there is nothing wrong with getting a small business loan from a bank, but it is not for every situation. When someone takes out a loan from a bank, there is often a series of applications to fill out on the spot in order to apply, and he or she will have to wait days to weeks for the results of the credit check. If that person does not have good credit, the bank will not approve the loan request.
Some small business ventures may be able to hold off for a few weeks or months while the entrepreneur waits on the bank loan to process, but others may have a small window in which to get the flames ignited in order for the idea to work. In this case, a quick cash auto title loan is the better option.
Research the Options
It is clear to see why auto equity loans are easier than banks when it comes to small business loans, but it is important for any small business entrepreneurs to do their research before settling on any one loan method. Fledgling small business owners should pinpoint what they need, and learn what opportunities exist to make great ideas happen!
Sometimes title loans are the best option, sometimes banks are, and sometimes other opportunities might blow these two options out of the water. The truth is that there is a solution to every problem and an option for every circumstance.
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