Fast Trak Lending

Alternative lending information provided by Donna Fuscaldo at Business.com

What is alternative lending?
Alternative lending is any lending that occurs outside of a conventional financial institution. Alternative loans tend to be more flexible than conventional loans, and often have a faster application turnaround. Many types of alternative loans are available, so there is likely an alternative loan out there that suits your small business’s circumstances.

While most banks and conventional lenders could take weeks to approve or deny a loan application, many alternative lenders can deliver funding in a few days. The loan application process for alternative loans also tends to be simpler, requiring only a credit score, tax returns and bank statements rather than a detailed pro forma or business plan.

In addition, alternative lenders are more likely to offer loans in smaller amounts than banks, which often include minimum lending terms that are too high for a small business. Alternative lenders also offer unconventional lending options that allow businesses to leverage assets like their accounts receivable or credit card sales, rather than borrowing on credit.