Banking institutions have seen a recession from customers over the past few years. More and more people prefer to use the services of more liberal credit-granting non-bank financial institutions. According to large media such as The Wall Street Journal, this is due to the tightening of credit standards and regulations after the 2008 crisis. And the latter is particularly valid for business. Due to the slow procedures associated with applying for bank credit, many business owners prefer to secure the financing of their projects in an alternative way. Competitive conditions on the stage of business lending penetrate non-banking financial institutions.
Non-bank financial institutions are more liberal in terms of bank lending. This makes their services competitive and preferred by a number of companies. Here are some examples where you can rely on non-bank lending as a reliable ally of business.
One of the most common reasons for the withdrawal of bank credit is insufficient creditworthiness. This ends in plans for deserved growth and financial independence. Prospect Capital, a non-bank lending company, offers equal opportunity and opportunity to finance businesses, regardless of their previous creditworthiness status. The credit decision is based on a mandatory meeting with our experts. The meeting aims to familiarize the credit institution with the current state of the company as well as to assist in the credit standing. Thus the chance to get a positive answer for a business loan is increasing, and with it the opportunities for business development.
Deteriorated credit history
The worsened credit history is like a label that, once glued, pursues the business for long. It is a stamp in the history that the company is not proud of, but it is difficult to clear. Conversely, good credit history is proof of effective business management. And when it comes to lending, financial institutions are willing to support already working projects. Prospect Capital’s experts are more liberal about the worsened credit history of a company. Company policy follows the rule that every business has difficult times, but that should not take away the chances of improving credit history. That’s why Prospect Capital lends business to its tough times, even in a worsened past credit history and ongoing credit and tax obligations.
Maximally simplified procedure
And if the application and loan application process takes from 4 weeks to several months, Prospect Capital strives to offer the most simplified model of work. With this unquestionable advantage, the credit company wins whole industry groups for which lending speed is key to business. Customers receive an individual credit standing within 24 hours of submitting an indication of interest in lending. This allows them to plan their cash receipts with optimal accuracy and proportionately works excellently in the event of an urgent need for working capital for business.
Various options for securing
The wide range of possible alternative lending collateral is another plus in Prospect Capital. The company strives to provide maximum flexibility in terms of possible funding options, among which the client can choose. As a collateral, fast liquid real estate, a pledge of a commercial enterprise, a pledge against a patent, a reverse lease, a pledge of assets, etc. are accepted.