3 Consequences of Choosing the Wrong Business Lender
As a business owner, you face enough risk making day-to-day decisions regarding everything from resource optimization to where to hold the staff anniversary party. However, these risks and complexities can seem like a proverbial walk in the park if you choose the wrong business lender. Here are 3 painful and costly consequences that await you if you make this major mistake:
You’ll pay far more than you expect.
Some business lenders will do anything to keep you from discovering the total cost of borrowing. They’ll move numbers around, tell convoluted stories about variable interest rates and the government, and earnestly get you to focus on what you’ll be able to do with the funds (e.g. “just think of what your restaurant will be able to do with a brand new freezer and oven!”).
If you fall victim to these types of lenders, then one thing is absolutely certain: you’ll end up paying far more than you expect, and potentially, more than you can afford.
You’ll get trapped by a maze of terms and conditions — none of which are in your favor.
Naturally, a loan agreement will have terms and conditions. Heck, even buying a universal remote control for your home entertainment center comes with terms and conditions! The fact of the matter is that we live in a terms and conditions world.
However, if you choose the wrong business lender, then it’s a foregone conclusion that you’ll get trapped by a maze of terms and conditions — and none of them (even by accident) will be in your favor. There will be obstacles and penalties to things that you can’t even imagine, but will not able to get around with pulling out your checkbook or credit card.
You’ll waste an enormous amount of time.
There’s the speed of sound, the speed of light — and the speed of business. Waiting weeks or months to get an update on a loan application is a non-starter, and sending in “help tickets” to a contact center when you need rapid, accurate lending advice is unacceptable.
Unfortunately, you’ll typically face these and much other time consuming, tedious, costly and risky scenarios if you choose the wrong business lending partner. After all, they’re not concerned about your efficiency. They’re focused on their profit.
Making a Smart, Safe Choice
At National Business Capital, we’re proud of our high standards, and the integrity of our people and policies. That’s where we’re proactively transparent regarding all costs (and potential costs) of borrowing, and disclose all terms and conditions that govern a professional lender-borrower relationship.
And just as importantly, we know that sometimes time is more precious than capital, which is why we lean forward to make the borrowing process as efficient for you as possible — not just during your application process, but after we engage in a relationship. That’s why we’re available to you 24/7/365. That means if you have a brainstorm any time of day and want some advice on how to get funds to make it happen, we’re here — and we’ll help!