Lender Tip of the Week – How to Choose A Reputable Lender
When it comes to helping companies get small businesses loans, Fundera wants to make the process as easy and transparent as possible for borrowers. Not only do we cut down on the amount of paperwork, but we also find new ways to inform and inspire small business owners.
This is the latest in an ongoing series in which we ask our trusted partners to share their best lender tips for prospective borrowers.
This week, Martin Franco, the Director of DLJ Financial’s Equipment Finance and Business Capital Division, tells us how to choose a reputable lender.
Firstly, look at the company’s Better Business Bureau rating, advises Franco and consider if they’re won any accolades or awards. For instance DLJ Financial has an A rating from the BBB, and has been named “One of the Best Places to Work in Orange County”.
Secondly, you also need to have confidence in the person you’re talking to. Can they get you a loan quickly? In the world of equipment leasing, business owners often need the equipment in a hurry because their old equipment broke down. So if they can’t close a deal quickly, they’re losing money.
Lastly, find out how flexible the finance company is. Will they approve small loans? Many won’t finance a $5,000 piece of equipment. Some lenders also expect applicants to have perfect credit.
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