Request a Loan to the Bank or a Financial Technologies
March 15, 2019
If you are an entrepreneur or owner of an SME, you know that asking for a loan is the best option for your business. Financing has evolved over the years, now the way they are requested and granted is totally different.
Credit in a bank
Asking for a loan in a traditional way has less advantages for SMEs. The procedure and the approval time are very long. In general, banks grant loans to large companies and leave out SMEs.
The way you request information about your finances requires a lot of time and effort on your part. You must go to a branch, submit statements, invoices and any paper that proves your business in a physical way.
Long response time
And the most disadvantageous is that for you to receive any response from the approval or not, approximately a month or more passes. Banks do not take SMEs into account despite having the ability to do so.
Credit in a Financial Technologies
Financial Technologies are finance companies that use fully technological processes to provide a service. Here, asking for a loan becomes totally different.
Most suitable financial products
First, many Financial Technologies are aware of the support that SMEs need and have designed products that can benefit them.
The process is completely fast and safe. They also request information about your finances, but since everything is digital, your data is shared in the same way.
Technology and response time in your favor
They have the ability to analyze your data and approve your request in a matter of minutes. Through this modality you can receive your loan in a matter of hours.
Now that you have a clearer picture of online and traditional credits, you can make the best decision for your business. In addition to these options, remember that within each one there are other issues that you should evaluate when choosing the credit.