Most businesses both large and small are in need of extra funds from time to time, perhaps for expansion or a move in location or perhaps even just to obtain a larger stock base and traditionally when these businesses have needed this extra funding, they have had to make a business loan request at the bank. To apply for one of these loans at a bank, the owner must first make an appointment with a loans officer and that appointment could well not be for 2 or 3 days, delaying a loan even being requested. Once the appointment is over, it may still take the bank another 3 days to approve the loan, if they approve it at all. This means that all too often, even if a business owner needs an immediate loan, they will have to wait a week or more before they can have access to the extra funds.
Today, however, thanks to websites like www.fundingwizards.com, small business loans of between $20,000 and $200,000 can be applied for immediately online anytime during the day or night. Not only can these online business loans be applied for at any time but they will usually receive approval within 24 hours, meaning a business owner can actually have access to the extra funds they need in less than 2 days from determining that they need the additional funding.
These loans are easier because it is not necessarily the website owners which lend the money as they have many different individual lenders on their books and they merely match a lender to a business requiring a loan. The lenders will, of course, have already informed the website how much they would be prepared to lend and what repayment terms they would expect and so as the amount of a loan and the intended repayment terms are stated on a loan application, the website merely confirm with the lender that the terms still remain the same and if they do, approve the loan, making the whole process easy and swift ensuring the least possible hassle to both the lender and the borrower.
Websites like this are becoming so popular for when small business owners require extra funding that the major, traditional banks are being forced to review their current procedures in order to keep competitive with these online lenders as, if they do not, the traditional bankers will lose all their opportunities to give funding to small businesses which will make a dent in their present and future profits.