When you’re in need of a business loan, there are several options you’re able to choose from. LendTech is becoming increasingly popular. They’ve made it convenient for consumers to securely get loans and banking services online. These lenders are seen as enablers of financial inclusion, with the ability to give loans to those who may not qualify for traditional loans. This process is mainly automated, which makes for a faster and more accurate decision-making process for the lenders.
When using traditional banks, there can be more hoops to jump through. Traditional banks are able to provide lower interest rates to their customers. They are more picky with the clientele they have, however. They minimize their risk by funding less risky businesses, those that have a strong personal credit score, and history of making payments on time.
Alternative lenders may have an easier process to receive a loan. This is especially for those who don’t qualify for traditional loans. Traditional banks, however, are safer and can offer lower interest rates. There are several pros to both options, but what is the right choice for you?
See our infographic below to see the difference between traditional banks and LendTech’s!
At Storm2, we know how important the right hire is, and we know Lending. We work with some of the most innovative companies worldwide. If you’re within the digital space and are looking to hire specialists to grow your team, we have specialized candidates ready for you to connect with. Get in touch with us!