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Bill Finley, co-owner of Hemp and Company, was approved in less than 48 hours for his business loan with Company Capital, an online provider that offers short term lending options for small to medium sized businesses.,One of the biggest attractions of online lenders is the speed in which they can process an application. While banks can take between four to six weeks to process a business loan application, most online providers can process in one to two days of the application.,Based in Victoria, B.C., Mr. Finley has been running his organic clothing shop for 16 years.

His first online loan was four years ago when he was looking to increase his inventory. He had the option of applying for a short term business loan or a merchant cash advance, and decided on the latter.,A merchant cash advance allows a company to borrow a sum of cash up front but pay back the amount based on a percentage of daily sales vs. a fixed monthly payment.,The length of time he has to pay back the loan depends on how aggressive he wants to be with the payments.,During the summer months when Mr.fast payday loans near me
Finley's business produces higher sales, he pays back the loan at 15 per cent of his daily sales until the loan is paid in full.,The advantage – especially to seasonal businesses – is the percentage of daily sales can be adjusted accordingly. If the winter months are a slower season, business owners can choose to lower the percentage of sales going toward their loan payment.

The downside is the lower you go, the longer it will take to pay off.,Small business owners should also be aware that the price tag of borrowing with online lenders is much higher than that of the major banks. Interest rates can be as low as 10 per cent but also has high as low- to mid-20s, depending on the provider and loan application.,While all platforms provide some sort of small business loan, they all have individual quirks, which may or may not work for specific business needs.,For longer term loans, several online providers including OnDeck, Company Capital and Thinking Capital offer small businesses fixed term loans from $5,000 up to $500,000. (Thinking Capital loans are capped at $300,000.),The Globe and Mail Money New online lenders make it easier to get small business loans,New online lenders make it easier to get small business loans

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