5 Things to consider when choosing a small business lender

Written by productops

An essential step in managing and expanding your business is frequently securing small business funding. But how can you decide which option to choose when there are so many small business lenders to pick from?

Here are some of the most crucial factors to consider before submitting a small business loan application.

  1. Is the lender reputable? 

A safe and secure lending experience is something that reputable lenders strive to give. Spend some time researching a small business lender if you don’t know a lot about them. Some useful things to consider are:

Positive reviews

Check social media to see find experiences of real customers 

Clear loan terms

Small business financial agreements including your financial responsibility, fees, and repayment dates should be stated clearly and easy to understand

Licensed and regulated

Any prospective lender should be fully licensed to operate in Nigeria

Data Security

Responsible lenders should follow industry best practices to protect your data. Have a look through their privacy policies before applying.

  1. Do they offer what you need?

There are several types of small business financing available. It’s important to ensure that the method of financing you choose suits your needs. 

  1. Is the application process straightforward?

The small business loan application process varies from lender to lender. Traditional banks generally have the longest and most tedious processes which can take weeks to process. Prospa’s application process is fast and easy. It takes five minutes to complete and you can apply from start to finish through the app.

  1. Do they offer exceptional customer support?

You may want to get in touch with the lender to answer a few questions before taking a loan. Do they offer: 

Accessible customer service

Whether you need technical help to solve an issue or you need someone to walk you through your application, Prospa offers several ways to get in touch with its support team.

Financial help

Top small business lenders act as a partner to help your company succeed. At prospa, we offer other resources to help you run and grow your business

  1. How long does the funding process take

If you’re in need of funding sooner rather than later, look for a lender like Prospa that offers fast loans to help you get back to business. Most small business lenders and traditional banks, generally have a much longer funding timeline

Need funding for your small business? Go with Prospa, the preferred lender for African entrepreneurs. Get up to ₦1,000,000 with flexible loan terms and convenient repayment options.

#TogetherWeProspa 

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