Is fast money online too good to be true?
A new way of business financing is sweeping the country. Online loan providers are tapping Vermont small businesses, and some businesses are taking out loans without being fully aware of the consequences. Money is automatically withdrawn from their accounts, and the loan interest compounds at a very fast rate. While online loans can be the answer to some businesses under very special circumstances, we urge Vermont’s entrepreneurs to be well-informed and cautious.
First up, here are some questions to ask when considering an online loan:
- What are the interest rates and fees, and do they change over the life of the loan?
- How often are loan payments billed?
- Is there required minimum revenue?
- Does the lender offer post-loan support services?
- What happens if I miss a payment?
- Where are the lender and its representatives, or staff, based?
The Community Capital loan difference
Like online lending companies, Community Capital works with start-ups, growing businesses, and borrowers with less-than-perfect credit.
Unlike these companies, we provide multiple options for payments, including seasonal payments for borrowers with seasonal revenue fluctuations. Another differentiator is that we offer technical assistance for borrowers at no cost to the borrower, helping you to build and enhance a solid foundation for future growth, and we offer no-penalty early repayment.
Community Capital: Vermont loans for Vermont businesses
Step-by-step, we will walk you through the loan process. And if your business hits a bump in the road, and we can work with you to develop a workout plan to help you get back on track. Community Capital is an advocate for its borrowers. You are not just a borrower; we are not just lenders – we are people. We encourage you to contact us to learn more. We look forward to talking to you, Vermonter-to-Vermonter.