Non Bank Lenders: What Are They?
Nonbank lenders are an important part of the consumer financial marketplace. They include companies that wire money or send it by mail, as well as finance companies, factoring companies, leasing companies and merchant cash advance firms. They have several advantages over banks, but they also face heightened cybersecurity risks. You better read non bank lenders reviews first before you commit to them. Despite this, they can offer borrowers an avenue for funding when they can’t get a loan from a bank. They are smaller in size. Non-bank lenders are able to make more loans and offer more flexible terms than traditional banks. They can provide a wide variety of financing options to small businesses, including merchant cash advance, factoring, leasing and trade credit. Typically, these lenders have a shorter turnaround…