This week American Finance Solutions was featured on Fox Business to discuss the 5 pitfalls of alternative lending.
For some small businesses, alternative financing is all that is doable. But not every alternative lender is the same. There are big differences between the types of loans, the terms and the rate you’ll pay to borrow, so know what you are getting into before signing on the dotted line.
“Alternative lending is unregulated, which can create pitfalls,” says Scott Griest, CEO at alternative lender American Finance Solutions. “Small businesses have to be careful who they choose to partner with.”
Pitfall No. 1: Upfront fees
Pitfall No. 2: Going with a broker instead of direct
Pitfall No. 3: Getting the wrong type of loan
Pitfall No. 4: Going with a shady lender
Pitfall No. 5: Unclear pricing
Read full article here Fox Business