From the course: Financing Your Business
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Online loans
- Let's talk about online loans. There's such a variety of online lenders that it's hard to categorize online loans in its own category. Some of these lenders will offer term loans, as we mentioned earlier, which are fixed amounts for a fixed period of time. Some of them offer short term lines of credit, for example, three, six or 12 months. And some of them will do invoice financing or other types of financing. Online loans tend to be very fast. The biggest complaint from small business owners is the cost. It's not always clear to understand the cost, and the cost tends to be higher for online loans. Some online lenders will check the owner's personal credit but it's usually a soft inquiry. So it doesn't impact your personal credit scores. And they usually require lower credit scores than say a bank or a traditional financial institution. Some banks want to see personal credit scores in the high seven hundreds,…
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