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Bank Loans vs. Alternative Financing

BANK LOANSloan_approved_sm


  • Personal Credit Report
  • Business Credit History                  
  • Company Assets (buildings, equip., etc.)
  • Possible Collateral
  • Outlined Business Plan
  • High Profitability
  • High Income
  • Industry Experience
  • Business References



  • Banks have strict regulations, resulting in an average 20-50% approval rate.
  • Most banks require you to meet in person, not online or over the phone.
  • They will check your credit and background extensively.
  • When applying, you’ll be required to secure your loan with assets and a certificate of deposit.
  • Funds may take several weeks or months to receive.
  • In addition to your loan payments, you will pay closing costs (flood certificate, title/appraisal/filing fees, etc.).
  • Watch out for variable interest rates which provide a lower initial payment, but increase in the future.





  • Financing History: credit card and income statements
  • Future Business Plan
  • Industry Experience
  • Potential Profitability
  • Credit Score Approximation
  • Business References
  • Open for More Than 2-3 Months
  • Cannot Be in Bankruptcy Status



  • Alternative financing has lower restrictions, resulting in higher approval rates.
  • Applications and approvals can be online and over the phone for ease.
  • Emphasis is not on your credit score.
  • Funding may be received in 24 hours.
  • More likely to receive large sums of money than from a bank.
  • The application process is very short and may take an hour or less.
  • Once you complete the online application, you can immediately speak one-on-one with a FMS representative.


Click here to begin your quick application!

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