Getting a business loan in 2022 is easier than ever. There is no longer the need to fill out endless forms to apply for a business loan or even to leave your home. Rather, you can simply go online and start a short application immediately.
This is definitely a good development, but it does also make it easier for unscrupulous lenders to provide loans that just are not right for you. Some of these vendors even use predatory practices which only end up getting you stuck in a cycle of debt.
Furthermore, while decentralizing the process gives you access to many more lenders, different states have different regulations. As such, you need to find a lender that abides by Maryland regulations. Knowing what you are looking for and how to find it will save you from wasting your time and potential financial troubles.
When you compare business loans in Maryland in 2022, here are some of the things you should look out for.
Consult the Maryland BBB
The Better Business Bureau (BBB) is a non-profit organization that rates companies according to their business practices. By giving a rating on a scale of A+ to F, they help you determine which businesses you can trust and which you should avoid at all costs.
When looking for a business loan in Maryland, consult the BBB website. If a company that offers exciting loans has an A+ rating, you know you can trust them. If they have an F rating, on the other hand, their products are probably not worth the trouble.
Of course, there will be many lenders who fall somewhere in between. In these cases, read the BBB’s reasons for giving them the rating so as to make the decision for yourself.
If you are concerned about a lender’s regulatory status in Maryland, you can contact the local BBB offices.
Read Client Reviews
That a lender follows scrupulous business practices is the minimum you should look for. The reality is that a business can do an excellent job at dispensing loans, but provide a frustrating experience thereafter. After all, once they have locked you in by giving you the loan, they may not care as much about giving you the best experience.
For this reason, you should read client reviews. Clients will be able to tell you how the company acts once they have provided a business loan. Look for clients local to Maryland, as they will share what measures they were able to take within the state when something went wrong.
The Best Loans
The above measures will help you weed out the lenders who will give you the runaround. You should be left with a number of lenders who you can trust to provide scrupulous and customer-centric service.
At this point, you should be able to choose the company that provides the best loans suited to your specific business. Some will charge higher interest rates than others but provide better repayment terms, and vice versa. Your choice should be informed by what your business needs, now that you know you can rely on the companies at your disposal.