Loans from traditional lenders are appealing; with low APRs and the security of a large financial institution behind them, they are a wonderful financing option—if you qualify.
But what if you have less-than-stellar credit? While traditional lenders may be hesitant to work with you, there are alternative lenders offering safe products worth exploring. We’ll take a look at some of the best options below.
Growing up, I learned firsthand how a small-business owner struggles with cash flow. My dad owned a physical therapy clinic with six employees on the Upper East Side of New York. It was a successful business, but he often wrestled with a problem: Waiting weeks, sometimes months, to get paid for his services.
His clinic typically received payments through third parties, mostly health insurance companies. All it took was for one billing to go wrong or get delayed for his finances to suffer. He wouldn’t get paid for a month or longer. He’d end up being strapped for cash and be forced to rely on credit cards. “Billing delays were just killing me,” my father told me once.
The first winner of the BlueVine Scholarship for Young Entrepreneurs developed a passion for entrepreneurship at a young age when she began “one business venture after another.”
“It is funny to recall that I was actually an entrepreneur before I could even spell ‘entrepreneur,’” said Maryam Adesewa Adeniyi, who received the $5,000 scholarship from BlueVine, the fintech pioneer which offers working capital financing to small and medium-sized businesses.
Two years ago, I left a promising career at PayPal, a major technology giant, for what some considered a risky move: I joined BlueVine, a young FinTech startup. My title: vice president of risk.
In early 2017, I took on an even bigger role when I was named chief risk officer of the Silicon Valley company, which offers working capital financing to small and medium-sized businesses.
My promotion comes at a time when risk is becoming a bigger concern in fintech, which is ushering in big changes in banking and financial services.