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Updated by Mable Niehus on Nov 18, 2015
Headline for 3 Myths About Online Small-Business Loans
Mable Niehus Mable Niehus
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3 Myths About Online Small-Business Loans

The online small business loans are getting very popular as compare to banks but the three myths about online small business loans are following:

They're all unaffordable

The online business loans could be easy option for small businesses but if we talk only in the perspective of small business then it not a convenient and affordable option for small businesses due their high annual rates. Borrowers would have to pay 60% to 200% annual rates on getting online business loans.

They're for only subprime borrowers

It is true that online business loans is a good option to get easy loan with bad credit but only subprime borrowers can afford their high demands as well. In some cases, online loan providers do not follow law as well. In short, these loans are not for prime users and these are suitable only to sub prime users.

They're completely unregulated

It is the fact that mostly people do not understand the online business loans but in actual it has many segments and different laws and regulations are imposed on them. However, there is a need to implement these legal regulations on online loan providing agencies.