Last Updated on Mar 11, 2020 by James W
It can be very difficult for an individual or small business owner to create financial leverage in hard economic times. The larger, traditional banks which hold a monopoly on the advertising for mainstream loaning operations are quite tight with their money in the wake of the 2008 banking and housing crises that they actually helped to cause. Even though the small business owner did not do anything wrong during this period, they are the ones who are receiving the brunt of the punishment in an inability to maintain credit lines with these larger institutions.
Fortunately, there are many alternatives that have stepped up to fill the void for small business owners and individuals who may be in need of quick financial help. In states such as Utah, getting a Utah cash advance with smaller, locally-based financial institutions is definitely much easier than going through the branch of a large banking institution. There are also many other advantages besides the convenience of dealing with a local entity. Below are just a few of the ways in which a cash advance can actually be more advantageous to an individual or small business owner than dealing with a large banks.
First of all, there is much more flexibility in the loaning process between a small business owner and a local financial agency. Because things are bound to happen that will upset the cash flow of a business or an individual, there needs to be some leeway in the agreement between the loaning institutions and the individual or business owner. This flexibility is much easier to attain with local cash advance businesses.
Second, there is much less bureaucracy and paperwork that occur within the structure of a cash advance. It is this bureaucracy and paperwork that cause money to be held up within the system for weeks or even months. Small businesses and individuals in need of an emergency short-term loan cannot afford to wait this long in most cases.
Third, there is no need for a credit check when you do business with a local cash advance company. Because most of the loans are secured by other means, an individual or small business owner does not have to have a perfect credit record with the three major credit rating agencies. This can be extremely difficult to attain, especially when these agencies are well known for creating their own mistakes in the reporting of credit.