AmiSight 6/12: The Risk of Applying with an Alternative Lender
- Ami Kassar
- Jun 12
- 1 min read
A few months ago, I was sitting up late one night and thinking about what to write a column about. I decided to try applying for an online business loan just to see what the experience would be like. I still regret this decision.
I started with some of the larger, well-known companies and was rejected three times in a row. The reason given for the declinations is somewhat amusing: they all thought I was in their industry, which is a restricted one. They were unable to distinguish between a merchant cash advance broker, which MultiFunding definitely is not, and an SBA loan advisory or brokerage, which it is. Perhaps these companies have insight into their industry that makes them hesitant to lend to it.
When I start down a path, I usually don’t give up. And that’s how I managed to make the mistake of going one step further. Catch the full piece over on 21 Hats.
I always black out the account numbers when applying for a loan. As it gets closer, I will send the complete account number!