What are the Challenges of Securing a Loan from Traditional Lenders?
While there are many advantages, securing a loan from traditional lenders also comes with challenges:
Stringent Requirements: Traditional lenders often have strict eligibility criteria, including a solid credit history and substantial collateral. Lengthy Processing Time: The loan approval process can be lengthy, requiring extensive documentation and multiple reviews. Limited Flexibility: Traditional loans may lack the flexibility needed for rapidly changing business environments.