amazon lending review
Published January 5, 2024Exploring the pros and cons of Amazon Lending for small businesses.
Exploring the Pros and Cons of Amazon Lending for Small Businesses
Introduction
Amazon has been a major player in the world of commerce for years. Now, Amazon Lending provides a way for small businesses to access capital, quickly and with fewer restrictions than traditional banking. But is Amazon Lending the right choice for small businesses? In this post, we will explore the pros and cons of Amazon Lending for small businesses.
No Collateral Required
One of the major pros of Amazon Lending is that it does not require collateral. This means that small businesses do not have to put up their personal or business assets to secure the loan. This makes Amazon Lending a great option for those businesses that do not have the assets to secure a traditional loan. In addition, it allows businesses to access capital more quickly, as the process is much simpler and less time consuming than traditional banks.
Interest Rates
Another advantage of Amazon Lending is that the interest rates are generally lower than those offered by traditional banks. This can be a great benefit for small businesses, as it allows them to access capital without taking on too much debt. In addition, Amazon Lending offers flexible repayment terms, which can be tailored to meet the needs of the small business.
Limited Availability
One of the major drawbacks of Amazon Lending is its limited availability. Currently, Amazon Lending is only available to businesses in the United States and the United Kingdom. This means that many small businesses in other parts of the world are unable to take advantage of the benefits of Amazon Lending.
High Transaction Fees
Another downside of Amazon Lending is the transaction fees. Amazon charges a high fee for each loan, which can add up quickly. This can be a major burden for small businesses, as the fees can eat into their profits.
Lack of Customer Service
Amazon Lending does not provide the same level of customer service as traditional banks. This can be a major issue for small businesses, as they may need help with the loan process or with troubleshooting. The lack of customer service can make it difficult for small businesses to get the help they need.
Limited Availability of Funds
Amazon Lending also has a limited availability of funds. This means that businesses may not be able to access the capital they need when they need it. This can be a major issue for businesses that need to access capital quickly or that have large capital needs.
Since Amazon bases approvals on your customer satisfaction and sales history, it doesn't look at credit scores. While Amazon Lending doesn't require a credit check, third-party lenders may still choose to run them, but they won't affect your credit score.
Amazon Lending: offering a convenient application process directly through Seller Central with no lengthy paperwork. A flexible financing option that provides sellers with access to funding up to an assigned credit limit.
If anything, sellers can expect an interest rate of anywhere between 6% and 16% depending on the loan amount. Regarding how long they process the invite request, Amazon takes roughly five business days to get back to you.
LendingClub Corporation has a 4.43 star and B+ BBB rating. Similarly, LendingClub's positive reviews on Trustpilot have earned the lender a 4.8-star rating. Satisfied customers generally report that the application process is easy and funds were received quickly.
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