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8 Differences Between Us and a Bank


Are you a small business owner looking to secure a loan from a bank? Before starting their daunting application process, be sure to consider the other options available. Cheddar Express offers small business loans with no collateral or assets required as backup. We also look past a poor credit history and don’t issue any early repayment fees. Our primary focus is on building lasting relationships and offering repeated loans as your business continues to grow and adapt. We ensure that the loan structure makes sense and can clearly contribute to your business’ long-term success. Check out the other aspects that set us apart from a traditional bank:

  1. No Collateral or Assets Required

As opposed to conventional small business loans from banks that require collateral, we don’t ask you to risk your most essential assets, such as your house. By taking out a loan with us, you’re free to invest without fear of losing what you already have. Our loans are approved based on what your business is potentially able to achieve.

  1. Bad Credit History Not a Deal-Breaker

Banks take credit history very seriously and don’t want to risk lending money to what they see as a liability. Even if approved, a poor credit score can result in significantly higher borrowing rates. When approving a small business loan we look towards your future sales forecast and focus less upon any bad credit history you might have from past endeavors.

  1. No Loan Cap-Outs

A bank’s small business loan will allocate a fixed amount and set a payment plan. The amount approved is final and even if you are on schedule with your repayments, having access to more money is limited. We have no loan cap-outs, meaning that you can take out additional loans as necessary even when you are still in the process of paying back your initial loan.

  1. Non-Traditional Investments

If you’re looking for some extra working capital to buy new equipment, hire extra staff or upgrade your software, we are the perfect source. Banks often place restrictions upon what can be purchased with the given funds. Our small business loans come with no strings attached and are an ideal way to get some working capital for your business as it continues to expand. We’re here for any little upgrade or creative idea that will spruce up your business.

  1. Merchant Cash Advances

A Merchant Cash Advance is a lump sum loan made to businesses in order to provide them with cash flow and working capital. This loan is not repaid with monthly fees, but rather with a percentage from credit card sales. This means that your business pays the loan according to its sales level. The schedule is flexible and ideal for a small business looking for opportunities to grow.

  1. No Early Repayment Fees

When a bank lends you money, they make a profit, not from what you pay back, but from the interest that they charge you for that loan. The rates for these interests vary, as does the repayment agreement, but generally it is a fixed rate with a fixed plan. This way the bank can project how much money will come in by the time you finish paying the small business loan. Early payment means less money for the bank, as you are essentially avoiding the interest for the months that you forwarded the payment. Obviously, this is not in the bank’s best interest, so they have early repayment fees in place to deter people from paying off their loans early and bypassing the interest fees.

That’s where we’re different. Our main interest is to help you grow, so if you find that you can repay the loan early, that’s great! We don’t charge an early repayment fee because paying back early means your business is booming, your becoming financially stable, and you’re reaping the rewards of your hard work. That’s exactly what we want to see in our clients, and we’re definitely not going to punish you for that.

  1. Quick Deposits

Banks often take weeks to examine loan applications, after which they normally ask for additional paperwork and extend the process. Here at Cheddar Express, we live up to our name. Applications are approved almost immediately and you can have the money deposited into your bank account within 2 business days. This means that from the moment you apply to the moment you start investing, it’s been less than half a week, giving you an incredible head start to invest in your project and make your big goals come to fruition. 

  1. Easy Application Process
Applying for a small business loan with us is as easy as sending an email. You don’t need to deal with long application forms or mounds of paperwork. With us it’s fast, easy and safe. We provide working capital for small businesses, and helping you grow is our main goal. This means that we place our efforts into making it easy for you to access the financing you need. Let’s get started!

Tags: bad credit, no cap-outs, easy application, small business loan, merchant cash advance, lender

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