It can be difficult for professional photographers to find funding through traditional banks and credit unions—their qualifications are just too rigorous. So where do you turn when you need to purchase new photography equipment, build a studio, or pay for unexpected expenses?
The good news is there are plenty of online lenders with more lenient requirements to help you finance your photography business. In this article, you’ll learn all about some of the top lenders of photography business loans and what they offer, including loan features, best uses for funds, and how to qualify.
How to Choose the Best Photography Businesses Loan
Here are the factors you should take into consideration when comparing loans; these are also the criteria our experts have used when providing recommendations in this guide.
- Loan Features: The most important factor to consider is the loan features including loan amounts, how long you have to repay the loan, and repayment options (monthly, weekly, daily). For example, if you’re just starting your photography business and would like several years to pay for equipment, you can eliminate any short-term loans.
- Application Process: You should also take into account the invasiveness of the application, how difficult it is to complete, and how quickly you receive the funds. Check whether the lender conducts a hard credit pull that will reduce your credit score or a soft credit pull that has no effect.
- Interest Rates and Fees: A small gap in interest rates can make a big difference over the life of a photography business loan; shop around to find the most competitive APRs. Also check whether the lender charges loan origination, maintenance, or prepayment fees, as these can add up quickly.
- Qualification Process: Each lender has its own set of qualifications. Check to make sure that you meet the minimum credit score, annual revenue, and business history requirements. For example, if you started your photography business a few months ago, there’s no point in applying to a lender that requires at least a year and a half in operation.
- Customer Support: It’s important that you be able to reach your lender’s customer service team whenever you need them. Check to make sure they offer multi-channel customer service support with access to a live representative to help with photography financing. Also look for useful information on the lender website such as FAQs, blogs posts, and a help center.
- Online User Reviews: You can also find vital information about the lender through independent review sites like Trustpilot. Read through the reviews to learn what kind of reputation the lender has and whether they’re reliable, helpful, and easy to contact.
- Perks and Bonuses: Lenders may also offer additional bonuses such as payment flexibility, advanced technology, and advertising transparency. For example, you’re better off using a lender that publishes their interest rates and fees up front, so you’re not surprised by exorbitant payments.
Best Photography Business Loans for 2022 - Full Overview
Below is an overview of some of the best lenders for photography business loans and the financial products they provide.