Small business loans have gone through many transformations over the years. Gone are the days where you show up to the bank in your best suit nervously awaiting an appointment with the lender as you clutch an armful of financial statements. The past 10 years in particular have shown a shift towards banks getting out of the small-business lending arena (especially when it comes to loans under half a million dollars) due to stricter regulations among other things.

No wonder why so many small business owners are left to wonder where they should turn for financing. Now, a new kind of lending is hitting the scene online, with non-bank lenders engaging in innovative technology, alternative data and newer credit models to give clients quick, reasonable financing. Just don’t fall for these myths regarding small business lending:

Myth #1: You can obtain a loan only if you have flawless credit.

The credit history check is inevitable; lenders will always have to take a peak at this aspect of your life. After all, how will they know what kind of a risk you are? However, more and more lenders are realizing this isn’t the only way to detect a healthy business with potential. These new lenders are utilizing big data and technology within a more organic approach to in determining the creditworthiness of a business. Take Funding Circle for example, where many other factors, such as alternative data like real-time cash flow and Yelp reviews, are taken into consideration when predicting how likely a particular applicant is to pay back a loan.

Myth #2: You need to wait months to get a term loan.

Banks have always offered the most attractive interest rates, but if you need a smaller amount FAST, you won’t get what you need in a timely fashion from a traditional bank. They usually don’t bother with loans under $1 million — not to mention the process can take up to four months!

With non-bank lenders, the application process can take as little as 10 minutes with funds received in just two weeks or sooner. Your only option in the “old days” if you needed quick cash was to resort to payday loans or merchant cash advances. Luckily, you have options now.

Myth #3: Your loan application is dependent upon a computer.

Yes, technology is at the forefront of the finance industry, but that doesn’t mean computers and algorithms are solely determining your fate. You want a human who can review your application personally and make the final determination. Computer models may be sophisticated but they can’t take the place of a human being.

It’s your job to research and review your options before making a decision. While new alternative lenders may offer convenience, some of the terms they use can be confusing. For help, check out Nav’s annual-percentage-rate calculators.