Over the years, small-business lending has changed dramatically. Banks don’t typically do small-business lending anymore, unless the loans are over $500,000, because of tighter regulations, high origination costs and outdated credit models. That leaves room for non-bank lenders to emerge onto the scene using innovative technology, alternative data and updated credit for quicker financing. Here are some myths about small business lending:

Myth #1: You must wait months to get a term loan.

If you need a smaller amount loan fast, traditional banks won’t get you there. With non-bank lenders, the application process only takes about 10 minutes and you can get funds in less than two weeks. Before alternative lenders, you would have had to resort to payday loans or merchant cash advances.

Myth #2: You can get a loan only with excellent credit. 

You’ll always have to go through a credit history check to determine your risk level, but more and more lenders know this isn’t the sole way to see if a business is healthy or not. Instead, they focus more on big data and technology dependent upon a grass roots approach to finding out your creditworthiness. Take Funding Circle for example, where we take many other factors, such as alternative data like real-time cash flow and Yelp reviews, into consideration when wondering how likely it is an applicant will pay back a particular loan.

Myth #3: Your loan application depends upon the actions of a computer.

While it’s true technology is at the forefront of the finance industry, computers and algorithms on their own aren’t always right. That’s why you need a human being to review your application personally and make the final choice.

Be sure to research and review your options before making a decision. When considering alternative lenders, check out Nav’s annual-percentage-rate calculators to ensure you know exactly what you’re facing.