If you’re keen to launch a startup in 2018, you probably need to get some funding to help you on your way. It’s difficult to find the money personally to cover all the expenses, so approaching lenders for a loan can be a really helpful way to go.

However, most people talking to others about gaining access to funds, or reading outdated books and blogs, can end up with the wrong idea about loans. Things have changed quite considerably in the past decade or so because the global financial crisis hit, yet many myths still abound. Read on for some of the most common, and the reality you need to know.

Myth: Banks are the Only or Best Option

For starters, lots of people mistakenly believe the only real option when it comes to getting a small business loan is through a bank, or that a bank will be the best lender to use. However, this just isn’t the case anymore. But the financial industry has changed significantly, and many new providers have popped up.

For example, it pays to take a look at online lenders, and boutique financial institutions catering to specific industries and business types. You can also get funding through venture capitalists and other investors; via crowdfunding campaigns; or through government or private grants and the like.

It is important to consider which option will be the best for you, rather than just heading to your local bank without doing any research. To find the optimum solution, think about your personal credit history; the amount of money you want to borrow; the experience you have, and proof of concept you can provide; how long you think you want access to funds; and whether you’re willing to give up an ownership stake. This will point you in the direction of the best possible investment or lending choice.

As well, research the various terms and conditions set up by each financial institution. You need to know who qualifies for the loans, what kind of interest rates are available, the fees that will be charged, and more.

Myth: It’s Impossible to Get a Loan for a Startup, or it Takes Forever

Next, don’t believe the myth that it’s just too hard for startup ventures to get loans, as again, this just isn’t the case. As mentioned above, with all the different funding choices available now, if you can’t get a loan with a bank, you have other options to consider. In particular, many online lenders are focused on helping new businesses launch and grow.

To increase your chances of success, though, when it comes to getting a loan, spend time compiling all the necessary paperwork in advance. Banks and many other lenders want to see a detailed, up-to-date business plan that shows you have really thought out your venture; plus documents such as financial projections, proof of assets and liabilities, and proof of current income if you’re still working in a job.

As well, you’ll vastly improve your chances of funding success if you approach the right lenders in the first place. Don’t bother submitting an application to a bank or other provider if you know your status simply won’t fit their lending criteria. Instead, looking for a financial institution that specifically services someone in your position or industry.

Doing this will speed up the process of getting funding too, and ensure you don’t waste time. Furthermore, if you really need funds in a hurry, consider approaching lenders advertising that they have a quick turnaround time. While you might need to pay higher interest rates, sometimes you can have cash approved and in your bank account within a few days.

Myth: You Have to Have an Ideal Credit History

Lastly, lots of would-be entrepreneurs put off launching their businesses because they believe the rumors that lenders won’t give funds to people who don’t have an ideal credit history. This is, however, a myth. While some banks can be more strict on this, the reality is that even with a less-than-perfect credit score, you will still likely get a loan if you follow the necessary steps (as mentioned above); you may just have to pay higher interest rates or be content with a smaller-sized loan.

As well, you’ll find many online lenders are happy to lend to people with low credit scores, since many other factors are taken into consideration. In addition, keep in mind that crowdfunding campaigns and investing partners typically don’t need entrepreneurs to mention their financial records at all.