Where To Get A Business Loan
Business loans are not just available from BIG branded high street banks, there are many lenders within the UK on an independent lending platform. People often ask me what are the benefits and differences between them both?
When it comes to money people are very reluctant to go anywhere else than banks they are familiar with, “understandably it’s your money and you want to know who you are dealing with”.
That is the reason I have written this Blog, to educate people on their options.
Differences Between Banks And Independent Lenders
Yes it is true, high street banks usually offer better rates of interest but they can also add additional charges. I have found the strict criteria needed to process the loans are usually harder to jump through. Particularly when a business has past trading problems.
High street banks have many business and retail consumers regularly depositing money allowing banks to have access to large amount of funds with very little or no interest. Whereas independent lenders source there funds in many different ways.
Where Do Independent Lenders Source Funds?
There are many different ways independent leaders source funds! Crowd funding options are made up of multiple individuals pledging an investment and expecting a return on that pledge, other learners may have access to certain banks and financial institutes, where they have access to a leaning books, but the lender has to pay higher rates of interest.
Why Choose An Independent Lender?
There lending criteria is usually very forgiving and statistically I have converted more loans through the independent route than mainstream. Also I have found independent lenders are very fast in processing applications and paying out.
Written by Diane Stafford 07.11.2017 www.taxproblems.co.uk