If you’re considering a business loan, there are a lot of things you need to bear in mind. With a wide range of loans on the market and various products designed for speed, short terms, growth projects, or small businesses, it’s hard to know where to start.
There are also many different lenders on the market — you can get a business loan from high-street banks, challenger banks, online lenders, and small local specialists.
For those eligible for bank funding, it is often, but by no mean always, the cheapest option in terms of interest rates but banks can be very slow to say no and very slow to complete when they say yes.
Challenger banks offer similar products to high street banks, but generally have slightly more flexible criteria and slightly higher rates for that flexibility.
As a rule we find they are only really interested in large deals.
Large independent lenders such as Funding Circle have slick systems and plenty of cash to lend.
Applications are usually easier and faster than with banks, but this does usually come at a higher cost.
Smaller specialist lenders usually focusing on one or two types of lending or specific sectors
Some offer a very fast online processes, meaning you can potentially get a loan within a day or two.
Best of all, instead of rigid criteria they’re much more likely to take a case-by-case view of your application for a loan.
Others offer special products such as funding R&D tax payments/repayments.
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