Using an FCA Regulated Finance Broker.
When applying for a business loan is it better to use a FCA Regulated Finance Broker or apply directly to a lender yourself ?
Like anything in life knowledge is power and when possible its advisable to employ a professional to do any job.
A good Finance Broker can play an important role in the success of a business helping you over the years to raise funds at key moments during the development and growth of the business.
The answer is it all depends on the amount of capital you are looking for and whether you have the free time to go through and complete the application process and finally your financials are in good order. Also some lenders only take applications from Brokers and do not appear on comparison sites or advertise for direct business.
Knowledge of the market is also very important when choosing the right lender to approach for the purpose of the loan.
Benefits of using a Finance Broker
1. Independent and open to the market with access to a large lending panel including lenders that do not appear on comparison sites or take direct business but will only accept applications via a broker.
2. Able to source and find preferential rates & terms currently available from a large panel of lenders.
3. No wasting time going into your high street branch or spending hours online deciding which lender to approach and then completing the application process on your own.
4. A Finance Broker will complete the application process for you from start to finish advising what financials and information different lenders may or may not require.
5. Once you use a finance broker for the first time you then have a relationship with a professional who can raise funds for your business whenever required just a phone call or e-mail away.
There are many benefits to using a broker including preferential rates from certain lenders but if you feel like applying directly yourself and have the time to do the research on the individual lenders and all your financials in good order then the process should be a smooth one.
Note: There are no upfront or any arrangement fees required when speaking to one of our consultants.