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Non-bank lenders often provide businesses with better flexibility because they’re younger, more agile outfits that aren’t subject to the confinements of a banking licence. They’ve also usually had to elbow their way into the market by offering something better – perhaps using smart tech to enable them to approve loans for customers who feel let down by the big banks. These factors are making non-bank business loans increasingly preferable among UK SMEs.
If you’re thinking about looking for financing, don’t limit your options to traditional, high-street banks. You should look at all options available, especially if these options can provide you with better rates, fees, loan conditions and customer service.
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As well as straightforward unsecured business loans, non-bank business lenders offer the following finance options:
There is no one “best” business loan on the market, as it will depend on your particular situation. However, keep the following in mind when weighing up lenders:
You should always be cautious of debt. Avoid borrowing too much money and learn exactly how much debt your business can handle. Also, try not to apply for amounts that exceed your business needs.
Understand all the fees involved, including one-off and ongoing fees, and be aware of interest rates that exceed the market rates as well as your ability to repay.
You should also be cautious of applying too many times for credit products. Applying for lots of loans will negatively affect your credit history and your ability to be accepted for future loans. Take your time weighing up your options and apply only when you meet all eligibility requirements set out by your lenders.
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