As a small business, when you need money, you want to easily compare personalised quotes and choose the terms that meet your needs. Comparing solutions is even more important, as, for the first time, some alternative finance providers are offering better terms than banks.
We have partnered with Funding Xchange to help you compare personalised quotes for finance solutions in minutes, whether that is for working capital, buying additional stock, investing in new equipment or taking on new premises. Funding Xchange ensures that you never pay more than going direct to a lender, and that businesses can receive funding in as little as 24 hours of making an application.
Just as economic uncertainty continues to increase, the alternative finance market is finally coming of age and delivering finance solutions that provide more attractive terms.
In recent weeks, Funding Xchange has seen the launch of more longer-term unsecured lending solutions with terms of up to five years, while also seeing the cost of funding drop significantly. Customers in certain segments can access finance from 5-9.5% total cost of funding, which compares favourably to bank overdrafts with representative EARs of 9.6%*.
It may seem counterintuitive that lenders are lowering their rates, as we are facing unprecedented political and economic upheaval. However, this reflects increasing competition in the alternative finance sector – just as banks are retrenching. This means an increasing number of businesses have sound commercial foundations but are denied bank funding despite their financial strength.
Funding Xchange’s lenders can identify good businesses that have been rejected by banks for funding - often, these businesses operate in sectors that banks find challenging to serve – like retail, entertainment, construction and accommodation.
Even if you have found it challenging to access finance or couldn’t access the best rates, Funding Xchange is constantly monitoring the market to ensure that you have access to the best offers.
The application process is simple, free to use and should take under 4 minutes to receive offers from our 40+ lenders. In case you were wondering, this has no impact on your credit rating.
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- 05 June 20201 minute read
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