As a small business owner, you most likely will be needing some sort of loan to either get started or keep your business up and running. But, before you go ahead and take action, it’s important to choose the right lender to suit your business needs, which can be a difficult task. There are plenty of factors to consider to choose the right lender to provide you with your business financing.
- Look At Their Accolades
If there’s anything that one has to do in today’s world, it’s the all-important Google search. Have a go at searching for best UK business lender 2017, this will undoubtedly yield a great starting place to see which lenders have the best reputations. You should also be able to find out if lenders are recognised by any other financial groups or have any notable awards. Of course, the more recognised the lender, the safer the bet is to trust them for your business finance.
- Flexibility Of The Lender
As we all know, banks don’t offer a huge amount of flexibility especially when it comes to loans. However, this is something you may need and if so, you should see what they can offer you. Lenders usually want applicants to have a good credit score and a lengthy business history which can sometimes be difficult to provide if you’re a start-up. Depending on the type of loan you need, lenders can offer to adjust repayment terms to suit you as well making the process as pain-free as possible for you.
- Do Your Research
The best place to start is always to chat to people you know about their personal experiences with banks and lenders in finding loans. Google can come in handy again here as you can get real insight into the way a lender works through honest reviews by customers and even get some helpful hints. But, with anything online, be sure to use your discretion and judgement to analyse what people say and remember their unique situations.
- Compare Lenders.
Take the time to complete some comparisons between the lenders you find. In the end, it’ll be worth it to write down the different specifications they offer to you. Look at the interest rate they are offering you, the range of programs they offer and the length of their terms for their loans. From this, you will visually be able to see the differences between the lenders who you’ve researched and be able to make the best decision.
- It’s All About Customer Service
The entire process of financing can be quite stressful, so more than anything else you definitely want to make sure that the lending company you’re going to deal with for the next few years, is patient and helpful. As with any other type of company the level of customer service you experience can often be the deciding factor between two very similar options. Ideally, you should be able to contact them easily through various channels of communication, such as phone, email, or live chat. What you’re looking for is a lender who doesn’t leave you waiting in a call centre for hours before a consultant is available, but rather be friendly, professional and available when you need them.