Have you every considered a non bank lender as a source of financing your business? While many traditional financial institutions claim to be backing small to medium enterprises, that is widely disputed.
For starters, with the banks now operating with less staff, it can be like trying to obtain a secret of Fatima, when looking to arrange a meeting with a representative to discuss your businesses financial needs.
That’s before they faint at the size of your financial request.
If this sounds familiar to you (then deffo email us with your tale of woe!) you will be glad to hear that digital lenders are stepping up.
Promising a same-day credit decision and loans of up to €300K, the 3 year repayment norm was too short a horizon for many looking to put the money to work.
But suddenly competition is hotting up.
Irish peer-to-peer (P2P) lending platform Linked Finance has launched a five-year unsecured business loan for SMEs.
The new loan of up to €300,000 aims to provide an alternative to asset financing when companies want to invest in machinery, equipment, vehicles and other capital projects.
According to Linked Finance, loans are available in under 24 hours, “without onerous requirements to provide collateral or pay legal fees arranging security that are the norm for loans of similar length from other providers”.
Rates for the new five-year loan start at 7.95pc.
Some loans can be funded in as quickly as 1 second according to their website. Maybe it’s time to check out Linked Finance as you wait for your traditional bank manager to give you a shout!
