With political uncertainty causing credit conditions to tighten, businesses are finding it harder to get a loan approved through their bank. With more and more banks closing branches, and reducing staff, local businesses need to search the market for alternatives.
The alternative lending market has boomed over the last few years raising over £2 billion for UK SME’s, and it’s not only the higher acceptance rates that clients are happy about. 63% of businesses that are looking for finance value speed and simplicity, one thing the alternative space gives SME’s, with most lenders offering decisions within 48 hours.
With more and more lending decisions taking place online, it seems as if the banks may be left behind. At Aurora Capital, we have had past customers that have been speaking with their bank for over 3 months, only for them to give them a decline. Businesses are looking for an easy, pain free application process where they are given a decision in a matter of days, clear and transparent, that is exactly what the alternative market gives customers.
However, with more and more lenders coming into the alternative space it can sometimes become very crowded, with every lender having slightly different requirements. Although this is good to keep the market competitive, and to drive rates down, it can also become a very daunting process when deciding on which lender to approach.
This is where Aurora Capital come into the market, with access to all of the market leading lenders we can search the market to find your business the best available offers. Seeing as this is what we do day in day out, we can advise on what products are best suited for your business, as well as approach several lenders simultaneously to obtain the best rates, without impacting your credit score.
Although the banks are declining more applications than they are approving, this is not the end of the road. The alternative lending market is open for business, and with a broker like Aurora Capital looking after your application there is an 85% acceptance rate.