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The Rise of Non-Bank Lenders

Published 28 Jun, 2019 

The world of small business is changing, and it’s changing fast. Gone are the days where employees would spend their lives working the same job for the same people. The market is nimble, it’s digitising, and it’s fragmenting to the point that small businesses and freelancers are taking over their industries by doing things a little bit differently.

And how did the big banks react?

Well, they didn’t. They still require copious amounts of documentation, credit checks, endless financial statements – and that’s just to hand in your application. For small businesses looking for loans in order to react to the market in real-time, the big banks are simply too slow, and too picky.

Non-bank lenders are essentially financial institutions that are neither banks nor credit unions. They are independent. They move quickly, and exist specifically to cater for small business loans. Here’s why a small business loan from a non-bank lender like us at Business Fuel could be just the kick-start your small business needs:

Easy to apply

Non-bank lenders are not as excited about paperwork as the big banks. As long as you can show identification, some basic business documents, and your projections for your small business’s financial future, you’ll be good to go.

What about the waiting time, you say? Well, most non-bank lenders can turn approvals around in 24 hours, or less. It could even be instant especially with our easy-to-complete online application form here. That means your business gets the money it needs, when it needs it, without the extra hassle and without losing precious time.

Security

Most big banks want collateral to secure any business loan, which for small business usually means laying it all on the line. Non-bank lenders offer unsecured loans, which means your assets are safe – or the fact that you have no assets to speak of might not be an issue.

“But… doesn’t this open me up to higher interest rates?”. If you look at the lifetime cost of your loan, many non-bank lenders can match and even beat the pricing set by the big banks, thanks to the fine print that comes with lending from one of the big 4.

It’s personal

How many times have you tried to call up your bank, only to be transferred to a call centre, where you are likely going to speak to a new person with no knowledge about your small business? Non-bank lenders are smaller institutions, which means you can pick up the phone any time and speak to the same loan manager that approved your loan, to begin with.

For example, with Business Fuel’s Lending Manager’s team, each and every single one of them ensure they take the time to get to know you – your business, your needs, and your goals. They’ll help you to manage and optimise your loan so that it works for you, not for them. It makes the whole journey and experience seem less like an external lending party, and more of an extension of your own team, working towards a common goal and offering you the support you need.

If you would like to talk more about what a small business loan could do for you, Business Fuel is a non-bank lender that is proud to support so many small businesses reach the next level.

Not sure what’s right for you? Get in touch and we’d love to talk to you through your options.

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