In recent years banks have upped their game & improved their approvals processes. Generally they will say on advertisements, your business loan can be approved in 24 hours; but they mark it with an asterix, directing you to read the fine print. So a lot of the time you can get indicative rates quickly but to get it to approval & draw down stages you have to submit their full list of documents. With banks that can include items you won’t typically have lying around. This can range from business plans to detailed financial modelling and short, medium and long-term cash flow forecasts. All this takes time and money.
Accountants are currently battling backlogs and are time-poor. They need to prioritise pandemic & Revenue issues over client’s requests from banks. So what can a business owner do if they want a fast finance quote without the fuss? The short answer is to look at options from Ireland’s booming FinTech sector. Many of their advertisements offering decisions in 24 hours are more credible. The reason for this is an online focused application process and using the latest underwriting techniques and data points.
Pre-pandemic, the trade-off for using alternative finance was paying a slightly higher rate. FinTechs simply don’t have access to money as cheaply as the banks. Even then, the difference to the monthly repayment on a typical microbusiness short-term loan could be €30 a month. However, the time and money saved on attending to bank loans makes it worth it.
What’s even better is that many Fintechs have access to government-backed SBCI funds. This now makes them competitive on rates with the banks. Some of these options such as the Covid-19 Credit Guarantee Scheme are due to end on the 31st of December so the time to act is now if you want working capital or assets with the peace of mind of no personal guarantees!
BusinessLoans.ie makes it even faster by getting you multiple business loan quotes from the best alternative lenders in Ireland. We have an in depth understanding of the approvals processes, great relationships with the credit teams and can get your approval information fast. Best of all we will never ask you for a fee. Talk to us today. Email hello@businessloans.ie or call 01 55 636 55.