How to choose your business finance provider

If you are considering new or restructured finance facilities, you will find a vast array of providers all keen to secure your business.

The right product and the lender's willingness to say 'yes' is one thing, but after that, how do you choose one provider over another? 

Here is a brief checklist of what to look for and the questions to ask at each stage:

Stage 1: At the beginning of the process 

  • Make sure all of your questions are answered 
  • Are you being offered more than one way to structure your facility?  
  • Are you satisfied that the finance offer is the right type of finance for your business?
  • Check you are clear as to what is included within any quotation and what is deemed as extra. For example, an insurance option   
  • Consider the financial health of the provider.  Are they likely to be around for the full life of your facility?
  • Check the end of loan option(s) in detail
  • Ask about customer support and what this entails.

Stage 2: Customer support during the term of your loan

  • How available is the customer support team?
  • Does the facility have the flexibility to accomodate variations in your repayments e.g. over-payments or seasonal payments
  • How confident are you that any changes in the financial health of your business will be handled considerately and efficiently?

Stage 3: At the end of the term

  • Ask whether there are any early repayment or end of term charges
  • Will there be options to refinance any final lump sum payment?

 

Why Productivity Finance?

Talking to us is the first step in making the right choice. You will be provided with all the information, support and options you need to make your decision process easier.     


How to choose your business finance provider


By: Paul Marston

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