Applying for Loans Myself vs Using a Commercial Finance Broker

When it comes to applying for commercial finance, it can be tempting to take on the task of finding a lender yourself. Whilst this may seem like a pretty simple task, once you begin the process of applying for loans with several different lenders, you will find that you have signed yourself up for a significant time commitment.

With the vast majority of business owners simply not having the time to set aside for lengthy application processes, you might begin to consider using an experienced commercial finance broker to take on the heavy lifting for you.

In this article, we will take a look at some of the most significant benefits you can expect to see if you do choose to utilise a commercial finance broker over applying for loans by yourself.


What is Involved When Applying For A Commercial Loan?

Before even starting to apply for a commercial loan, you must first identify the right type of commercial loan for your business and its needs. For example, your business may be best suited to a property loan, trade finance or even invoice finance, depending on the industry you work within. It is absolutely critical that you make the right decision during this process, as you can stand to save a significant amount of money in the long run when taking out the right loan for you.

Hiring a reliable and experienced commercial finance broker can be a huge benefit when you are considering which type of commercial loan to take out, as a professional can weigh up the best option for your business.

Once you have settled on the right commercial loan for your business, it’s time to start applying for one. When you do start applying for your loan, you’ll start finding out which commercial loans you qualify for – as all lenders do have their own set of criteria you must meet in order to secure a loan. This step can be particularly frustrating if you keep getting rejected – if this does happen to be the case, it could merely be an issue with the type of loan you are looking to secure. The expertise a commercial finance broker can bring to the table can be invaluable in ensuring you are definitely applying for the right type of loan, and applying for a reasonable loan amount based on your business’s finances.

Business Meeting

How Could Working with A Commercial Finance Broker Help Me?

You might be wondering, what are some of the benefits that I can expect to see if I do choose to use a commercial finance broker? The main benefit you’re likely to notice, as a business owner, is the significant amount of time saved; it’s no secret that anyone who owns a company is always rushed off their feet, so being able to take a time-consuming task off your plate is a huge benefit.

Here’s a more detailed look at how working with a commercial finance broker could be of benefit to your business:

  • Saves you and your business a significant amount of time – As a busy business owner, we’re pretty confident that you have better things to be doing than trawling through countless lenders and filling in lengthy forms in your quest to find the perfect loan for your business. By hiring an experienced commercial loan broker, you can rid the stress of trying to find the right loan for you and let the experts take care of this for you. Brokers have a wealth of experience in dealing with all manner of loans, so you can rest assured your broker will come back with a selection of the best loans for your specific requirements.
  • Access to a team of finance experts – The world of commercial finance can be challenging to navigate when your area of expertise lies elsewhere. Taking the time to research and understand financial jargon can be a real strain on you and your business, especially when you need access to working capital relatively quickly. Hiring a commercial finance broker gives you access to a wealth of finance knowledge; you are just a phone call away from an industry professional who is able to explain any unfamiliar concepts or financial terminology that you don’t want or need to understand.
  • Realistic loan agreements – If you do happen to choose to utilise the services of a commercial finance broker, you will benefit from advice and guidance on what your business can afford to pay back each month. This can help avoid potential issues further down the line as your business won’t be paying a huge, unsustainable loan fee to your lender each month.

Business Graphs
If you require a commercial finance broker to find you the best loan for your business, then be sure to get in touch with Ping Finance. Our team of specialists are on hand to find the very best loan for your company, by utilising our vast network of lenders. We take great pride in taking the pressure off our clients when it comes to finding and securing a loan, allowing you to focus on continuing to grow your business.

Back to Blog