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Banks, Finance, Loans

Bad Lender, Bad Loan, Bad Luck

The lender is the linchpin of every finance deal. This might seem like a stupid statement to make – of course business finance relies on the person who provides the money! But what we mean isn’t that you need a lender to make a loan – it’s that you need the right lender to get a good loan.

Just like any market, lending has its good companies and its bad companies. However, the repercussions of having a bad lender are much more serious than most other markets. If you buy a pair of trainers that turn out to be Chinese fakes, you’re out a bit of money and have not-so-great trainers – but they’re still trainers that can fit on your feet. If you get an unreliable lender, or one that doesn’t operate within the proper regulations, then your business could be in serious trouble. At the very least, your funding could run dry before you’re finished with your project, and you would put the project on hold, re-apply with a different lender and go through the whole process again. However, most businesses can’t just “press pause” on a major business venture, and having a lender fall through on them could spell disastrous consequences for the business. This becomes more and more of an issue the further through the project you are – finance falling through at the last moments of a project could potentially bankrupt a small business.

As such, finding a reliable lender is one of the big reasons that we think that engaging a broker is one of the most important steps to take when looking for business finance. Expert advice is a boon in any situation, but when there’s so much on the line, you want to know that you’re getting your finance from a lender that can actually put their money where their mouth is. At ASC, we only work with reputable lenders, so we can say for certain that you can put your faith in us!

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