They have been described a “legal loan sharks”, and can charge high levels of interest, sometimes as much as 5,000% APR.
But, the growth in payday lending continues to rise in the UK. Not just by individuals who are looking for short term finance, but also by businesses that are looking for finance.
But we know that small businesses and entrepreneurs need access to finance in order to help their businesses grow. After all, there is the well-known business phrase “Cash is King” – without access to the money which they need, it becomes harder and harder to grow and develop a business. And if they are struggling to get the finance from banks and traditional lenders, then it is no surprise to see them turning to other sources of funding, even if the interest rates are much higher than they might get elsewhere.
Having been arranging finance for small business owners for over 40 years, we at ASC know that there are many other types of finance available, and that businesses shouldn’t need to turn to these high cost loans to grow. Speak to your local ASC director today, to discuss how to get the right type of business finance for you.