What do traditional and alternative lenders ask you when applying for business finance and what’s the difference?
Well, traditional lenders will inevitably ask for a good credit score for both the business and the directors personally, an alternative provider may be willing to overlook a less than perfect score as they have a greater appetite for risk.
The long-established lender would generally like you to be a current customer; be that personal or business, for you to pass through the criteria. As you’d expect from the newer entrants, this isn’t something that they’re worried about.
It takes all sorts of lenders to fund all sorts of businesses. To get the right result for your business, you need to access a wide spectrum of lenders, both new and traditional. A broker will guide you through the process and they’ll do it faster, giving you more time for your business.
