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Choosing the right marketplace lenders for your business

Published on 26th April 2017 - Last update on 15th December 2019

As your business develops, you’ll likely require external financial assistance to maintain growth and sustainability. With banks continuing to turn away SME businesses, more and more business lending marketplaces are emerging with the sole aim of finding your business finance. There are literally thousands upon thousands of finance products available and a massive range of marketplaces hoping to connect you with potential lenders. However, how do you go about choosing the right one?  

Of course, this may seem like a daunting task, but by asking yourself the right questions you’ll find the perfect marketplace to suit your needs. At Rangewell, we’ve compiled a basic list of questions to get you started.

How many products do they cover?

Before diving headfirst into the first marketplace you encounter, consider how many finance products they can offer you access to. By using a marketplace that gives you more choice, you could source a product that’ll offer greater value and may even save you money in the long run. You may even secure products with more desirable terms than what you may have got elsewhere.

How many lenders do they work with?

Marketplaces typically work with a number of lenders, each of whom offers a variety of financial products. As such, the more lenders a marketplace is associated with the more choices on offer. Plus, if they have a great relationship with the lender they could help you secure more beneficial terms.  

Looking for business finance but unsure where to turn? Find out more about what solutions may be available to you

How trustworthy are they?

Establishing trust is vital when searching for the right finance solution for your business. You need to have faith in their abilities, connections and commitment to finding and presenting your business with only the ideal solutions. Marketplaces will make any number of promises, but how many will deliver? You need to have confidence that can find you great value finance at an excellent rate with no hidden surprises.

Why many businesses trust Rangewell to find them finance

Our values are simple – We’re on your side. At Rangewell, our services are clear and transparent. We support a wide range of SME businesses of every shape and size, for finding every type of finance. Follow us on Twitter and LinkedIn for business tips and tricks, and feel free to call us on 0203 637 2340 if you’d like to chat about what we can do for you.

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David Harrison

David Harrison

Content writer