Bank Loan Alternatives: Lenders who can say 'yes'
If conventional lenders can't provide the funds you need, we know those who can.
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- All scales of lending
- No Maximum
- Competitive rates from 2% above base rate
- choice of terms
- Mainstream lenders
- Adverse Credit – no problem
- Help and support
- Funding can be available quixkly
- Funds for any legal purpose
- Pay suppliers
- Pay staff
- Fund development
When you need a business loan, your bank is the traditional provider – but these days, many banks can’t help.
Since the credit crunch, many traditional banks have been tied up with rules and regulations, and seem to have turned their backs on small business lending.
Getting the lending you need through traditional channels has become almost impossible – particularly if your business has only been trading for a short time.
However, while the traditional banks can’t, or won’t, help, a new generation of business lender has sprung up to fill the gap. At Rangewell, we can help you find alternatives to bank loans.
Who are the new loan providers?
There are many business lenders who can adopt a more flexible approach to lending. These include newcomer banks, as well as specialist lenders who work mainly online, and even peer-to-peer lenders.
Challenger banks may be more flexible than the established high street banks. They may have simpler application requirements with reduced paperwork, and are usually able to move more quickly on making a decision.
Peer-to-Peer or P2P lending can provide businesses lending through online services that match lenders with borrowers. These may offer competitive unsecured loans, but the process can be long and complicated, and an application may simply not attract investors.
Online lenders can make decisions much faster. Some will allow you to support your application by uploading documents electronically, and by allowing access to online records. Some are able to put funds in your business bank account on the same day that you apply.
Specialised lenders can provide loans to businesses that might not meet the criteria of mainstream business lenders. If you are a startup with no business history, have an adverse credit record or work in a sector with unusual funding needs, a specialist lender may be able to provide a solution.
Why you need Rangewell to arrange an Alternative Business Loan
The new alternatives to bank lenders can mean more ways for your business to get the funding it needs, but the additional choice means that you need expert help and support to get the funding that's really right for you.
Not all types of lending may be suitable for all business purposes. Some lenders specialise in providing loans to individual business sectors.
Finding both the right type of loan and the right lender are essential to secure the funding you need at the most competitive price.
At Rangewell, we can provide the expert help you need. We have mapped the entire UK lending market, and have excellent relationships with all the providers of commercial lending. We can help you select the most suitable provider for your business and your financial circumstances.
Our expertise works to give you an important advantage. Because we can compare all the various providers, we can help you find the most appropriate type of funding, and the most competitive deal. If your need is urgent we can help you find a lender who can provide funds quickly - and if you have circumstances that might affect a lender’s decision, such as adverse credit history - we can find the lenders who may be able to take a flexible view.
REAL EXAMPLES OF WHAT WE CAN DO
- Find a lender to provide a £60,000 secured loan for a company that had been in business for under three months
- Source funds to support a high-street name through a turnaround
- Set up funding for a service business that was already in a Creditors Voluntary Agreement
- Find a manufacturing company the loan it needed at a rate 50% lower than it was first offered
- Source the most competitive lending to fund an ambitious growth plan for a small business
Why you should call us now
Preparing an Alternative Overdraft or another type of bank loan before you need it is a prudent way to increase the financial resources you can call on.
Arranging a facility will cost you nothing if you don’t draw down the cash – but simply knowing you have a financial resource could mean valuable peace of mind, and increase the flexibility of your business.
Call us now.
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Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding
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Most businesses need to borrowWhether you need to invest in growth, provide working capital or deal with a cashflow shortfall, a business loan can provide the answer.
Easy applicationsMany alternative lenders can accept online applications, and while some may want to see accounts and projections, some may require no paperwork at all.
The money you need, fastArranging an alternative business loan can be done in hours. Some lenders can even get money into your business account on the same business day that you apply.
Flexible repayment termsYour repayments can be fixed, so you can budget ahead – but many alternative lenders accept early repayment, which can cut interest costs.
Alternative loans at any scaleThere are alternative lenders for all sizes of loan. You can apply for a small sum with an unsecured loan, or a large, strategic loan secured on your assets.
Knowing the right lendersSome alternative lenders specialise in particular business sectors. At Rangewell, we can help you find the most appropriate lenders for your business. Read more about Bank Loan Alternatives
See the full picture, download our e-book on alternatives to a bank loan
- What are the alternatives to traditional lending?
- What do you need to consider when choosing the lending that is right for you?
- What are the real costs – and why the right lender can reduce them
The downsides of borrowing
- What paperwork you need
- Guarantees and security
- Key Terms to check
What business lending products does alternative finance include?
We explain the different types of alternative business funding options, including Invoice Financing, Merchant Cash Advances, Asset Financing, Term Loans, Working Capital Finance, Peer to Peer Lending and more
Where do high street banks fit into the landscape of finance providers?
Can alternative business financing providers really provide business loans to small businesses within 24 hours?
What interest rates and monthly payments am I likely to be charged?
Which finance type looks at my business credit and debit card sales?
Can Bank Loan Alternatives help small business owners with long-term and short-term funding issues, even if they have a poor credit rating?
What is the difference between alternative finance and a business bank loan from any of the high street banks?
Is it only certain types of businesses who can apply for bank loan alternatives?
Can bank loan alternatives help with cash flow financing?
Do many businesses use bank loan alternatives?
I am only in the business planning stage, can I benefit from any of the products or services on offer with this type of finance?
Do I need to hold a business account with one of the major banks to qualify?
Will my past business finances affect my application?
Dowload our free and comprehensive guide today
The costs of alternative lendingThe cost of taking any business loan may depend on the risk to the lender. Some alternative lenders may be prepared to accept a borrower who presents a risk, but will charge a higher interest rate.
Your credit rating may be affectedYour personal, as well as your business credit rating may be affected if you don’t keep up repayments on a business loan.
You may need a secured loanYour loan may need to be secured, and your home or other assets used to provide the security. This means that they could be at risk if your business cannot make the repayments.
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FreeWe make no charge of any kind when we help you find the loan you need.