Rangewell
Rangewell

Bank Loan Alternatives: Lenders who can say 'yes'

If conventional lenders can't provide the funds you need, we know those who can.

Speak to one of our experts020 4525 5312

Funding options

£

Affordable

  • All scales of lending
  • No Maximum
  • Competitive rates from 2% above base rate
  • choice of terms

Dependable

  • Mainstream lenders
  • Adverse Credit – no problem
  • Help and support
  • Funding can be available quixkly

Flexible

  • Funds for any legal purpose
  • Pay suppliers
  • Pay staff
  • Fund development

Talk to Rangewell – the business finance experts

Traditional bank loans can be costly and hard to arrange. We search the entire market to find lenders who can deliver the business funding you need and the most competitive rate

At Rangewell we recognise your professional status, and we work harder to find you better solutions - which can include 100% finance for many of your needs.

Alternatives to traditional business bank loans

When you need a business loan, alternative bank loans are the solution

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, but there are alternatives!

All the information you need

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 alternative lenders have sprung up to fill the gap. At Rangewell, we can help you find alternatives to bank loans.

Been turned down for funding by your bank?

We may still be able to help with alternative funding methods

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The Business Banking Sector

Growing a business requires investment and, for most small business owners, getting a loan will be essential. In the past, small businesses would go to their local bank to secure financing to navigate applying for a business loan. 

Times have changed. 

As the economy is beginning to pick up, the relationship between small businesses and traditional lenders, big banks have changed considerably. These days, banks won't often lend to small businesses as they used to, which has left many business owners wondering how to get the capital they need to keep their doors open and their business growing.

Want to find an alternative to traditional bank loans? Speak to Rangewell today, we can source a range of short-term loans to suit your business needs. We can help even if you have bad credit.

What alternative bank loan providers are available?

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

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 (P2P)

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

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

Specialised lenders can provide loans to businesses that might not meet the criteria of mainstream business lenders. If you are a start-up 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.

Other alternatives to bank loans, including invoice financing, merchant cash advance and inventory finance, can also provide alternative methods of raising cash for your business.

What alternative loan options are available?

There are ways to get the money you need to build your small business without jumping through hoops.

1. Crowdfunding Platforms

Over the past few years, crowdfunding has become incredibly popular and one of the most attractive ways of raising money. To access crowdfunding, the entrepreneur will post their project on platforms such as Kickstarter. Then, people worldwide can support it by making donations in exchange for a perk from the business owner.

2. Merchant Cash Advances 

With this type of loan, you'll receive a lump sum of money and then repay that amount plus any additional fees, usually over a few months. There is no set monthly payment, interest fees of the due date. Instead, you'll pay a small percentage of your daily debit and credit card revenue.

3. Micro Loans

Microloans are small loans given to entrepreneurs to help get their business off the ground. Microloans are usually for small amounts, and they aren't usually based on credit rating or collateral. 

Microloans are often designed for women, minorities and low income or young entrepreneurs. The process usually involves business coaching to help improve chances of success. 

Want to learn more about business financing options? Speak to Rangewell today we can help where a traditional business loan cant.

Who can apply for an alternative business bank loan?

Our alternative business loans and merchant cash advances are perfect for a range of business types looking for a bank loan alternative. Providing you've been trading for over 6 months and have a turnover of more than £60,000 - you're likely to be accepted.

What are the criteria for applying for an alternative business bank loan?

When it comes to applying for a business loan, it is better to apply for one before you need it. There are some documentation you can prepare beforehand. Company owners cannot meet loan requirements when they need cash because they haven't prepared. 

You should assemble the documents and other information to qualify for a business loan. 

  1. Credit score: Many lenders believe that the past will reflect what will happen in the future. They'll rely on business credit scores to get this information. The lower your credit score, the higher the perceived risk. 
  2. Annual revenue: Make sure you have accurate financial statements from the past two years. Any lenders will ask for copies of your bank account transactions, so make sure these are reflected accurately in your statements. 
  3. Updated business plan: Lenders will want to know how the loan will be used and how the company plans of growing. Be ready to share an up to date copy of your business plan, which will include projected financial statements and a plan for how to pay the money back. 
  4. Additional collateral: Every lender will want to reduce their risk when making a loan. They can do this by getting additional finance collateral that will secure the loan in case your business fails to meet repayments.

What are the benefits of alternative business bank loans?

Here is an overview of just some advantages of alternative business finance

  1. Can help manage cash flow - most businesses will experience a cash flow shortage especially when they need to buy expensive equipment. More traditional forms of lending won't allow you to respond in an agile way to mee the peaks and troughs of cash flow. alternative business loans can
  2. They have flexible criteria - the range of options available means that businesses can approach lenders without traditional asset-based backing, and they'll still come away with the funding they need to grow.
  3. Cost-effective management - alternative finance providers have a more comprehensive range of deals on offer. It gives the SME the ability to choose a pricing model that is suited to their needs. 

We can offer financial products at a competitive rate, we've helped many loyal customers business owners grow their businesses.

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. So whether you're looking for new business loansshort-term financeunsecured finance or any other type of funding for your business, contact us today. We can get access to the cash you need and can arrange repayment terms to suit your needs.

Whatever your credit history or current trading conditions

We can help find solutions for your business

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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.

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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
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Discover our range of finances

Every type of finance for every type of business

Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.

Helping you build your profits

  • Most businesses need to borrow
    Whether you need to invest in growth, provide working capital or deal with a cashflow shortfall, a business loan can provide the answer.
  • Easy applications
    Many 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, fast
    Arranging 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 terms
    Your 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 scale
    There 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 lenders
    Some 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

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Rangewell Ebook - See the full picture, download our e-book on alternatives to a bank loan

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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.

Frequently asked questions

Have a question?

What is alternative lending?

The relationship between small businesses and big banks has changed considerably. These days, banks won't often lend to small businesses as they used to, which has left many business owners wondering how to get the capital they need to keep their doors open and their business growing.

What are the two main financing alternatives?

The two main financing alternatives are:

1. Merchant Cash Advances 

With this type of loan, you'll receive a lump sum of money and then repay that amount plus any additional fees, usually over a few months. There is no set monthly payment, interest fees of the due date. Instead, you'll pay a small percentage of your daily debit and credit card revenue.

2. Micro Loans

Microloans are small loans given to entrepreneurs to help get their business off the ground. Microloans are usually for small amounts, and they aren't usually based on credit rating or collateral. 

Microloans are often designed for women, minorities, and low income or young entrepreneurs. The process usually involves business coaching to help improve chances of success. 

Who can apply for alternatives to bank loans?

Typically, to be eligible for an alternative business loan, you'll need to have been trading for a minimum of 6 months as well as earning a turnover of at least £60,000 yearly. 

Our service is:

Impartial

Transparent and independent, treating all lenders equally, finding the best deals.

In-depth

Every type of finance for every type of business from the entire market - over 300 lenders.

Personal

Specialist Finance Experts support you every step of the way.

Free

We make no charge of any kind when we help you find the loan you need.