Should you borrow via an independent Business Loan Broker or Bank Loan Broker.
When any small business considers using a loan broker to borrow, the following question should be considered:
How can a small business be properly served by a bank broker who is paid substantial commission by a bank?
Cannot serve 2 masters
The broker can either serve the bank or the borrower. They can’t serve both. What the bank makes, the small business borrower loses. What protects the bank makes the small business borrower vulnerable. Who do the brokers deal with most, the business borrower or the bank? The one bank of course.
More suitable farm loan fit.
At BorrowBetter.au we do not accept any commission or payment from the bank. We work for business borrowers only. As the bank does not pay an independent business broker on loans we negotiate, we work to get business borrowers a substantial reduction in the business loan cost.
How to get the best loan?
Borrow Better with BorrowBetter.au by having banks compete for your small business loan.
Cost of borrowing for business.
The most important part of a business loan is the price you pay for them not the actual business loan approval, because borrowing is easy but paying it back is hard.
Interest rate is not the only consideration of a business loan.
Apart from the obvious Interest rate there are:
- Setup charges
- Bank fees
- Amount and timing of regular repayments
- loan contract terms
- Conditions under which the bank loan can be called to be repaid in full
- Flexibility if the small business strikes hard times, gets sick, loses income
- Ability to repay early or faster.
- Small business Borrower’s ability to meet repayments out of income as only interest will be tax deductible
- Small business Borrower’s relationship with with the bankers involved.
Ruthless business debt collectors can quickly replace smiling bank lenders.
Who will gain the most financially from the small business loan? Make it the small business owner!
Small Business Borrowers can achieve a better financial out come by using BorrowBetter.au consultants.
Call now for a friendly chat 0428 417 498, 0422 907 155, 02 9988 3312
Email greg@gbac.au, pat@gbac.au