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Why SME`s, Self-employed and Business Owners Should Use a Finance Broker Over Direct Lenders

Why SME`s, Self-employed and Business Owners Should Use a Finance Broker Over Direct Lenders

September 12, 2023

When it comes to securing finance, whether it's for a new property, business expansion, or day-to-day operations, the choice often lies between using a finance broker or going directly to a lender. If you fall into the category of SMEs, self-employed, or a business owner, this decision is even more critical. Here's why opting for a finance broker might be your best bet.

1. Personalised Service: Finance brokers work for you, not the lenders. They take the time to understand your unique financial circumstances, needs, and goals. By doing so, they can tailor finance solutions that suit you best, rather than offering a one-size-fits-all product that banks often do.


2. Access to a Broader Range of Lenders: While you might be familiar with the big banks, there are countless other lenders out there that might offer a better fit for your needs. Finance brokers have a vast network of lenders, from mainstream banks to specialist lenders, ensuring that you get the best deal available.


3. Time and Effort Savings: The loan application process can be complex and time-consuming. Instead of navigating this challenging terrain alone, a finance broker can guide you through each step, making the process smoother and less stressful.


4. Expertise on Your Side: As a mortgage broker and business coach myself, I can attest that the finance world is complex and ever-evolving. A dedicated broker stays updated with the latest industry trends, regulations, and products, ensuring that you're always getting the best advice.


5. Negotiation Power: Brokers handle numerous transactions, which gives them significant negotiation leverage. They can often secure better interest rates or more favourable terms than you might get on your own.


6. Ongoing Support: The broker's job doesn't end once the loan is secured. They provide continuous support, reviewing your loans periodically and suggesting refinancing or other strategies when it benefits you.


7. Cost-Efficient: Many assume that brokers add an extra cost, but in reality, lenders usually pay brokers a commission. What's more, by securing a more favourable deal, you might end up saving more in the long run.


Conclusion: For SMEs, self-employed individuals, and business owners, every financial decision can have profound implications on the business's success. By leveraging the expertise and network of a finance broker, you're not just getting a loan; you're securing a financial future that aligns with your business goals. Consider a broker as a trusted financial ally in your journey towards growth and success.