When you feel your business needs more capital to survive, you go for business loans. But unfortunately, if your loan application gets rejected by the bank. What would you do then? The answer comes with the idea of a business loan broker. A business loan broker acts as a middle man between you and your bank. They are not bank’s employees or loan providers but they are independent agents.
Why do you need to hire a Business loan Broker in Singapore?
Before hiring a business loan broker to ask yourself some questions!
- You want to focus on your business and want someone else to do this hectic application process of the bank? If yes, then you can hire a business loan broker. They will do your job.
- You have tried all the banks but none of them is willing to borrow you the money.? if yes, then contact a loan broker. You will be surprised by seeing, they have an extensive network of connection with financial intuitions which will make the application easier.
- You think business loan broker’s consultancy is useful as they identify your business needs and suggest you required the business loan type you need? Well you’re thinking right because many loan brokers were previous bank officers. They can analyze business problems and give sound advice.
Business loan Broker Services Cost:
- It is important to know the cost of loan broker services. Usually they ask you to sign a “contract” with some conditions before carrying out their services.
- Sometimes they charge you upfront fees (S$100-S$300) and a percentage of the total amount borrowed by the bank.
- Free upfront fees and 2-5% of the total loan amount.
Best Business Loan Broker in Singapore:
There is some Business loan Marketplace in Singapore. Let’s take a look at their details and process.
LendingPot helps you find the best business loan for you. They have a connection with more than 35 financial institutions in Singapore.
How it works?
- You will have to Fill-up online form.
- The Service agent will call you to find out more details.
- Your business information will send to relationship managers.
- You will be connected to the relationship manager; they’ll offer you a financing solution.
- Premier Advisory Business Solutions:
Premier Advisory has a win-win solution to your business financial needs. This Singapore based company has experienced the staff at your services. They advise companies on the business loan. They are in the market for many years. Their agents save your precious time to find out bands and institutions yourself. They get you fast approval from Singapore banks or financial institutions. Their agent’s fees are lower than banks processing fees.
There are many other business loan brokers in Singapore. I-e SuiteCapital Pte.Ltd, Swift Credit, and LNT Global Pte. Ltd etc. Those business brokers in Singapore has made it get a business loan. Their agents suggest you best banks get a business loan.