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Does applying digitally really help?

SME businesses in Singapore will seek a business loan at some point in their careers.  In Singapore, we live in a digital world where there are so many options readily just from a click of the button.

Major banks, alternative lenders, financial institutions and P2P crowdfundings, have all become the go-to for business lending. However, how do you choose the best fit for your business?

The Benefits

Each lender is going to have its pros and cons. For example, banks and major financial institutions are the ones who indefinitely, provide the lowest rates in the market. Because they are allowed to lend out funds that clients have deposited into them, therefore they are able to offer lower and much more competitive rates to customers.

Alternative lenders and P2P lenders, on the other hand, are easier to work with than banks and major financial institutions. They keep the application process simple and streamlined. This allows inexperienced borrowers to comfortably navigate the financing process. Alternative lenders also are likely to be more lenient on the borrowers' credit profiles. Many lenders will approve borrowers even if they have a poor credit history or little collateral, allowing better alternatives for the borrowers.

Loan brokers in Singapore offer the broadest range of financing vehicles.  They work hand-in-hand with the directors to understand the needs and opportunities in order to place their business with the best fit lenders in the market. Instead of being limited to funding options, they have strong connections with lenders to create a more extensive library of loans. In such, it creates better options and opportunities for borrowers.  By being choosing the right loan broker, they will make the market compete for your business. 

An additional benefit of loan brokers in Singapore is by being an advocate throughout the loan process. Their consulting roles are based on providing you with the best lending solution in the market.  If by doing all of the work and negotiation and the deal falls through, there are no fees involved. Loan brokers like this become your advocates, working with lenders on your behalf to secure the best rates, package your loan to get the highest quantum possible, overcome many obstacles throughout the process, and make sure you get a funding offer that you desire.

Why choose a loan broker over applying directly online?

Applying directly through the digital platforms is easy and fast, but that doesn’t always mean it is better.

OPTIONS: Digital lending usually offers a small number of loan options, and it may not necessarily fit the need for business owners.  On the other hand, loan brokers offer a myriad of loan options. They do fact-find work to evaluate your needs and current financial situation. and then customize their lending options to your business.

RATES: Digital lending tends to control and fixed the fees and rates, whereby you do not have much of a choice once the loan is offered. In contrast, loan brokers are tasked to find the most competitive rates in the marketplace.

CONSULTING: Digital lenders often provide one type of financing product and to do so in a way that makes it as convenient as possible to obtain. Loan brokers, on the other hand, are fundamentally consultants to serve. They consult the client, identify their needs and flaws, create a bespoke financing solution that is the best fit for the company.  They then devise a structure to package your loan and pitch it to the lenders, gathering feedback and information, refining the offer, and continue the whole process until the funding is secured.

Of course, ease is usually more important than the quality of the outcome. Who doesn't like the easy way out! But when it comes to business loans, every move is critical to the impact of the performance of the company.  

In order to achieve all these, we structure our platform to both online and offline consultation, to cater to the best there is. Our team is standing by.

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