During the application, you will be asked for a lot of information. Ultimately the lender needs to know who they are lending to, what they want the money for and a level of confidence that they will get it all back. You can get invoice funding from Become as an example. The application process can generally all be done online; however, it is not uncommon for the lender to call you for clarification points. When completing the application process, it is imperative that you are honest and transparent. Answer all the questions posed to you honestly; if you get caught out, not only will you risk getting the funds but the lender can share your dishonesty with the credit agency who will alert other lenders if you go to someone else for the funds.
Lending Company T&Cs
When you think you have secured a lending company that is the one for you, make sure that you enquire straight from the offset how and when you would receive the money if you were approved. It is extremely common to receive the money on the day you have been accepted by bank transfer however not all companies offer this – some offer to post you a cheque. Also, check out the details from your own bank that they accept things such as faster payments services to support the quick receipt of the money.
Don’t just go with your current bank or whoever is top of the list on the Google rankings. The business lending market is a pretty congested market, and there are a lot of people out there that are prepared to lend to people that are low risk. If you get a good dialogue with a company, then be sure to clearly articulate exactly what it is you need the money for and how this will be paid back in line with their repayment terms. This dialogue could include potentially sharing the project plan you have regarding how this money will be invested. Having these sort of things at hand and your ability to share will speed up the lending acceptance process and make things a lot simpler and efficient.