Should I Use a Broker to Apply for a Business Loan or Do It Myself?

There are two main ways to apply for a business loan. Either you can apply directly to the lender, or you can use a commercial finance broker to help with the process. Applying directly means that you can personally vet which lenders you’re applying to, and retain complete control of the application process, however, there are many benefits to using a broker.
Consider factors such as whether they have the whole of market access (rather than just a select panel of lenders), and if they have prior experience arranging finance in your specific industry. Check out their customer service process; aspects such as dedicated Account Managers are a good sign. Reviews sites such as Trustpilot and Google reviews will also tell you a lot about the kind of service the broker provides.
Once you’ve found a good broker it will pay dividends for your business in the long term, because you’ll have a trusted partner for all your future business financing needs. Disclaimer: The views expressed in this blog article are those of Origin Finance and do not constitute financial advice.