Lenders Pursue Easier Financing and Expanding Global Operations
The global marketplace is a hive of activity for online financing companies. Some two dozen online financing companies are performing exceptionally well. It’s largely thanks to their disruptive technology and novel approach to global financing that they are making significant inroads into a space formerly occupied by big banks and corporate entities. There are many benefits to using these money transfer services, including the fact that qualifying criteria are often easier for SMEs in the UK and beyond, and fewer constraints are placed on companies. Today, it is quick and easy to apply for online financing and to be approved accordingly. While banks typically drag their feet approving clients, online lenders are significantly more accommodating.
What Can Businesses Expect from Small Business Loans Providers?
SBL companies offer an easier pathway to credit than traditional banks and financial institutions. These small business loans providers include companies like GetCapital, Lending Express, SpotCap, Prospa, Sail, Capify and others. One of the stars of the show is GetCapital. However, SMEs are advised to consult with objective sources such as the GetCapital review (Australia) before simply accepting the testimonials of reviewers one way or the other. Objective assessments are necessary to gain an in-depth understanding of the small business loans industry.
GetCapital is fully licensed with an Australian Business Number (ABN) (24-149-390-625), and an Australian credit license (149-390-625). SMEs can qualify for loan amounts valued at $5,000-$300,000, with a loan term ranging from 3 months through 12 months. Unsecured loans are available, and all applications can easily be completed online. Unlike High Street banks, responses are normally received within 24 hours.
The qualifying criteria are less stringent than typical banks and financial institutions, with the following requirements:
- 9 months of operational activity
- Sales of $10,000 per month
- Guarantees must be provided that the loan will be used for business purposes
Where these SBL lenders differ from traditional banks is the interest rate. The minimum monthly fixed interest rate is 0.5%, subject to individual constraints. Overall, the feedback received from this award-winning online loan provider is positive. In 2016, SmartCompany recognized GetCapital as the Second Fastest growing company in Australia. The company has been operational for 5 years and 90% of reviews have been positive. GetCapital has a 4/5 rating on TrustPilot. GetCapital does not typically approve sole traders or businesses with bad credit, and startups are not eligible for loans either.
Are UK Lenders Looking to Expand Operations Abroad?
The rapid and unprecedented growth of online lending is causing many UK lenders to stand up and take notice. Banks were the de facto money transfer entities until the FinTech boom upended convention. Today, online money transfer services are witnessing unprecedented levels of growth across the board, and the UK as one of the most established money transfer markets is experiencing rapid growth and expansion. The unsecured personal loans market has experienced phenomenal growth in the United Kingdom in recent years.
Between 2016 and 2017, financial services analysts have confirmed that record low interest rates and increasing consumer confidence have buoyed the growth of the unsecured personal loans market. UK lenders are now looking to expand operations globally, by promoting their services in Commonwealth countries like New Zealand, Australia, India, South Africa, and Canada. The UK online loans market is also now facilitating loans in countries across Europe, Asia, and the Americas. According to Statista, the cumulative total value of loans via P2P consumer lending in the UK as at November 2017 has shown impressive growth trends. Millions of pounds sterling has been issued, and this trend is now becoming mainstream phenomenon that is spreading across borders.
