A Business Loan In An Hour?
Who would have thought that it would be potentially possible to apply for a business loan, have it approved and have the funds in your business current account with the bank in the space of 60 minutes? Well, that is what some Barclays Bank business customers here in the UK may be able to do.
Barclays has been able to pre-approve a number of their SMEs (small and medium sized enterprises) for a business loan of up to £25,000. You have to apply via a Barclays Bank app, have maintained a satisfactory Barclays Business account for at least 6 months and have a good credit history. Apparently, Barclays are believed to be the first bank in the UK to offer such a facility.
The bank recently notified around 260,000 of its business customers that they had been pre-assessed for a business loan and could apply for up to a particular amount through this route with the maximum amount being £25,000. Obviously, the bank will still need to consider each lending application that is made via the app on an individual basis.
From a small business owner’s point of view, such a facility could be of benefit as it sounds quick and easy to apply leaving the business owner to concentrate on running their business.
There will no doubt be a number of Barclays Bank’s business customers that will make use of the service. However, how does the business owner know that they are getting a competitively priced lending package? Is it not better to shop around to try to find a competitively priced business loan? One way of potentially doing this is to go on the Internet and do your own research and contact a variety of lenders although this could involve a great deal of time having to be set aside. Another, potentially quicker way, is to use a broker that is experienced in sourcing competitive business loans from an extensive panel of lenders.