Alternative finance started entering the UK market after the financial crash of 2008. Since then, commercial lending has transformed the fortunes of many SME’s across the UK.
But alternative finance lenders are bringing more than just balance to commercial lending. They are catapulting a once stagnant industry into the 21st century, with revolutionary technology that is changing the way small business obtain commercial finance.
So why should the digitally savvy make the switch from the ‘trusted’ banks? Think Business Loans, commercial finance broker, reveals why alternative finance is great for the digitally savvy.
Innovation has transformed hundreds of industries in the past few years. But none more so than commercial lending. From chatbots for customer service to artificial intelligence in apps, the digitalisation of the finance industry is nothing short of restyling the old.
Those who are digitally savvy will love what the alternative finance industry has to offer. SME lending is now utilising technology to improve the existing finance system. By combining our use of smartphones with your need for additional funding, the commercial lending world is becoming more digitally focused and thus progressive with the times.
The finance industries merge with technology doesn’t just mean it’s now available to view on your smart phone. It’s also helped speed up the commercial lending process. According to Josh Levy, chief executive at SME funding partner Ultimate Finance, “Alternative finance lenders have been able to capitalise on digital opportunities and have reduced the ‘time to cash’ from months to minutes”
Alternative finance lenders are now able to make quicker decisions than traditional lenders, thanks to their use of digital technology. When compared to a well-known high street lender, alternative lender, IWOCA, was found to offer instant funding to SME’s at a much faster rate. This was due to its use of digital technology, without the need for extensive paperwork.
As a result, it’s clear that alternative finance is a great option for those who are looking a quick response to a big question asked by business owners– can I get the funding I need for my business?
Alternative finance lenders are great for the digitally savvy who want commercial lending on demand. As a commercial finance broker, Think Business Loans understands the urgency many SME’s feel when applying for business loans. That’s why our iFunds technology takes just three short minutes to compare over 200 lenders and find you the options you are eligible to apply for.
Our lending managers able then able to get you the money you need within 24 hours of your application – all of which can be done via our Thinkapp. If you would like more information on our approach to commercial lending, get in touch with our team today on 0203 880 9880.
Jessica Court graduated from the University of Portsmouth in 2017 with a bachelor’s degree in Media Studies. She has previously worked within the In... Explore Author