Loan Broker vs Loan Consultant
- Broker simply facilitates the loan application process
Business Loan Consultant
- An advisor and long-term business partner
- Handles and ensure smooth loan application process
- Get competitive payment terms and rates
- Improve chances of loan approval
- Access alternative financing options
- Get the right financial tools & products to achieve client’s business long-term goals
Benefits of Engaging a Loan Consultant
Contacts and Network
Working with so many banks and financial institutions in the past allows them (and you) to know which one offers the best deals. Loan brokers know where to find financiers that suit your financing needs.
Expertise and Experience
Aware of the market, including indicative rates and knows when a loan is overpriced. He has knowledge of the common types of collateral offered as security for taking on a loan.
A good loan broker ALWAYS has a Plan “B” ready and a plethora of alternatives prepared for you just in case; advise you on possible reasons your application is rejected and how to improve on credit standing in future.
Favourable Loan Terms
Have an experienced broker access your case and understand how you can improve your credit record before you even start submitting your loan requests
Handling Small Details
Assisting you with the nitty-gritty of loan packaging, will free you from grinding all by yourself and increase your chances of getting approval for your business loans
Sharing Same Interest
By sharing the same interest, the consultant will try their best to make sure your loan gets approved and will not short-change your application, as their fees are based on this.
A loan broker who does not have a contact number and an office or postal address identified with his brokerage business makes one question the legality of his business or even its existence.
You can ask a broker how much commission he’ll be realizing when he brokers for you. You also have the right to ask about his network of lenders and important details such as the full cost of the loan he is arranging for you.
You should not engage a broker whom talks big and are able to “guarantee” loan approval. The truth is, no matter how competent a broker, no one can guarantee assured loan approval as the final decision lies with the bank’s credit approver.