{"id":6206,"date":"2020-12-17T03:19:57","date_gmt":"2020-12-17T03:19:57","guid":{"rendered":"https:\/\/www.clickdo.co.uk\/business-news\/?p=6206"},"modified":"2020-12-17T04:57:50","modified_gmt":"2020-12-17T04:57:50","slug":"fastest-way-to-get-money-for-your-business","status":"publish","type":"post","link":"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/","title":{"rendered":"Revealed \u2013 The fastest way to get money for your business"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f417f39c79b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f417f39c79b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#Why_do_banks_take_so_long_to_approve_loans\" >Why do banks take so long to approve loans?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#The_Initial_Assessment\" >The Initial Assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#Conditional_Approval\" >Conditional Approval<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#Final_Assessment\" >Final Assessment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#So_whats_the_problem\" >So, what\u2019s the problem?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#What_other_options_are_there\" >What other options are there?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.clickdo.co.uk\/business-news\/fastest-way-to-get-money-for-your-business\/#Fast_finance_for_modern_businesses\" >Fast finance for modern businesses<\/a><\/li><\/ul><\/nav><\/div>\n<p>Modern businesses are agile, acting with speed to plug gaps in the market and make significant profits from doing so. This is why it\u2019s so surprising that traditional funding methods haven\u2019t kept up with the businesses they\u2019re supposed to serve.<\/p>\n<p>According to data supplied by consulting firm <a href=\"https:\/\/www.mckinsey.com\/business-functions\/risk\/our-insights\/the-lending-revolution-how-digital-credit-is-changing-banks-from-the-inside\" target=\"_blank\" rel=\"noopener noreferrer\">McKinsey &amp; Company<\/a>, high street banks, and building societies usually take between three and five weeks to decide whether to lend money to <a href=\"https:\/\/www.clickdo.co.uk\/business-news\/small-businesses-tips\/\" target=\"_blank\" rel=\"noopener noreferrer\">small businesses<\/a>. By the time the money reaches your business account, it could be months since you made the application \u2013 and in the commercial world, that length of time could be the difference between keeping your firm afloat and seeing it collapse.<\/p>\n<p>When there is money to be made and business deals to be done, it makes little sense for banks to rest on their laurels \u2013 but there are various forces in play that explain the delays suffered by the clients of traditional lenders. Here we take a closer look at the factors affecting the turnaround time of lending decisions, and how you can get your hands on money for your business in much shorter order.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6208 size-full\" src=\"https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/get-money-for-your-business.jpg\" alt=\"get money for your business\" width=\"550\" height=\"363\" srcset=\"https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/get-money-for-your-business.jpg 550w, https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/get-money-for-your-business-300x198.jpg 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_do_banks_take_so_long_to_approve_loans\"><\/span>Why do banks take so long to approve loans?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ultimately, most banks and building societies follow a fairly similar process when deciding whether or not they can lend money to a business applicant. It\u2019s this process that can hold things up, and although there are many elements and considerations that come into play, you can generally break it down into a three-stage process:<\/p>\n<ol>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"The_Initial_Assessment\"><\/span><strong>The Initial Assessment <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>where the bank assesses whether your business meets their basic eligibility requirements and ensures that you have provided them with all the information, they need to make a decision.<\/li>\n<\/ol>\n<ol start=\"2\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Conditional_Approval\"><\/span><strong>Conditional Approval <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Where the bank\u2019s underwriters will consider how much they can lend to you and seek out valuations and further information. This is where they really get into the detail, dotting every \u2018i\u2019 and crossing each \u2018t\u2019.<\/li>\n<\/ol>\n<ol start=\"3\">\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Final_Assessment\"><\/span><strong>Final Assessment <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Finally, if the bank is comfortable with lending to you, they will conduct a final assessment (which looks at your application in even closer detail) before \u2013 hopefully \u2013 issuing an approval.<\/li>\n<\/ol>\n<p>Now, on paper, it seems quite simple, but this process is often complicated by the fact that traditional lenders are bound by their lending criteria to consider each and every facet of your business regardless of the nature of the loan that you\u2019re seeking. This means that any issues within your business could lead to the bank declining your application or only lending on highly restrictive terms \u2013 whether their concerns are relevant to the reason you\u2019ve applied or not.<\/p>\n<p>It might be for instance that you have an outstanding loan that was used to purchase inventory stock, and even though this is highly unlikely to cause any issues, the underwriters are bound to look at worst-case scenarios when making decisions.<\/p>\n<p>The upshot is that traditional lenders are highly cautious, leading to a slowdown in lending decisions as they seek to leave no stone unturned when reviewing applications.\u00a0<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6209 size-full\" src=\"https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/Finance-for-your-business.jpg\" alt=\"Finance for your business\" width=\"552\" height=\"367\" srcset=\"https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/Finance-for-your-business.jpg 552w, https:\/\/www.clickdo.co.uk\/business-news\/wp-content\/uploads\/2020\/12\/Finance-for-your-business-300x199.jpg 300w\" sizes=\"auto, (max-width: 552px) 100vw, 552px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"So_whats_the_problem\"><\/span>So, what\u2019s the problem?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The issue is a fairly simple one \u2013 slow lending decisions leave businesses unable to survive.<\/p>\n<p>The <a href=\"https:\/\/www.clickdo.co.uk\/business-news\/rebranding-your-business\/\" target=\"_blank\" rel=\"noopener noreferrer\">business world<\/a> moves quickly, and many entrepreneurs can\u2019t afford to wait weeks or months for a bank to approve their application. Often, opportunities are time-limited, and suppliers may not be able to wait either. This explains why data from the UK\u2019s Office for National Statistics (ONS) shows that some 80 percent of companies fail within their first year \u2013 showing exactly why time is of the essence if you want to make things work on a commercial level.<\/p>\n<p>Ultimately, the quicker that businesses can lay their hands on the money they need, the easier it will be for them to seize opportunities and to deal with any unexpected costs as they arise.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_other_options_are_there\"><\/span>What other options are there?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Fortunately, there are some lenders that have moved with the times and can provide businesses with fast and reliable borrowing solutions.<\/p>\n<p>There are quite literally scores of direct lenders who still pay attention to detail, yet do so with an acute awareness that time is money. If you\u2019re looking for money to support a business expansion or to deal with a commercial crisis, you could choose to apply directly to your lender (or lenders) of choice \u2013 but it\u2019s equally possible for a business\u2019s director to look for a <a href=\"https:\/\/www.little-loans.com\/quick-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">quick personal loan<\/a> via an online credit broker.<\/p>\n<p><a href=\"https:\/\/www.little-loans.com\" target=\"_blank\" rel=\"noopener noreferrer\">Little Loans<\/a> is one such broker that helps to match borrowers with the direct lender that is most likely to approve their application. What sets this process apart from more traditional providers is the fact that the application process takes just moments, and money can often be paid into your account during the course of the same day.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fast_finance_for_modern_businesses\"><\/span>Fast finance for modern businesses<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Today\u2019s commercial world is fast-paced, and the businesses that occupy it need equally rapid lending to stay on top of their game.<\/p>\n<p>All in all, whilst the traditional lending model used by banks and other high street lenders is well known, it isn\u2019t always fit for purpose. If you need money quickly and without a belt and braces review of every element of your business, <a href=\"https:\/\/www.clickdo.co.uk\/business-news\/trends-in-fast-cash-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">an online loan<\/a> broker could help you to find a fast and effective loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Modern businesses are agile, acting with speed to plug gaps in the market and make significant profits from doing so. This is why it\u2019s so surprising that traditional funding methods haven\u2019t kept up with the businesses they\u2019re supposed to serve. According to data supplied by consulting firm McKinsey &amp; Company, high street banks, and building [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":6207,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[161,163,162],"class_list":["post-6206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-business-financing","tag-funds-for-business","tag-money-making"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/6206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/comments?post=6206"}],"version-history":[{"count":2,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/6206\/revisions"}],"predecessor-version":[{"id":6211,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/posts\/6206\/revisions\/6211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/media\/6207"}],"wp:attachment":[{"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/media?parent=6206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/categories?post=6206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.clickdo.co.uk\/business-news\/wp-json\/wp\/v2\/tags?post=6206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}