|
It is well documented that businesses - in particular, small businesses - are finding it difficult to access the finance they need to see their way through difficult trading conditions. Traditionally, banks were the first port of call for commercial enterprises in need of support. However, high street lenders have cut back on the number of loans they are providing to small businesses and the situation shows no signs of improving. As a small business owner, you may be wondering what options you have left. Times have changed and these days you do not need to rely on banks to access the funding you need, as short-term loans are available from a variety of other sources. One option is bridging loans. This form of finance has several upsides, including quick access to money and no credit checks, however, the high rates of interest associated with these loans make them an expensive option. Also, you will need to secure the funds against property in most cases, meaning either your business or residential premises. If you do not own either, your chances of success are slim. Another source of short term loans that has been growing in popularity recently is pawnbrokers, who can provide small businesses loans which can be secured against various assets. Small business loans from pawnbrokers share many of the same benefits of bridging loans, including the fact that your credit rating is not a barrier to you accessing funds, however, these loans are more flexible in terms of the security you can use. Pawnbrokers are happy to provide loans secured against prestige and classic cars, jewellery and diamonds, fine art and antiques, yachts and boats and many more items. These loans are also quick and easy to arrange. All that is required of you is to complete the application form and send off the assets in question to be valued. Once they have been assessed, you can choose to accept or decline the offer. If you say yes, you can usually have the funds in your account within 24 hours, allowing you to address your funding situation post haste. It is important to remember that loans of these kinds are designed to be for short term relief, with the average contract length being 6 months. However if the customer wanted to pay off the loan before the end of the contract, there would be no early redemption fees to put them off. Also, the interest only accrues for as long as the loan is outstanding whether thats 1 month or 4 months, thus making the contract very flexible. Businesses are operating in a difficult climate, however, there are funding options on the table that can help see you through these tough times. You can take out small business loans secured against a range of assets, from diamonds to fine wine collections. If you need access to short-term funding, this could be the way forward.
Related Articles -
small business loans, short-term loans,
| 
