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Do I Need a Loan Broker?

The term loan broker can be quite daunting for many people, especially if it’s the first time they are applying for long or short term finance. Some bad apples in the industry may have given loan brokers a bad name, however as specialists in financial solutions, they can do all the work for you to find you the best deal. Whatever you need a loan for, take a look at why you should consider a financial broker.

What is a Broker?picture of businessman

The financial market is saturated with different credit providers and lenders to choose from. A loan broker is generally an advisor, who can present different lenders to a client and help them make the right decision. They negotiate with different financial institutions and lenders on the client’s behalf, to arrange a suitable loan or credit solution. Basically, a broker shops around and does all the leg work for an individual, and then suggests the financial option which is most appropriate for the purpose of the loan and the circumstances involved.

Some loan brokers are specialised in a certain type of loan – for example you can hire the help of a mortgage broker when looking to buy a home. As another example, Genie Lending are commercial finance brokers specialising in alternative finance solutions.

Finding a Trustworthy Brokerman staring out of window

As loan brokers are paid a fee by lenders and financial providers, they could have a tendency to suggest those who are offering more commission. Brokers should put the clients’ interests before their own, but how can you be sure? The best way to trust a broker is to check they are regulated and accredited by official financial authorities. You can usually see on a broker’s website which bodies regulate them, such as the FCA, ICO and Financial Ombudsman Service.

Commercial Finance Brokers

When you’re looking for a variety of options to funding your business, it’s quicker and easier with a broker. Anybody can go to a bank and apply for a loan, but if you want more chance of success you’ll have to think outside the box. Alternative finance solutions are growing in popularity, thanks to the ease of peer to peer lending and other options. If you’re considering going down this path, then you will need a broker to introduce you to individual lenders or they may have access to a crowdfunding platform.

If you’re looking for a trustworthy and efficient commercial broker, look no further than Genie Lending – call our team today for more information.