Category
Health & Wellness
Get Money Market is an independent marketing website which acts as an introducer. Get Money Market are not authorised to provide any financial advice and are not liable for any financial advice provided by or obtained through a third party. The information published on this website is for information purposes only. This website is a free service with no charge to the user.
The firms we introduce to act as a credit broker – they are not the lender. As such, they can introduce you to a wide range of finance providers depending on your requirements and circumstances. Lenders pay brokers a commission for introducing you to them. Different lenders may pay different commissions for such introductions. The amount of commission received varies depending on the terms of your agreement which may have an impact on the total cost of credit. Any offer of finance is subject to credit referencing and underwriting. Each company we introduce you to will be authorised and regulated by the Financial Conduct Authority. They aim to provide customers with the highest standards of service. If their service fails to meet your requirements, they will endeavour to find a resolution and they each have their own comprehensive complaints procedures in line with their strict requirements from the Financial Conduct Authority.
There are a variety of business finance options available with varying interest rates and fees that are not displayed on this website. These products, interest rates and fees will be fully disclosed to you by the credit broker whose job it is to find you the best products, lenders and interest rates to suit your circumstances. In the current climate, interest rates are constantly changing and have extreme variables, therefore for the best interests of the user of this website, we have refrained from including any typical APR’s. However at the time of publishing this website (07/10/2022), we are seeing business loans starting from 3.5% (typical APR).
The recovery loan scheme is a government-backed loan scheme where they back 70% of the finance to the lender. Interest rates and fees charged by lenders will vary and will depend on the specific lending proposal, but lenders are required to pass on the economic benefit of the guarantee to your business after accounting for its costs in using the scheme, for example the scheme lender fee they are required to pay. Fees and interest are capped at 14.99%. Any upfront fee should not be greater than 5%. Basic eligibility requires applicants to be trading in the UK and having a turnover of £45 million or less. You will need to show that your business is viable and is not in difficulty. More information may be found on the government website: https://www.gov.uk/guidance/recovery-loan-scheme
Asset finance does not usually attract any lender arrangement fees. Lenders may, however, charge an administration fee, typically this is usually around £150 + VAT. Interest rates on asset finance are usually lower than other types of business loans due to the asset being used as security, which reduces the risk and gives an incentive to the lender to be more competitive.
This website is owned and managed by Otelli Limited. Registered Office: Seven Grange Lane, Pitsford, Northampton, NN6 9AP Registered in England & Wales No. 09135474 and also in accordance with the Data Protection Act (1988) Registration Number: ZA100769
© 2024 Get Money Market. All Rights Reserved.
Recent Comments