Broker Vs Comparison Site
What do they offer and what is the difference
We have a large number of clients that come to us after attempting to use other services with no result and no explanation. This is all too common and unfortunately choosing the wrong option from the outset is harmful to your chances. So lets have a look at what you get;
Comparison sites are great for things like retail purchases, comparing power providers and insurances etc. You compare products side by side and you make a purchase. The seller you choose will generally pay a referral fee to the site, and that’s how they generate income.
But when borrowing money for your business, you don’t purchase an approval! A comparison site will qualify you to certain lenders based on the information you supply, this is generally based on things like,
- Business age and credit history
- Equipment type and age
- Director information and backing
- Your contact details are passed on to 1 or more lenders
- The lenders will contact you directly (Opps – Now you are brokering your own approval)
- They will sell their products to you with bias (will they really send you to a better lender?)
- You select the lender you want to apply with (Congratulations – you are really getting the hang of being a broker)
- You supply all of the requested information
- You supply all of the additional information
- You answer all of the servicing and business questions (So these accountant type people can understand)
- Finally – an approval (Hopefully) – (Yes they want a deposit – Yes they increase the rate, but as a broker you can negotiate that)
- Then the settlement process (You Got This!)
Finally settled and you have your equipment – The comparison site gets paid (Generally the same as a broker!) and you can get back to work on your business.
Moving forward if you need any information ie, change of debit details, payouts, contract statements simply contact the lender (That’s your only option because you are the broker)
So what is the process with BRS Finance
- We qualify you to a list of potential lenders based on the above list, but we go much deeper (Remember – This is where your service stops with a comparison site)
- We go through the products, structres and quotes
- We then go through what information is required for the chosen option (**NB: if you cannot provide the information needed we reassess our options before going to a lender
- You provide ther information to us – We analyse the information to ensure if fits within credit parameters (If not we reassess our options again)
- We build the application and submit to the lender
- We negotiate any approval conditions
- We organise contracts and settlement requirements
- We submit for settlement
we settle and you have your equipment – we get paid (Generally the same as the comparison site!) and you Continue to work on your business.
Moving forward if you need any information ie, change of debit details, payouts, contract statements simply contact BRS Finance. After all we are your Broker and we have been paid – we will assist throught the term of loan with no charge!
Business lending is not regulated in the same way as consumer lending,and this is why i think you will see more comparison site for business lending. You finance is critical to your business so don’t take the risk and add it to an online shopping cart. You get expert advice and support throught the process and for the term of you agreement