Our client approached us for the first time on LinkedIn.
Providing security services, they had grown by winning work with new enterprise clients whose payment practices had the effect of pushing out payment terms to 60 days.
Well managed, the directors communicated they wanted only a small limit, rather than the maximum they could qualify for.
Given their approach to credit we recommended an unsecured overdraft provider with no establishment and no monthly or line fees as the overdraft is intended to be a back up to cash flow rather than a facility they expect to lean on heavily.
Ongoing fees for lines of credit can add significantly to your cost of funding and while there is a justification for solutions with some or all of these fees, in the right circumstances, if you’re not going to be using your line of credit heavily, we recommend taking advantage of lenders with low or no fees.
This way you only pay interest on funds in use, rather than thousands in fees every year just in case you need it.
The business owners agreed with our recommendation and a no doc application was assessed and approved within hours of providing bank statements.
The owners were easy communicators who we are pleased to have assisted and look forward to working with them again in the future.
If a backup line of credit without fees that burn a hole in your pocket sounds like an asset for your business get in touch.
Get a better loan.
