Secured lending can offer favourable terms for borrowers and brokers

2024 brought an increase in businesses exploring alternative ways to source funding. Research earlier this year found that three quarters (72%) of brokers were anticipating an increase in the use of alternative lenders in 2024. Among these, secured loans stand out as a highly effective means to financing business goals. Often with more favourable terms when compared to unsecured lending secured loans can offer lower interest rates, longer repayment periods and flexible profiles like seasonal or low start options and multi drawdown facilities.

But what about the benefits for the brokers?

Accredo recognise and understand the common frustrations many brokers face with traditional lenders:

  1. Lengthy and complex application processes.

  2. Increased documentation and bureaucracy.

  3. Inconsistent communication and lack of transparency

  4. Slow decision-making

  5. Low approval rates and unfavourable terms.

These frustrations highlight the need for a more efficient, transparent, and broker-friendly lending process and for commission rates to reflect the time and effort required to source the right finance option for a client.

How Accredo eliminates these frustrations

Our secured loan process is designed to cater for both our brokers and their client's needs, providing a more efficient and effective experience.

1. Streamlined proposal submission

Our digital portal simplifies the application process, offering digital data entry options and instant submission. This reduces the margin for errors or missing information, allowing brokers to focus on the more profitable aspects of their role.

2. Real-time application tracking

Brokers also receive comprehensive updates at every stage of the secured loan process, from the initial proposal submission through to the final payout. The ability to track progress in real-time allows our brokers to manage their client’s expectations effectively, ensuring issues are identified early and addressed promptly.

3. Commission and Repayment Calculator

Our portal also provides our brokers with an innovative commission and repayment calculator, which allows brokers to calculate the most appropriate repayments for their clients and their own commission with ease. Our 100% transparent approach ensures brokers can realise the value of their work upfront when partnering with Accredo.

4. Quick decision making

Our team of underwriters are highly experienced in tailoring loans to borrowers and, with our integrated platform, typically provide a decision in under an hour. This provides our brokers confirmation on their potential commission earnings, giving them, as well as their clients, peace of mind.

Optimising the broker experience

As the market for alternative lending grows, the role of brokers in facilitating secured loans becomes increasingly significant. As a result, Accredo is pushing forward to be one of the top lending partners for brokers. Our innovative and broker-centric service model simplifies the loan application process, making it smoother and faster for both our brokers and their clients alike.

References:

https://nacfb.org/brokers-bridge-finance-gaps-for-smes-with-38-billion-in-loans/