Top 5 myths about getting a business loan

Top 5 myths about getting a business loan

You need perfect credit

One of the most important misconceptions of our top 5 myths about getting a business loan, is that you need perfect credit. This isn’t always the case. Many people assume that if your credit history is not perfect, there is no point in trying to apply for a loan. Being credit accepted is something that can still happen even with non-perfect credit.

Here at WestWon we will never not try for a business to be credit accepted, which is why we have a 95% acceptance rate. We will try several funders if it means getting the right agreement for you and your company. However, if we cannot get you credit cleared, we can provide you with alternative organisations that may be able to help. We are also always on hand to offer financial advice, free of charge!

A loan is for businesses in trouble

Another common myth is that a business only applies for a loan if they are in trouble. This is certainly not the case. There are many businesses out there, especially after Covid that have needed financial help. However, there are also many companies that use a loan as a form of investment and growth. This is what we see it as here at WestWon. It can be used for a range of investment purposes. This includes expanding to hire new people, office refurbishment costs, new equipment or simply to boost your business’ cash flow.

It takes a long time to get a loan

Especially in times before Covid it would be difficult to immediately have documents sent over and signed. However, nowadays that process is much faster. Here at WestWon we operate in the same way a lot of other finance companies may do, in that we will get back to you within a 24-hour period, and it normally doesn’t take longer than 48 hours to get credit approved. The process after this is very simple and straightforward meaning it won’t be long before your agreement is activated.

Banks are the best option

Banks used to be the main source of funding for a lot of companies. However, now it is essential that you do your research. Not every company is the same. Therefore, not all finance facilities will be needed by each UK business. Also remember that if a bank has said no to you, that this is the only option. In fact, one of the main benefits about leasing is that you use an alternative line of funding. This is so that you don’t use up an existing bank facility.

There is tons of interest and hidden fees included

Here at WestWon we are proud to have industry leading rates starting from 2.5%. We make sure there are never any hidden fees or hidden interest included in the agreement you undertake with us. This is not the way most finance companies do business. Transparency between clients, partners and suppliers is essential. Therefore, we will always make sure to be 100% honest and clear with you. If you do have any questions then please get in touch with us using the contact details below.

Contact Us

If you would like more information on our top 5 myths about getting a business loan, or any other finance needs you may have, then please don’t hesitate to contact us. You can email us on hello@westwon.co.uk, or alternatively you can call us on 01494 611 456. You can also see more over on our LinkedIn page.

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The Financial Conduct Authority (FCA) regulates financial services in the UK and you can check this on the Consumer Credit Register by visiting the FCA’s website here or by contacting the FCA on 0800 111 6768. WestWon Limited is a credit broker and not a lender. WestWon companies deals with a range of lenders. All WestWon companies hold a current Data Protection Licence and are registered for VAT. These details, together with our policy on Treating Customers Fairly, Complaints Policy and address details are held under our Get In Touch page.
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