A finance broker in broad terms is an operation that seeks to match people with a need for funding to appropriate sources of finance.
The broker typically does not dip into his or her own finances to come up with the loan or loans in question.
It isn’t necessarily better to go straight to the source of funds because:
Some providers only offer their special products and commercial agreements through finance brokers
Brokers are able to look at a range of funding options in their efforts to match a particular set of borrowing needs to suitable solutions
Some broker operations have expertise in specific areas and certain types of lending.
You know when you can trust a broker because, in the UK, they have to be regulated by the Financial Conduct Authority (FCA) by law.
In order to do this, they have to match stringent evaluation criteria that cover not only their professional competence but also their business viability and integrity.
Brokers should display this confirmation to show they are FCA regulated and provide details on request. Be cautious if the broker is unable or unwilling to confirm this.
Some brokers are specialists. It is common for them to have expertise in specific areas like deep-sea marine fleet loans or funding for aviation projects. But most are more generalist.
The initials “IFA” are not just another name for a broker. The term is sometimes used a little loosely. It officially stands for “Independent Financial Adviser”. This describes an operation offering investment advice and other financial guidance like whether it’s a good idea to take an early pension.
In contrast, a finance broker’s job is to try and locate the funding you require for a specific project. Brokers are not allowed to provide you with investment-related guidance and should never seek to do so.
Brokers talk about trying to find solutions because when you look at the range of specialist funding options we provide at Fresh Loan, you will realise the marketplace can be diverse and complex.
Reputable brokers should and would not consider simply proposing a solution that is one-size-fits-all to solve your requirements. For example, when you seek to fund the purchase of new premises for your business, there are likely to be a number of potential options available to you.
Our job at Fresh Loan is to identify appropriate options that are likely to be attractive to our clients’ unique situations. When we discuss looking at options or finding solutions this is what we mean.
The role of brokers when it comes to poor credit history loans is to help clients through the unfortunate fact of life that some people have issues noted on their credit history files.
It’s a factor that will be considered by potential lenders. But, reactions can vary to different types of challenged credit history.
Part of a broker’s job is to know which possible providers are likely to react in a more favourable way to specific types of credit history issue.
We may be able to place your borrowing proposition, even if you have credit history issues, with a lender who is more likely to give your application a sympathetic hearing.
From our experience in this area, we are aware that many clients worry unnecessarily about credit history glitches. The best way to move forward is to contact Fresh Loan for an informal discussion.
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