FinoFin LTD has announced the launch of its new venture Business Loan Companies, a loan comparison website that aims to find alternative funding options for businesses.
“In the wake of the 2008 crisis, banks are far more conservative in giving loans to businesses,” said Business Loans Companies owner Alon Rajic. “Since then and for that reason, many alternative loans companies have emerged – some are questionable, some are good and others are excellent. We have developed our lenders comparison service in response and aim to give our users the opportunity to find the right financial solution for their business – without the associated worry of borrowing online.”
The loan comparison website offers a rating for each lender based on three metrics: Credibility, Promptness of Approval, and Target Reach, which looks at the flexibility of the vendor. Clients using the service are able to see the types of loans and amounts each lender offers, minimal requirements, the interest rates, and the securities required of them.
Business Loan Companies comes during a boom for the business lending industry, topped off by Lending Club’s IPO, the largest IPO in the U.S in 2014 . As more businesses turn to such lenders, a comprehensive review service is necessary.
The Business Loans Companies’ website allows borrowers to reach the lending companies’ sites, and contact them, directly, eliminating the need for loan brokers. Some of the brokerages have severely criticized by mainstream media for their dubious tactics while review sites like BusinessLoanCompanies.com allow businesses to make their own decisions, and also contact multiple lenders to compare between their terms.
Moreover, transparency is a key part of FinoFin’s new venture. Business Loans Companies provides clients with comprehensive reviews per loans company, unlike competitors, which offer “smart-engine matching”. Moreover, the site has dedicated sections for various types of loans. That enables users to find top-rated lenders matching their individual specifications, such as best lenders for borrowers with bad credit, or for top lenders offering unsecured loans.
“Our service is designed for U.S. and UK-based small and medium businesses with at least a year of credit history. We hope that through data-driven reviews and recommendations, we are able to give these SME’s the peace of mind they require when seeking out alternative funding solutions online,” added Rajic.