3 Things Your Broker Doesn’t Want You To Know

The process of applying for a small business loan can test the nerves of even the pluckiest business owner. On average it can take several days, if not weeks, to complete the application, gather all of the required paperwork and shop around to compare different lenders. Without a doubt business owners could use help navigating this process so they can focus on the task of running their business. Well you’re in luck! A small business broker can help lift some of the burden of applying for a small business loan. Brokers promise to assist business owners with the task of comparing lenders and navigating the application process. But before waving the white flag and calling in help from a broker, here’s some things your broker probably does not want you to know:

  • Not all brokers are created equal. This is a highly competitive field with few regulations and oversight from an administrative agency. There are no tests or certifications for brokers to complete to prove their aptitude. As such, you must do your due diligence to check potential brokers. Verify the broker’s information, look at their website, place of business, social media pages and customer reviews to determine if they would be the right fit for you.
    • Dynamic Capital Advantage
      • A rating with the Better Business Bureau
      • Gold Rating with Dun & Bradstreet
      • Dynamic Capital believes in educating our customers, we provide industry insights that help them make the right choice for their business.
  • The service is not always free. The broker fees can vary drastically from firm to firm. While some brokers charge the fee for their services directly to the lender, others may add additional fees to the borrower’s loan which can impact their actual interest rate. Be sure to ask if there are additional costs that will be added to your loan.
    • Dynamic Capital Advantage
      • Always transparent, Dynamic Capital offers the lowest fees in the industry making sure they are always known to customers in the business funding approval process.
  • Sometimes they don’t shop around. Brokers may steer you towards preferred lenders with whom they have a working relationship or who promise to pay higher broker fees to them. One of the reasons you hired a broker was to have them shop around on your behalf to have lenders compete for your business. Be sure to ask/insist that the broker shops your loan to at least three lenders to ensure you are getting competitive offers.
    • Dynamic Capital Advantage
      • Dynamic Capital focuses on the aiding it’s customers make the right decision, we select lenders that will help you succeed.
      • Dynamic has wide variety of business lending options due to our wide portfolio of lenders

At the end of the day a well-qualified and connected broker can help you successfully navigate the loan application process to avoid scams and excessive fees. But as with all decisions made for your business, you must do your due diligence to ensure that you are working with the right broker who has your business’ best interests at heart.

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