Which Invoice Finance Companies Offer the Best Factoring Service?
If you’re reading this blog then there is a strong chance that you are looking for the Best UK Factoring Companies to assist your business.
In todays climate there are now over 100+ lenders in the UK providing Invoice Factoring and it is likely that you’ll need to spend quite some time looking at all the different variations to find the perfect solution for your Business.
With the influx of new lenders the choice of lender is now quite vast and therefore finding a lender can be complicated.
Generally using a broker like All Star Funding Solutions can save you time trawling the internet and asking for recommendations. We can help you find the Best UK Factoring Companies for your Business.
It is quite common to hear businesses asking for recommendations to a lender. This should be a cautious approach as what works for one business may not work for yours.
Who is the Best UK Factoring Company?
This is a difficult question to answer as each lender will have their own niche and so identifying the single best lender can be very difficult.
Generally there are two types of lender:
The High Street Bank
High Street Banks are known to offer the best rates on the market. They are also known to have a strict qualifying criteria. This means that their decline rates are usually higher than their approval rate .
High Street banks are also seen to prefer profitable businesses with a solid trading history.
Many Businesses do not meet the criteria for a High Street Bank and so will need to look at a lender on the Alternative Lender market.
The Alternative Lender
The alternative lending market consists of over 75+ lenders and helps many Businesses who may not be suitable for High Street Bank lending or who prefer not to use the services of a High Street Bank.
The alternative lending market offers a variety of services which the High Street lenders can’t provide. This ranges from providing funding for a Single Invoice to a Full Sales ledger with export debtors
The alternative lending market is constantly evolving. This means finding the right lender can be time consuming and difficult if you do not know the market.
How to choose the Best UK Factoring lender?
As there are many different options on the market to select from it is important to prioritise what you are looking for in a lender.
Cost – If cost is important then look no further than the High Street Bank lenders.
Service – All lenders will offer a level of service. If you require a named account manager who will be available 24/7 then it is likely that this will come with an additional cost.
Type of Facility – The High Street Bank lenders primarily provide funding against the whole sales ledger, whereas alternative lenders can be more flexible in their approach.
Ask a broker – We offer a FREE service to help you find your next lender. With many years of experience in the Invoice Factoring sector we can provide you with our impartial advice. We know the market and so can find you the best solution for your Business.
Still looking for the Best UK Factoring Companies.
With so many Invoice Factoring providers competing for your business, it can be difficult to know where to start.
Click below and fill in one form and we will do the rest.
Finally if you prefer to talk to us directly about a new or existing invoice finance facility, you can call us on 0161 8211478.
All Star Funding Solutions Ltd is an Independent Commercial Finance broker and not a lender. As we are independent we can offer the best impartial Invoice Finance quote tailored to your business needs.
With a panel of over 100 UK lenders we can find you the best solution
We work with lenders who are able to provide an advance rate of up to 100% of your unpaid invoices. It doesn’t matter if you are looking for funding against a single invoice, a single debtor or a full sales ledger we can help you find the right invoice finance option at the lowest rate.
As members of the Financial Intermediary and Broker Association you can be assured of a great service. https://www.fiba.org.uk/