Alternative lenders set to diversify broker portfolios
Have you ever had a client ask for a service you don’t provide? What if it started to happen every day? If you’re anything like Mitch, CEO, Finance Fitness Coaching, and you don’t like to say ‘no’, you may want to consider partnering with a third-party provider to help share the load.
Mitch has more than 12 years’ experience as a broker and recently noticed a significant change in client demands – they were increasingly becoming more diverse. As a broker committed to providing the best possible customer experience, Mitch likes to say ‘yes’.
“Changing client demands now require us to become a one-stop-shop.”
It can be a challenge for him to provide a range of financial products, particularly small business loans, because the process is cumbersome and time consuming.
Mitch found a solution in alternative lending and began referring clients to Spotcap and in doing so, he was able to add small business lending to his portfolio, with ease.
“Small business loans have historically taken me up to six weeks to process but with Spotcap, my clients can apply online in as little as five minutes and I can be as hands-on or hands-off as I like.”
The application process with Spotcap is designed to be fast, simple and efficient. Loans can be approved within hours and once approved, credit lines are made available within 24 hours.
Spotcap’s lending criteria are also more flexible than the bank’s so we’re more likely to approve applications. This means brokers can be confident their clients have the best chance of accessing finance with Spotcap.
By partnering with a third-party provider such as Spotcap, Mitch has expanded his suite of services without sacrificing quality control or taking time away from his core business function, all the while retaining customers who require alternative financing solutions.
“Brokers need to embrace fintech and alternative lending or risk falling behind.”
The beauty of alternative lending is brokers don’t need to have the time to dabble in the small business lending space because Spotcap can take care of everything and deliver a great result. To find out more about partnering with Spotcap visit our Partner Portal: https://www.spotcap.com.au/partners or call us for more information on 1800 270 210.