In The Press

SME borrower rates fall as alternative lenders compete with banks

New research from business funding platform Funding Xchange has found that 60% of SMEs with good credit profiles are able to access unsecured loans at rates that are less than the costs that high street banks charge for business overdrafts.

The research came from the Funding Xchange’s new SME Lending Monitor which tracks the lending activity of 40 lenders specialising in small business lending.

However, Funding Xchange warned that SMEs need to be wary of additional costs incurred such as extra fees charged by brokers and some digital platform intermediaries. These fees can increase the cost of credit by as much as ten per cent.

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This article was published in P2P Finance News 1st Oct 2019