With Linked Finance, business loans are now as easy as ABC. We’ve made some major changes to our platform that business owners across Ireland are going to love.
We’ve done away with auctions and made the move to fixed-rate loans across the board. We’ve also introduced a new system of loan grades.
Every time someone is approved for a loan, they will be given a loan grade based on the outcome of our credit evaluation process. The loan grade will determine the interest rate.
Here’s why that’s great news for local businesses who need loans.
- No more uncertainty – Auctions were exciting but they could be a source of uncertainty. Many businesses were reluctant to complete an application with Linked Finance when they couldn’t be sure about the rate they would be offered. This new system means that you could have full approval and know the exact cost of your loan within 8 hours.
- Faster finance – Fixed-rate loans will close as soon as they fund. Unlike auctions, where we had to keep a loan open for 2 weeks, fixed-rate loans are funding fast. Our first two loans closed in about 4 hours. That means you can get the funds you need much quicker.
- Fairer rates – Sometimes auctions led to really strong businesses being offered uncompetitive rates. Now you know you’ll get a fair interest rate that always reflects the actual risk profile of your business.
Here are the current interest rates on offer for borrowers on Linked Finance based on the various loan grades and terms available.
|Grade||12 mth||24 mth||36 mth|
So how would your loan grade impact repayments? Well if you were borrowing €20,000 over 36 months a ‘C’ grade loan would see you pay €656.67 each month. The same loan as a ‘B’ grade would require monthly repayments of €647.22.
As you can see, not a massive difference each month but every little helps.
If you would like to see what loan grade you’d qualify for, just complete our quick online application to get the ball rolling.