In these challenging economic times, a record number of small and medium businesses as well as developers are turning to non-bank lenders to access the financial support that they need. When you’re trying to make things happen, non-bank loans make a lot of sense because they offer faster and more flexible financing options when compared to traditional loan options. Whether you’re aiming to move on a property deal, push through project expenses, or cover business essentials, having a reliable option to fuel that vision is key.
Of course, repaying a loan sometimes comes with its own set of challenges, lenders understand that. We also understand that running a business or development project is never straightforward, and the goal is to support you every step of the way. In this article, we’ll share some tips on how to ensure you stay on top of your loan and understand how non-bank lenders’ recovery process works to help you maintain stability and get back on track. Plus, we’ll end with three practical tips that you can implement to help make loan repayment simpler.
Why Lenders Have a Loan Recovery Process
Why do lenders have a loan recovery process? The answer is simple: it helps keep things fair and sustainable for everyone. When loans aren’t repaid on time, it limits lenders’ ability to support others who may need help reaching their own goals.
We strongly believe that loan servicing isn’t just about collecting payments but an opportunity to work together toward your goals. Our priority is always to treat every borrower with fairness and respect. Your success is our success and we want to ensure our process reflects that by offering transparency, support, and solutions.
How Do We Ensure You Stay On Track During the Loan?
Flexible Repayment Options
We offer a mix of prepaid interest and direct debit repayment options, so you don’t need to worry about making manual repayments each month.
Contact and Reminders
Throughout the loan process, you will receive settlement confirmation letters from us. When your loan comes to expiry, we’ll reach out with a gentle reminder either through email, SMS or a quick phone call.
Solutions
Where required we can offer a broad range of solutions to assist with refinancing or extending your loan with minimal fuss or paperwork.
Transparency and Communication Matter to Us
Non-bank lenders believe in keeping things clear and open every step of the way. That means you’ll always know your interest rates, fees, and what happens during the loan process. If there’s ever an issue, you should not be left guessing because clear communication is the key to working together smoothly.
If there’s been a change to your situation and something comes up that makes it hard to keep up with payments, let your lender know as soon as possible. Support can only be offered if the lender knows what’s happening.
Support for Borrowers Facing Financial Challenges
If you’re experiencing financial hardship, reach out to your non-bank lender to see if they can provide financial hardship support and solutions in a way that’s beneficial for both parties.
3 Tips for Loan Management
Here are some simple steps that have helped many of our clients stay on track with repayments and maintain financial stability:
Set a Repayment Budget
Allocating a budget specifically for loan repayment can help make it a manageable priority in your monthly cash flow.
Use Loan Management Apps
Tools that monitor cash flow and spending can make it easier to keep track of payments and stay ahead of deadlines.
Consider Financial Counseling
If you’re experiencing longer-term financial challenges, working with a financial counselor can help you develop a solid plan for the future.