Ezbob have been looking at their loans and figuring out how they can be more flexible for online retailers. They’ve introduced four new features to the small business online loan market and two of them include discounts!
Choose the length of the loan
Forget fixed term loans with repayment periods that don’t suit you. Ezbob now allow customers to choose the term of the loan themselves – the first of its kind in the marketplace.
Loan period up to 12 months
Ezbob are now offering extended loan periods up to 12 months. Their customers can now spread repayments over longer periods if it makes sense for their business. Ezbob offer loans of up to £40,000.
Reduced monthly interest – Up to 20% savings
Ezbob are providing their customers with a reduced monthly interest with savings of up to 20%, a first of its kind in the UK. The longer the period you take your loan over the more the monthly interest rate shrinks.
Up to 30% loyalty discount
Returning customers to Ezbob will now benefit from the previous loans monthly reduction of rates, plus an additional rate reduction which will be up to a 30% rate reduction on monthly interest costs.
John Garfield, Director of EZBOB and former founder and CEO of John Charcol told us ‘EZBOB continues to lead the online lending market with its financial product innovation. We are glad to announce the second new product this year with significant benefits for our customers which will gradually bring EZBOB’s lending rates to competitive levels with traditional bank financing‘.
That’s good to know, short term finance is often (rightly) viewed as expensive compared to bank financing. That’s normally the price to pay for the flexibility, relatively low loan amounts, short repayment periods and the willingness of companies to assess credit status based on your online business’ prospects. If the interest rates are driven down to that of traditional bank finance then they’ll become ever more attractive for online retailers.