Savoy Bank Small Business Loan Review
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Savoy Bank is a full-service bank with a specialization in small business loans. Their website is centered on the services they offer commercially themselves as opposed to through any government programs. They begin by offering short-term financing vehicles that give customers the liquidity they need to take advantage of opportunities or cover temporary cash flow fluctuations.
Understanding Your Loan Options
Savoy is offering a range of services that no doubt support each other by providing discounts and free services if you are a customer in another area like a small business loan. So maybe your business checking account is free. Or you can get a line of credit at a reduced interest rate if you make your loan payments out of that account. The “custom design” often includes using their financial products and services.
Savoy also offers a series of business loans, all term, all fixed rates. The process of applying for the loan is direct between the business representative to a loan agent with the actual power to approve the loan. The requirements on the borrower are not as clear. The offer “flexible rates, competitive terms,” so no specifics.
Duration of Loans and Speed of Application
The fact that only the bank will be both the lender and servicer of your loan is a valuable commodity in and of itself. The complications that can form after a loan is approved and granted really calls for a consistency of care and advice across all the transactions involved. Also, the pace of the application process can be much quicker if all the researchers and decision makers involved in the loan process are concentrated into a dedicated agent.
There are no specific durations given for the loans or the application process. The flexibility of their loan assignments is pitched as an advantage to doing business with them.
Final Thoughts and Fine Print
The advice and guidance offered by Savoy Bank does not necessarily come cheap. The bank expects its customers to pay for access to their expertise. People often sign on the dotted line without taking the time to read the fine print, which is a costly error that you will want to avoid. In the fine print, you will often find hidden fees and service charges that you did not expect to encounter, increasing the overall cost of your loan. This company does little to explain the cost of the loan, which come in the form of service charges and fees.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.