LONDON: UK banks are charging businesses that need short-term finance £425m a year in “hidden” extra fees, according to research.
Thousands of businesses use “invoice financing” to raise bank loans, allowing them to draw money against sales invoices before they have been paid. But research by MarketInvoice, an online invoice marketplace, has found that some 26,000 UK businesses face up to 35 hidden fees in their invoice finance contracts with banks, on top of interest and service fees.
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