If you still have some questions about how our business loans work, you’ve come to the right place. We think it’s really important that you have all the information you need before you make a borrowing decision, so we’ve laid it all out here.
Usually we’ll ask you for the following:
• Your latest management accounts
• Your business’s last 3 months of bank statements
• a passport or driver’s license.
In most circumstances, no. We will only need to see a business plan with financial projections if you are a start-up entity.
Yes, we have a team led by your own account manager who will manage your application from beginning to end & liaise with our underwriters for you.
We like to see at least 4 months of trading or more for the businesses we work with.
We can still lend as long as there is a reasonable explanation for this and the previous problems are being/have been dealt with.
We always seek to lend responsibly with an eye on the future and can approve an application as long as your business’s cashflow can support future repayments. We’ll talk to you about your business cycles and expectations to make sure you’re in a safe place to set up affordable and realistic repayments.
We can only lend to limited liability business types.
It’s certainly worth applying for a business loan with us if you’ve failed to get approved elsewhere. We’ve lent to many businesses who have previously been turned down for a bank loan, and we believe this is down to the fact that we value different criteria when underwriting a loan.
We can only lend to businesses that have at least four months’ trading history. Once you’ve been trading for four months and are turning over at least £5,000 per month we’d be delighted to consider your business for funding, so please get in touch.
Generally, if you have significant adverse credit, we won’t be able to lend. If you have exceptional reasons, we can consider your application. Typically, current CCJs or frequent missed payments makes it unlikely we will lend to you.
We lend to customers in England, Scotland, Wales and Northern Ireland
We currently do not lend to customers based in the Channel Islands
No it would not. Your business credit score is only impacted after we have provided a credit facility and is dependent on your repayment history. Borrowing doesn’t affect your personal credit score.
We turn around applications in under 4 hours porviding we’ve receiving all requirements from your business.
Our loans do not have government backed reliefs on interest rates and guarantees. Our loans are risk based products which are determined by the business’s ability to repay and are ultimately backed up by a guarantor.
Talk to us about straightforward top-ups available to our existing customers.
Our usual minimum lend is £1,000. The best thing is to talk to us today about your requirements and we’ll see how we can tailor our funding options to your business goals.
At the moment no, but it’s something we’re working on for the future.
Yes you can. Preference is given to customers who have a flawless payment history with us.
Our funding options range from £1,000 – £100,000 over a term of 1 – 18 months
A secured loan will require you to put up a property as collateral against the loan. You don’t need to provide such security for an unsecured loan with us, but we will require a personal guarantee from at least one director in the business.
Commission is paid within 7 days, subject to our broker agreement.
We’re working on it! In the mean time you can apply by emailing email@example.com
Commission is based on our arrangement with each broker. Contact us to discuss your options.
Our underwriting comprises elements of both sophisticated AI as well as human touch processes.
Our interest rates are competitive and vary depending on the risk a customer presents. Lower risk borrowers, such as those with a strong credit rating and solid business accounts/profits, are generally offered the lowest rates.
4% is our maximum commission. However, if you become a VIP broker then you can earn bonus commission subject to hitting defined targets
Yes you can repay early and with no early exit charges or hidden fees. You can also make overpayments without any early repayment or exit charges.
You can make repayments by direct debit. Or if that’s not possible, you can make repayments by standing order or debit / credit card.
If you’re struggling, or something comes up which may impact your ability to repay, then make sure to advise us in good time. Once we understand your specific situation we can work to find the best way forward. Late repayments can attract late fee charges, so always talk to us first so we can help.
Sort Code: 20-32-06
Acc Number: 70282340
For International Payments:
Swift Code: BUKBGB22
IBAN: GB38 BUKB 2032 0670 2823 40
If you want to settle in full before the agreed term, you can call us on 020 3727 2572 or email us at firstname.lastname@example.org and we can arrange this for you.
You will usually receive reminders prior to your upcoming payment which will confirm your balance. You can also call up or email us at anytime to request an update.
While many lenders are taking part in the Bounce Back Loans and CBILS schemes, we’re focused on supporting the 50% of businesses that are unable to access government-backed funding during this time. If you’re in need of working capital or wider business support, we’re ready to help.