Give me the facts
|ELIGIBILITY||Ltd companies (Min turnover £85K) or non-limited businesses (min turnover £250K) based in England, Scotland or Wales.|
|AMOUNT||£7K- £150K (Maximum 10% of turnover)|
|DURATION||6- 24 months, depending on loan amount|
|INTEREST RATE||From 1.67% - 2.5%|
|APPLICATION CRITERIA||3 months’ bank statements and VAT returns (where applicable)|
|Fees||We charge a £100 set-up fee. It’s included in your repayments, so you don’t have to pay it up front.|
|SECURITY REQUIRED||Personal Guarantee|
|SPEED OF DECISION||We aim to let you know within 24hrs|
|TIMING OF CASH||Within 5 days|
|REPAYMENT||Weekly by Debit Debit|
|PERSONAL SERVICE||Dedicated customer services team|
|BEST FOR...||A quick cash injection|
How it works
Your questions answered
That’s up to you. It could be that you’re looking to boost your working capital to relieve the day-to-day pressure. Perhaps your overheads have increased or you need to pay HMRC. Or, it could be an exciting opportunity has presented itself but you need cash up front to make it happen. As long as it’s for your business, you can use the funding for whatever you like.
We tailor our business loans to suit your needs, not ours. Our application process is simple which means we can make decisions quickly - and get you the money you need, quickly. There are no hidden charges and our rates are competitive. All that, plus the services of our customer services team who will take the time to get to know your business.
We can help new businesses with funding up to £10K, provided you’re a homeowner. Get in touch to find out more about our start-up loan criteria.
Yes – in a good way. Provided you stick to your repayment plan, it will have a positive impact on your credit rating. That’s because it will give you a proven track record of being a ‘reliable borrower’, which could make it easier for you to get credit in the future.
We try to make the process as simple – and as quick – as possible. Generally, we’d be looking for your last three months’ bank statements and your VAT returns from the past two quarters along with colour photo ID.
If you’re VAT exempt, that’s absolutely fine. If not, you’d have to be registered to apply. For VAT exempt companies, we’d ask for 6 months’ bank statements.
Absolutely. We’re not like banks. We look for reasons we can say yes, rather than reasons to say no. What interests us is your business potential. We know through experience that good funding can be the key to turning a business round, so if we can help you do that, we will.
We like to make things easy so repayments are made weekly by a fixed Direct Debit.
Of course. It’s not unusual for businesses to find that their investment boosted their bottom line quicker than they’d expected. We don’t charge any early repayment penalties, so if you want to be free of your loan quicker, that’s fine by us.
Sometimes it can be tricky to know exactly how much your business needs, so we’re more than happy to look at top-up funding on your loan. Added to which, opportunities can suddenly present themselves that might need additional cash. You don’t need to have fully repaid your initial borrowing. As long as you’re eligible for additional finance, we’d just add the new loan to your existing one.
We charge a £100 set-up fee. It’s included in your repayments, so you don’t have to pay it up front.
APR means annual percentage rate of charge. It is an illustrative rate intended to help you make comparisons against other products. It reflects the annual cost of credit, taking into account the rate of interest and any fees charged for taking out the loan.
Representative Annual Percentage Rate (representative APR) is based on our reasonable expectations of what customers are likely to receive, taking into account the APRs of past agreements and calculated in accordance with guidelines provided by regulators. Actual rates charged may vary depending on specific characteristics of each loan and borrower.
For example, a £15,000 loan repaid over a 12 month period with an interest rate of 25.0% per annum (fixed) the APR would be 59.4%. The total amount repayable would be £18,850. This includes a £100 set up fee.