Find Out More About Your Business Loan
What Is A Business Loan? Unsecured Business Loans
Business loans are a form of financing that enable business owners to access working capital that they can then invest in their business. UK businesses can receive a loan amount ranging between £1,000 and £500,000. The money loaned then gets repaid with interest in scheduled monthly payments over a pre-agreed repayment period.
Our business loans are unsecured which means that you don’t have to offer security to the lender through collateral or business assets. Secured business loans, on the other hand, require you to offer assets to use as security against the loan, such as property, land or equipment.
Unsecured business loans provide you with more flexibility, offering several benefits. This type of finance gives business owners the opportunity to easily and quickly fund their company; helping it overcome obstacles, finance new ventures, generate more revenue and continue exponential growth.
How To Apply Applying For Business Loans Online
We have designed our tailored application process to ensure an efficient and transparent service is provided to all SME Loan customers. For business owners, time is money – which is why we’ve prioritised the application processes speed to guarantee quick results.
The Application Process
You will first be asked some basic details to verify your business. Please expect to be disclose:
- The amount you want to borrow
- Average monthly card sales
- Name of your business
- Number of years trading
Your application will then be directed further down the page, where you will be asked to fill in your contact details:
- Title, first name and surname
- Position in company
- Email and phone number
After you accept the terms and conditions you will be able to click ‘get my quote’. From here your application will be processed and reviewed by one of our approved business finance suppliers.
Once the application has been reviewed by a lender, one of their dedicated account managers will be in touch to discuss the terms of your loan agreement. At this point you are welcome to ask the lender anything you are unsure or have concerns about, including repayment plans, to make sure there are no nasty surprises along the way.
After you have carefully read through all the terms of agreement, you will need to sign all of the relevant documentation and return it to the lender.
You will then be able to access the money from your account in just 48 hours.
Please be advised that when you apply for a loan, your chosen lender may require you to sign a personal guarantee.
What is a personal guarantee?
A personal guarantee is a legally binding signed agreement that if your company defaults on the loan repayments, you will be personally liable for paying back the money to the lender.
Why do you need one?
As the loans we offer our unsecured, you aren’t required to secure the loan against an asset used as collateral. Unlike secured finance, there is nothing to secure the loan against, so the lender still requires reassurance that they will have a way of getting their money back, in the event your business defaults payments.
How risky are personal guarantees?
If you are satisfied with your business’s financial situation, and confident that you’ll be able to pay back the loan repayments on time, then you don’t need to worry about signing a guarantee
The Benefits Of Business Loans Endless Advantages For Your Business...
Unlike when you receive funding from investors, business loans allow business owners to keep complete control and ownership of their company and the way that it’s run. Not only this, with business loans:
Funding is fast. Business’ can access working capital within as little as 24 hours.
Repayment plans are tailored. Make fixed monthly payments over a period of 1 to 3 years.
We find the best rates. Keeping the APR and amount you pay back at a low.
The approval rate is high. Compared to traditional lenders it is far easier to secure funding.
No collateral is required. Keep your business assets safe in the event you default on payments.
Check Your Business Is Eligible We'll Do Our Best To Accomodate You
At SME Loans we work tirelessly to maintain our approval rate and ensure as many businesses as possible get the funding they need to continue to succeed. Delving into the detail, we treat each business individually, reading between the lines to find potential where traditional lending facilities won’t.
Compared to larger, more established businesses, startups and SMEs can often find it difficult to secure funding. Traditional lenders like banks require excessive documentation and eligibility requirements - approval can take several weeks with a number of applications ending in rejection.
All businesses strive for growth, which is why we work with lenders who place emphasis on the current strength of your business, overlooking any previous issues or shortfalls where they can.
Our Simple Qualifying Criteria:
- That are registered in the UK
- That have been actively trading for a minimum of 6 months
- With a minimum monthly turnover of £5,000
- Which are limited companies [and / or] sole traders
- Where the business owner is over the age of 18
Excluded business types:
- Chemical manufacture
- Banking and money transfer services
We help you keep it simple. There’s no need to be intimidated by the application process, if there are things you don’t understand you need only give us a call on 020 3475 9213.
Frequently Asked Questions Find Out More
Get the answers to all your questions about business loans here:
How much does it cost to get an SME Loan?
Because growing businesses are at the heart of everything we do, we never charge any fees to use our service. You can get a no-obligation quote entirely free of charge.
As a business funding brokerage, we only receive commission from the specialist broker we successfully introduce you to.
What does APR mean?
APR stands for Annual Percentage Rate, which is the annual rate charged for borrowing through an investment. In the case of business loans, it refers to the total interest you will need to repay annually on the loan amount. The lower the APR, the lower your monthly repayments will be.
What’s the most I can apply for, and for how long?
Through SME Loans you can apply for funding amounts up to £500,000. This is over the course of 1 – 3 years.
Will applying for a business loan impact my credit score?
Some of the loan providers SME Loans work with run soft credit search, so you don’t need to worry about your application leaving a footprint on your credit report. A full credit search will only be run if you choose to pursue the offered loan.
If my application gets approved, how long do I have to accept the offer?
You have 3 working days from receiving the agreement to accept the lender's offer.
When do I make my loan repayments?
Usually you will be expected to make your first repayment one month after accepting your loan. Paid in monthly instalments, the repayment structure will be made clear in the terms of agreement with your chosen lender.
Will I need a personal guarantee?
As the lenders we work with offer unsecured loans, in the place of collateral you will most likely be asked to sign a personal guarantee.