If a lack of capital is limiting your businesses growth, it may be time to consider securing an unsecured business loan or alternative funding solution. However, UK business loans vary from provider to provider, product to product, so it’s essential that as a small business owner, you do the necessary research to choose the right option for your business needs.  

A business loan may be the business funding solution your small business requires. Whether you are looking to refurbish, decorate or expand, a cash injection that promotes company expansion on flexible terms, without putting pressure on your cash flow, is useful.

To qualify for a quick business loan, many high street banks require that you meet certain criteria, and in many cases, this could mean holding a current account with the bank. The bank may also require various types of security and in some cases a 3rd party guarantor.

The cost of the loan and the interest charged will impact on the overall affordability of the business to pay. Every business submitting a business loan application, needs to be aware of the UK interest rates and the potential affect that tchanges could have on the initial loan amount.

There are a series of questions any business should ask before selecting a funding option, as in many cases a bank loan may not be the most efficient source of funding. In the UK, several alternative business funding solutions exist for small businesses in need of unsecured finance. For example a merchant cash advance, crowd funding or even peer to peer investment.

Make sure you are comfortable with the amount, the term, the cost and the relationship you will have with the institution providing the business loan. In most cases, a cash advance features no APR, requires no security and is repaid in fixed monthly installements, in contrast to most other options which charge interest. 

Quick business loans may feature an early repayment fee, so make sure you get clarity from the finance provider as to what penalties may be incurred from early repayment. It may be worth considering a more flexible type of funding such as a merchant cash advance, if you feel your business may grow quickly due to receiving funding. With a cash advance, repayments mirror your debit and credit card sales and as such increased sales means faster repayment, however should your business experience a quiet period, your repayments will decrease.

To benefit from a special deal or discount, you might require the business loan very quickly. However, many business loan applications in the UK take time, as many considerations need to be met. To fund a business loan, a bank may require bank statements, business plans, a series of credit checks and potentially, even security.

Whereas, our business cash advances are a fast and flexible funding alternative, with a much quicker application process, featuring ino security or business plan. Your small business simply needs to committ to transacting an agreed amount of earnings via a credit or debit card terminal every month.The initial application takes a few minutes and in most cases a business will receive funding in days.

Often the biggest inhibitor to growth is a business owner, who may doubt their own credit rating, and choose not to apply for finance in fear of rejection. It might be that a business owner who wishes to apply for a business loan in the UK decides not to apply because the process is too long, their credit history may not be great, and the questions asked by the lender are intrusive. For this reason alone, developing a relationship with a finance specialist is crucial for any business.

A business cash advance offers businesses the opportunity to raise funds in a more efficient manner with far more flexible repayments, and due to this, an alternative finance provider is more likely to consider applicants who may not be eligible for a business loan in the UK.

Do I Qualify?

Qualification for our business cash advances is simple: Contact our customer services team to see if you are eligible.

  • In business for at least 12 months
  • Average monthly credit and debit card turnover of at least £5,000

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Business Cash Advance:

The flexible alternative to bank loans

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