In an economy driven by the internet and speed, flexible funding solutions previously only available to the consumer, are now available to business too.
The strident gains made in the high cost short term lending sector by alternative finance products targeted at the man in the street has led to a proliferation of similar unsecured lending products now being available to business.
Unsecured loans are now freely available to UK businesses at competitive rates to the traditional, secured products offered by the high street banks. The days of a business having to provide collateral to gain access to financing are over. A business loan or one that requires no security or guarantee from the applicant is a far more flexible and focused funding solution. It's also a fast way to generate funding to grow your business.
There are now many lenders on the market offering unsecured financing products, and in some cases, such as a merchant cash advance, not only is no security required but these cash advances require a far less intrusive application process and the funds are usually with the business in a few days.
Our merchant cash advances are entirely based on the debit and credit card transactions of the business applying for the funding. This fast and flexible finance alternative to the traditional bank loan is popular with businesses reluctant to be tied in to personal guarantees and high interest rates and is far more suited to the volatility experienced by small businesses.
Unsecured business loans and similar alternative lending products don’t usually feature upfront costs but the cost of the funding may in some circumstances be more expensive as the institution providing the finance is taking a without securing security.
In these circumstances, the businesses trading history becomes very important as the funder will need to feel that the amount due to be paid back can be afforded by the business in need of the money.
The amount available to your business through an unsecured business loan with 365 varies hugely depending on the fiscal position of the business at the time of application. However, unsecured business loans in the UK usually range from £5000 up to £250,000.
A business cash advance is a fast-flexible alternative to traditional forms of business funding such as bank loans, as it requires no security and or business plan and as such it’s considered an unsecured product. 365 Businesses Finance offer this type of funding to several small businesses in the UK, with flexible terms, repayments and no hidden charges or APR.
A high approval rate is associated with our unsecured business loans, as in most cases the amount funded is based on the credit and debit card sales of the business. It is a simple process to identify the transactional activity going through the card terminals and this enables the company providing the advance to quickly and accurately provide provisional approval on an advance. For a small business looking for an unsecured business loan, a business cash advance provides a far more agile solution to business funding.
The current economic climate has resulted in main stream lenders making it far more difficult to acquire unsecured capital, especially if the business requiring the finance has a less than reputable credit history. It is in these circumstances where a main stream or high street lender would demand additional security, whereas a merchant cash advance would work exceptionally well as an alternative source of business funding.
Cash injections as funding for growth solutions for small businesses, are what drive the UK economy, it can be the difference between stagnation and profitability; success and failure. Unsecured small business loans that are fast and flexible and require no guarantee, are now becoming the standard go to solution for UK businesses looking to secure capital with flexible terms and repayments.
Small businesses can now rise to the challenge and consider scaling, improving cash flow and growing company expansion, due to the increase in alternative funding products being made available to them.
Not only are there now several more alternative finance solutions available on the small business market, but the service offered by merchant cash advance lenders looking to provide unsecured cash advances to small UK businesses, now rivals that of the main stream lenders, with businesses being provided with a senior funding specialist to look after the application and funding process.