What is a unsecured business loan?
This is a lending facility offered to a business, generally on a short term basis of up to two years in length without the need for tangible security. The assessment to the suitability will generally be based on past trading experience and the value of the balance sheet upon application.
How much can we borrow?
Anything from £5,000 to £500,000.
What term can I take the loan over?
3 months to 60 months.
How do we repay the loan?
The value of repayments will be agreed at the outset. Once you accept the offer, a contract will be made available for you to sign. A direct debit will then be set up in order for the financier to recover the monthly repayments over the agreed period of time.
What Security will be required?
The lender would require a personal guarantee from all Directors. (An asset and liability statement must be completed by all directors to confirm there is sufficient value in the personal guarantees to support the loan).
What do we need to qualify?
- Business to be trading for a minimum of two years
- Business to be profitable
- No legal notices or insolvency proceedings
- Defaults must be over two years old and not more than £1,000 in value or a reasonable explanation must be provided
- Be a registered business within the UK
- UK homeowner (minimum of one Director)
What will we need to provide?
Firstly the online application will need to be complete. Once this has been done you will need to send the following information to firstname.lastname@example.org
- The last three month’s bank statements
- The last full set of financial accounts
- Balance Sheet and Profit & Loss
- Draft accounts (if the full year end accounts are over 12 months old)
- All directors to complete an asset and liability statement (Click to open and save)
- Please note that some lenders may request projections. We will advise if these are required.
- Your application will not be processed until we have received all of the requested information listed above.