At QuickBusinessLoans.co.uk, our comprehensive range of Cheap Business loans allow you to borrow funds to enable your expansion plans, increase stock or simply boost your business cash flow in times of need..
We’ve slimmed down the process to make it easier to apply, and our team of experts have access to the leading market place lenders allowing us to compare your funding options and find you the best deal quickly.
We offer the personal touch and review your application to ensure we find the perfect deal for you.
Cheap Business loans – eligibility, affordability and credit score requirements
To be eligible to apply for a loan with our panel of leanders you must meet the following criteria:
- Have a UK based business
- Be a Ltd Company, an LLP or a PLC
- Have been trading for 12 months or more
- Be based in the UK
- Turnover at least £10,000 per month
We can consider applications from most companies operating in most industries, As we work with multiple lenders, there’s a good chance we can find a suitable funding option for most borrowers.
We can fund any viable/profitable UK business with Cheap Business Loans from £5,000 – £750,000 repayable over terms as short
How to apply for a small business loan online
To apply, initially complete the short application form via this link APPLY NOW Once received a member of our team will run the ruler over the basic application and get in touch.
You will be asked to complete an application form and send them any supporting information required for underwriting, once done there’s a few short legal bits that need taking care of but on average if everything checks out you can have the funds same-day
Be prompt in supplying any requested documentation, same-day funding can only happen if you move quickly.
Once complete your funds are sent to your business bank account.
Cheap Business loans can be completed and the money in your account in as little as 24 hours, especially unsecured loans to a UK business, so the application process is very simple.
Why choose Quick Business loans?
At Quick Business Loans, we’ve been helping clients in many fields fund their businesses, new ventures and manage their company finances every day.
We move Quick because that’s what’s needed and expected, no drawn out applications, simple requirements, simple instructions and quick completion so you can get on with what’s important to your business.
Whether you’re ready to apply, or just looking for advice, our team of experts are on hand to help.
Getting started with your loan application
To get started with your Cheap business loan application, fill out our form to get a quote.
One of our team will then be in touch to find out more about what you need and will look to get your loan application approved straight away – usually within 1 hour.
Once approved, we just need a few simple documents and then we’ll be able to focus on getting your funds released in a quick manner. In most cases, we just need:
- A copy of your last 6 months business bank statements (PDF’s from your online banking are accepted or Open banking access)
- Financial details for your business
- Some personal details about the business owners to prevent fraud
Our process is really simple and we’ve streamlined it further to make sure we can get your funds released quickly. If your business could benefit from a cash injection, get in touch today.
Common uses of Cheap business loans for growth and cashflow
A business loan can be used for almost any purpose, anything legitimate and relevant to your existing business can be funded!
- Marketing campaigns – Cash for marketing to grow your brand and increase trade levels, providing a strong ROI.
- Purchasing equipment – finance new machinery, vehicles or IT systems with predictable monthly repayments, improving business efficiency without draining cashflow.
- Growth – Improve working capital to expand premises, hire staff, launch new products or enter new markets.
- Unforeseen expenses – Bridge cashflow gaps and pay suppliers, tax bills or wages on time with fast access to money from short-term loans.
- Purchasing stock – Buy inventory in bulk, prepare for seasonal demand, or secure supplier discounts using the improved working capital from flexible loan facilities.
- VAT loans – Vat return higher than expected? We can fund flexibly so you can make the repayment on time.
How Cheap business loans work – rates, terms and repayments
Cheap Business loans work on a similar basis to personal loans. The lender releases the full amount borrowed to your business bank account once the loan application process is complete.
Once the funds are in your account, you’re able to spend them as needed, or even hold onto them if the idea is to give yourself a cash buffer.
In line with your loan agreement, you usually make monthly repayments for the agreed loan term until it is repaid in full. While some products offer alternative payment structures, monthly repayments are the most common.
Are the alternatives to Cheap Business Loans?
Looking to raise finance for your business but aren’t sure which product is the most suitable, it’s important that you consider the alternatives before you commit.
- Invoice finance – Invoice finance allows you to release the cash tied up in unpaid invoices to improve working capital and ease cashflow pressures. t can be broken down into 2 different products, invoice factoring and invoice discounting.
- Merchant cash advance – A merchant cash advance allows you to repay flexibly through a percentage of daily card sales, ideal for retail and hospitality SMEs.
- Commercial mortgages – A commercial mortgage allows you to secure long-term funding for buying or refinancing business premises, often at lower interest rates.
- Asset finance – Asset finance is used to fund vehicles, machinery or IT equipment by spreading costs over time, keeping capital free for growth.
- Business overdraft – short-term borrowing linked to your bank account, useful for covering temporary cashflow gaps.
Choosing the right finance product for your business
Your first step is to understand what your trying to achieve, consider how much you need to borrow, how long you would like to pay it back over and whether you want to repay it in full, or retain the ability to borrow over time. Knowing these answers will help you to narrow down your options to those most suitable for your business needs.
Pros
- Fast and Flexible – Times have changed, and the major banks are no longer the go-to option for business funding. Most specialist lenders have online portals that show your eligibility, credit score impact and affordability checks, giving you an idea of approval rates upfront. Usually, loans complete same day or next day.
- Business Funding easily Available – Loans are much easier to come by than they once were. There are now more business loan products and funding options from specialist lenders than ever. There is a good chance that one of these solutions will give your business the working capital it needs, with flexible repayment terms and a quick application process.
- Low Interest Rates – Business loan interest rates from specialist lenders are far lower than they have been historically, with rates starting from as low as 5.5% and low fees. The exact rate depends on your credit score, loan term and affordability checks.
- A Cash Injection Can Provide A Big Boost To A Business – A cash injection through a business loan can provide the working capital needed to expand, fund growth projects and increase profits, with flexible repayment terms to suit your business.
Cons
- Funding Is Harder To Come By For Start-ups – For established businesses, funding is becoming more widely available. But for start-ups, the application can be time-consuming and difficult. Funding is available but be prepared to provide a lot of information in order to be successful in securing business loans. Start up owners are advised to seek personal funding from the bank, Angels or friends and family.
- Personal Guarantees – The lender will not always require a personal guarantee, which means that you won’t be personally liable if the business defaults although you business will need to be squeeky clean to achieve this. Although personal guarantees can be required, you will be informed of any surety or guarantee prior to accepting the finance.
FAQs
how do rates and fees work?
Cheap Business loans are a form of commercial finance product that are usually issued on an unsecured basis, these are known as unsecured business loans.
Will I need to give a personal guarantee?
Maybe, in almost all cases, a personal guarantee is required when taking out this type of finance. Where required, the PG is signed by the people behind the business, such as a Director or Shareholder. A PG may not be required for some smaller business borrowing, but this is judged on a case by case basis.
How long does it take to get the money?
We can get you a business loan in as little as 24 hours and get you pre-approved in as little as 1 hour.
What interest rate will I pay?
Each application is judged on its merits and all applications are individually priced. For this reason, it’s difficult to give an exact interest rate, although we can offer rates from as little as 5.5%.
What are typical loan terms for UK businesses?
In most cases, you can borrow over a term of 3 months to 6 years, each industry has it’s risk factor that the underwriters use when issuing loan offers.
Sometimes an unsecured business loan will not offer the repayment term you require, If you require a longer finance term, a secured product may make this a possibility.
Am I able to take out this type of loan alongside other borrowing?
Yes, you can still take out this type of finance even if you have other borrowing, such as a business overdraft, credit cards, invoice finance or asset finance. In fact many companies take out business credit alongside other types of debt.
Each application is individually assessed for affordability and to ensure that the product offered is suitable.
Will applying impact my businesses credit score?
Due diligence will happen but no credit check is required.
Will I qualify if I have bad credit?
Yes, you can still qualify for some products if you have a poor credit rating, including low credit score, defaults or CCJs.
We offer a range of bad credit cheap business loans for companies with a poor credit history. Sometimes we may be unable to offer an unsecured business loan for directors with poor credit history but we may still have secured business loan options available.
What happens if I don’t keep up the repayments on my loan?
If you don’t keep up your repayments, as with any loan, the lender will seek to recoup their money through other means.
Whichever type of finance you have taken out, if you have signed a personal guarantee, the lender can take action against you personally to ensure that they are repaid. This is true of business loans, cash advances or even asset based lending. Missed payments could harm your credit score, both personally and your business.
What documents do I need to apply?
When applying for a Cheap Business Loan, there are a few essentials that you must provide:
- Your company name and registration number
- Business bank statements (some lenders can access this directly, with consent using open banking purely for the purposes of arranging the loan)
- Directors & shareholders details, residential address and full contact details.
Is a commercial Cheap Business loan right for my business?
Taking out a loan for your business is an individual decision that will depend on the current circumstances.
Whether you’re a small business, medium sized, large or even an entrepreneur with multiple businesses, deep analysis is required before taking out a loan. Consider your current status and the flexibility that your business operations would have from a cash injection. A business loan can be key for your companies success.
If we’ve answered all of your question APPLY-NOW or if you need further help or need answers to questions you may have drop us a line on 0203 006 5444 anytime.