For UK businesses who need to borrow money a Fast business loans UK can be the most cost effective way to access Small Business finance.
There are two main variations of Fast business loans in the UK, secured Fast loans and unsecured Fast loan, a secured business loan is a short-term finance option for businesses that don’t want to guarantee something they own to the lender if they can’t repay. This could include assets such as equipment, property or inventory.
So with an unsecured Fast business loan, your assets are safe, as the lender cannot take ownership of them if you fail to pay back the loan. However, because these loans aren’t secured they’re riskier for the lender. This means they tend to attract higher interest rates, stricter approval conditions and the amount loaned smaller and over shorter periods of time.
Unsecured Fast business loans UK can be used for a range of purposes, including:
- Short-term financing
- Covering unexpected expenses
- As a cash advance before an invoice is settled
How do Fast business loans UK work?
Fast business loans UK work the same as other Business Loans apart from the speed of completion. Once you’re requirements are quantified the lender will evaluate the risks and act quickly to secure funding. There are more and more lenders out there that offer this type of Fast Business loan, think about you’re requirements:
- Ease of application
- How fast you need the cash in your bank account
- The amount you need
- The repayment period
How our Fast business loan works
- Apply online, Our fast business loans UK are designed with small businesses like yours in mind, so we’ll just need the basics about your business to make a decision.
- Get a decision in 24 Hours, We know that things move fast when you run your own business, which is why we aim to give you a decision in just one working day. If your application is successful, you can have the money in your account within 24 hours.
- Repay over terms ranging from 12-72 months, but if you’d like to save on interest you can always repay early without any fees. Just keep the money for as long as you need it.
Applying as a Limited Company won’t affect your credit score
What are the pros and cons of a Fast Business Loan?
Pros
- The quicker you move the quicker we move! Get any relevant questions answered, supply the requested documentation as soon as possible – The monies yours sooner rather than later.
Cons
Cost, Making fast decisions when taking you’re loan mean you might just opt for a lender with a higher rate of interest. Take a breath, weigh up the offers before accepting the deal.
How much can you borrow with a Fast business loan?
The amount you could get is also tied to the lender’s policy and risk . For example, you can borrow between £10k – £500k we usually offer up to 25% of your annual revenue.
To get a large business loan without collateral, it’s best to show that you have a strong cash flow and lots of experience trading. Also, your balance sheet should show you can easily repay the loan. If your credit history is less than perfect, make sure to provide evidence of a consistent growth trend.
How to get a Fast business loans UK
If you’re wondering how to get a Fast business loans UK , don’t worry, the application process is usually simple.
- When you’re applying, you’ll need to give your personal and financial information, including your credit score, annual income and existing debts.
- The lender will use this information to determine whether you’re a good candidate for an Fast business loan.
- You’ll also need to give information on the amount of money you want to borrow and how much time you need it for. This is important because different lenders offer different repayment terms, interest rates and fees.
Once you’ve completed your application our lenders will assess it and decide whether or not they want to approve your request. If approved, they’ll contact you with details on how much money you can borrow and what the repayment terms are.
Is there a personal guarantee on a Fast business loan?
It’s likely that lenders ask you to sign a personal guarantee to secure the loan. The applicant, often the business owner or Director, must personally repay the loan if the business fails. You should seek independent advice if you’re unsure about anything.
