Finding the right loan for your business can be hard especially now that there are more options than ever before. With the rise of alternative finance, there are many different products available when you choose to search for ‘Business Loans UK’.
You’ve searched for business loans UK – now what?
You can see the results of your search that there are many different commercial business loan types available.
Identify your business needs
If you are a business that receives payments from your customer and you operate a merchant PDQ machine to take credit or debit card payments then a merchant cash advance could be the perfect unsecured business loan for your business.
It provides funding quickly compared to some of the other commercial finance options out there. The application process and underwriting are straightforward too.
Once you apply you will receive a quote. You will see that there are no hidden charges, late payment or early payment fees and no APR, just a straight forward single repayment figure.
You repay this figure as and when you make sales on your credit and debit card sales. This percentage of each sale is agreed based on a comfortable amount that your business can afford.
The great part about a cash advance is that it works in line with your cashflow so if when you are low on sales in the month then you will be paying back less.
If you are a business that raises invoices to other businesses then you may look towards invoice finance or invoice factoring. This process involves the lender funding your business with a large percentage of your raised invoice. The funder can also set up a line of funding on a rolling month based on all your invoicing raised.
There are lots of differing business loan types available, especially when searching for business loans UK. We would love to help you with your funding requirements and the funding teams are always happy to explain the process and options in more detail.
We have helped many businesses in the UK find the unsecured business loan which is right for their business.
From coffee shops, restaurants, beauty salon’s to the many other small businesses SME’s and high street retailers. Find out how an unsecured business loan can fit the requirements of your business.