How to get a business loan is a question that is asked more now than ever before. With the ever changing financial climate we face on an almost daily basis it’s no wonder that it can be tricky finding the best commercial loan product for your business. Approaching the high street banks for unsecured business loans is almost a thing of the past.
So where do you turn for business finance?
There is great news for many small businesses and SME’s. The demise of the high street bank has given rise to the month on month growth of the alternative business funding marketplace. A place where small businesses can access funds from some of the world most innovative new age lenders.
Unlike the consumer market where consumers have been bombarded with short term credit loans at every turn, alternative business finance has started off on the right foot and remained ethical to the end user.
How to get a business loan – the right approach
Firstly you need the right product for the type of finance you require – ‘Horses for Courses’ as they say. Understanding your funding requirement can pave the way for the right type of business finance you are best suited to. There are many funding lines to choose from so it’s important to get this right for you.
We offer a product called a Merchant Cash Advance. It’s available to any business that takes payment from their customers via credit and debit card transactions usually through a merchant payment terminal or PDQ for short.
The borrowing is purely against your card transactions and not your cash sales which are not taken into account. The repayment is structured very simply too. Each time your business takes a payment via a card transaction a small percentage will be repaid to the repay the loan. This works well for businesses who have peaks and troughs in their monthly cashflow as you only repay when you make sales. This takes the pressure away from repaying fixed amounts each month which is fairly common with many business loan options.
The borrowing is unsecure too which means there is no need to use a personal or business asset to secure the loan. The team will purely look at your card statements and agree to fund your business based on that sale. To see if your business qualifies to contact us today.