FAQs

Do you offer business loans?

Yes, our business loans are only available to Limited Companies and need to be supported by personal guarantees and legal charges against personal property of any guarantor or other individual willing to support your business by providing security. Unsecured options are available to listed companies, FTSE 250 companies, charities, non-profits, CICs and other associations.

Can I settle my agreement early? Are there any penalties?

Yes, you can settle the agreement early and there are no additional penalties for doing so.  The settlement calculation is simple, all the contractual payments that would have fallen due are added together and a discount of 10% off the future interest element is applied and this will form the settlement figure.  

What security will you require?

You will be required to give personal and/or corporate guarantee(s) to support the Agreement with your company and you maybe asked to provide a guarantor to guarantee your businesses liabilities, in addition, dependent on agreement and amount borrowed and the credit status the lender will require a unilateral notice or Legal Charge over your residential property and/or business property and/or any guarantor’s residential or business property. A fixed and floating charge over the assets of your company or any corporate guarantor (a “debenture”) will also be required.  You will be charged a security fee of 10% to remove the security once the agreement is finished.

Unsecured options are available to listed companies, FTSE 250 companies, charities, non-profits, CICs and other associations.

How long can the loan be over?

From 12 months to 6 years.

How long does it take to get approved?

Our process is extremely quick and in most cases company loans can be agreed within 2 hours, meaning you do not have to wait long periods of time wait for a decision.

Does my business qualify for a business loan?

If you are a Start Up Business, please see our Start Up page. To be eligible for our business loans your business needs to be registered as limited company or you will need to incorporate for us to consider your business for funding.

What company information do you need?

In some instances the information we require can be obtained through the searches we do or via companies house if you are a Limited Company, in other cases three months up to date business bank statements, a personal statement of new worth for each person involved is required and general information about the business and affordability checks. Please remember, we can only lend to limited companies so you will need to have set up and registered your company before we can finalise any advance.

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What happens if I miss a monthly payment?

Whilst we are confident that our customers will maintain the payments which fall due against their Loan agreement it is important for all signatories to be aware of the steps, we may need to take in the event there is a missed payment or default. Should a monthly payment not be received by Direct Debit on its due date we will contact all guarantors to the agreement to advise of the missed payment. In addition, we will seek payment of the missed payment. A fee of £95+ vat will be charged for each direct debit that may be dishonoured, stopped or unpaid in anyway.

What date of the month do you collect the monthly payments?

We only collect Direct Debits on the 14th or the 28th of each month, your monthly payment date will be set by us and cannot be changed. Due to how we are externally funded and our strict external funding covenant, we cannot offer payment holidays or payment breaks, this is impossible. You must have a Direct Debit in place, your agreement will be terminated.

What happens if I dissolve the company I have the loan agreement in or have any insolvency action issued?

If you shall be made bankrupt, liquidated or wound up or have a winding up petition or dissolved or the appointment of an administrator, or receiver appointed your agreement will be terminated and the balance will be due.