If you are a UK based company that is looking to quickly obtain a loan that doesn’t require collateral, then an unsecured finance may be the perfect option for you. These types of loans are issued on the basis of the businesses credit history; some lenders will not approve it unless the borrower has a high credit rating, however others may not even ask for a personal guarantee. Costs vary from lender to lender but a majority start around 4% per annum. It is essential to pay back the owner as if you do not it could potentially damage your credit rating.
At Elite Business Funding our expert financial brokers will aim to eliminate any stress and pressure from your behalf by securing a business loan for your expanding company. As experienced experts in this industry, our objective is to cater for each and every one of our clients and to help source finance for every situation. Although we have expertise in arranging business loans, we can also advise other funding options if you’re not eligible.
What is an Unsecured Finance?
An unsecured finance is a business loan that is not secured against a physical asset, but based off the recent trading history and the performance of your business. Therefore, these types of loans are issued and supported based on the customer’s credit score, rather than being disrupted on a collateral basis. Because of this, borrowers can gain access to goods before making a payment, however a future sum will have to paid.
Advantages of Unsecured Finance
With an unsecured loan funding can be arranged quickly and efficiently, increasing the overall rate of turnaround times. They typically take up to as little as 2 hours or as long as 2 days, meaning you can immediately secure one of up to 500k within a small period of time; they are easier to obtain than secure credit as it does not require a collateral. In addition, if you do have some adverse or bad credit, some lenders may still accept your offer.
Terms can range from 12 to 60 months when utilising an unsecured finance and no assets are needed as no charge or debentures will be required, meaning that the agreement is fully based on trust and dependability. In addition, little documentation is needed and you can therefore one can be arranged ultimately based on your credit score. However, our job at Elite Business Funding is to secure each and every one of our clients a loan to advance their company. So, no matter what your credit history is, we are here to help you find a funding option that suits both, you and your business, allowing you to make a profitable decision.
Are you eligible for Unsecured Finance?
Do you think you are eligible for an unsecured finance? If so, contact one of our team at Elite Business Funding and we’ll evaluate you circumstances to see if you are viable or not for one. However, there is a general criterion that you must attain in order to confirm your suitability.
For instance, to quickly establish an unsecured finance, your business must be UK based and must obtain shareholders. In addition, in some cases you may have to obtain financial accounts, however this is ultimately dependent on the lender and the loan size you wish to receive. Although little documentation is required, it is crucial to have three months’ worth of bank statements to illustrate the amount of money that has been issued into and withdrawn from the account. This allows the lender to evaluate your company’s financial consistency and whether they want to arrange a loan with you. As well as this, your company must file for a VAT return that must be paid to HMRC in order to qualify.
Your Next Steps with Elite Business Funding
If you feel you are entitled to use unsecured financing, you can enquire today and we’ll assess your businesses viability and discuss your financing options in further detail. Once we have evaluated your circumstances and viability, we’ll state whether it is feasible. Even if you are not viable for one, we’ll suggest all the potential funding options available to you and state which one will be most profitable.
At Elite Business Funding our specialist financial brokers and advisors will work tirelessly to find the right and most profitable option for you. Our main belief is to arrange a loan for every type of customer, no matter their business’ circumstances. For businesses looking to grow and expand an unsecured finance is the perfect option for you and by offering our expertise, we guarantee to secure you a business loan as soon as we can. Contact us today to discuss your circumstances into further detail.