Unsecured Business Loans

unsecured business loans

A detailed explanation on how the Unsecured Business Loan Facility vvorks-

  • The cash advance can be for any reason.
  • It is totally unsecured although, if a Limited Company, director's guarantees are likely to be a requirement.
  • It can be on Leasehold on Freehold property.
  • It is based on credit/debit card sales.
  • Credit/debit card sales must average a minimum of 3,500 per month over the last 12 months. An offer will be made based on the average credit/debit card sales figure. The maximum advance we can consider is 300,000.
  • There is no percentage interest rate charge or APR, the advance is repaid plus a factor as follows: -
    • Repayment period - 4 months - cash advanced x 1.27 max withholding 30% from each transaction until repaid.
    • Repayment period - 7 months - cash advanced x 1.41 max withholding 20% from each transaction until repaid.
    • Repayment period - 9 months - cash advanced x 1.53 max withholding 17% from each transaction until repaid.

For example, if an amount of 10,000 is advanced, 12,700 will be repayable over 4 months at a rate of 30% from each and every credit/debit card sale. The advance would be repaid at a rate of 30% of the daily takings - e.g. If credit card sales are 300 on Monday, an amount of 90.00 would be deducted as part of the repayment. If credit card sales are 600 on Tuesday, 180.00 would be deducted etc. If no receipts, no payment, which means that a down turn in business or a problem such as flood, fire etc could extend the tune frame with no penalty. In other words no income, no repayment!

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