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!
Click here to apply online