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Small and medium-sized businesses often encounter diverse financial needs, from temporary cash flow challenges to funding new equipment or expertise to facilitate business growth and diversification. Access to capital is crucial for sustained success. Unfortunately, securing a flex business loan can be a challenging task for various reasons. Businesses with a short trading history, those operating in high-risk sectors, or those not yet generating substantial profits may encounter difficulties in finding a suitable source of financing. Also referred to as a flexible loan, a flexible business funding empowers borrowers to adjust repayments based on their financial situation, allowing for both higher or lower payments as circumstances permit. Additionally, borrowers can modify the total borrowed amount and sometimes skip occasional payments, depending on the specific product.
These loans represent a form of financing tailored for commercial entities rather than individuals, typically requiring monthly repayments. The borrowing range for a business loan will depend on your business’s financial health and repayment capacity. Consequently, the actual borrowing limit for each company can differ significantly.
Moreover, there exists a diverse array of repayment terms, typically ranging from one month to several years. Opting for a more extended repayment term can render monthly payments more manageable and potentially secure a lower interest rate. However, it’s essential to note that, over the loan’s duration, a longer-term commitment generally results in paying a higher overall interest compared to opting for a shorter repayment term.
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You choose the terms, we do the math.
Check your affordibility with our Business Loan calculator and make an informed financial decision.
A diverse range of organisations can benefit from such business loans. To qualify, businesses or entities must be legally established, maintain a business bank account, and possess the necessary documentation to substantiate financial information.
However, these loans may only be beneficial for a few reasons. Upon missing your business loan payments, the lender will likely reach out, notifying you of the delinquency and attempting to find a resolution. If you fail to respond and your loan defaults, the lender will try to collect your outstanding debt. You may lose your collateral and business assets. The lender might also sue you, and the business credit score will suffer.
You can effortlessly save time and minimise hassle by utilising LoanTube to explore the market and discover the most suitable loans for your requirements.
A background or credit check: It enables lenders to assess your affordability. Your business financial history will help them review your loan application and decide whether the business can afford the loan without any hassle. Also, the Annual Percentage Rate will be determined based on your and your business’s financial background or credit check. The higher the score, the lower the interest rate.
Recent trading history: The recent trading history of your business will give an idea about the type of transactions your firm carries out. The longer the duration of your business operations, the broader the range of available loans from lenders, and the more favourable the interest rates are likely to become. While having a trading history of 18 months or longer is considered ideal, there are still lending options available for newer businesses, so there’s no need to worry.
A business health check: Lenders will also need to understand the overall health of your business. The profit it makes, the revenue it generates, and the losses (if any) it has to decide. Such information will give an idea about how stable your business is, and the lenders will choose accordingly.
Our close collaboration with numerous lenders enables us to identify the ideal match for your loan needs. Applying through LoanTube is seamless, ensuring you access the best offers available in the UK credit market.
Using LoanTube will help you finalise your inquiry without affecting your credit profile, and you can consult with our knowledgeable human credit experts for your queries. Listed below are the benefits of using LoanTube.
Supporting all your financial needs through thick and thin.
Fill up a quick application to find best loan deals for your:
Get same day business loans at best rates.
Experience hassle-free borrowing and unmatched transparency with LoanTube
LoanTube helps UK firms access business finance through multiple direct lenders. We are an introducer and do not provide loans ourselves.
Think carefully before securing debts against your home or your assets. Your home and assets may be repossessed if you fail to keep up with repayments on debts secured against it.
All loan approvals & quotes are subject to credit checks and affordability requirements by lenders. If your business meet the lender’s criterion, you can borrow the money. We as a broker make an attempt to process your application with the most suitable lenders in our panel.
LoanTube is a credit broker and not a lender.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
The rate you are offered will depend on your individual circumstances.
Representative APR Example: Amount of credit: £50,000 for 24 months at £2,339.38 per month. Total amount repayable of £57,348.69 Interest: £7,348.69 Interest rate: 14.4% pa (fixed).
14.4% APR Representative. Loan term lengths between 3 and 60 months.
