Borrowers General Frequently Asked Question
1. Can my business remain anonymous?
Answer: No. Businesses must have a public profile so lenders know who they are lending to.
2. Can my business have more than one loan?
Answer: Yes. After six months of successful repayments, you will be allowed to reapply for another loan. We require that you repay the existing loan in full, so this will need to be accounted for in your funding requirement. This means that you dont have two separate repayments and it gives your lenders the opportunity to lend to you again, possibly at a lower rate.
3. What type of business can borrow?
Answer: We offer a worldwide business funding and also accept applications from business, including partnerships or limited liability businesses which also includes Aerospace/Aviation, Oil and Gas, Telecommunication, Technology, Energy, Healthcare, Infrastructure, Real Estate, Hospitality, Mining, Commodity Traders, Vehicle Distributors/Dealerships, Farming, Commodities Trading, Manufacturers, BioPharmaceuticals, Film Production Companies, Wind Mills, Power & Water Treatment Plants, Telecommunications Systems, Inventors with Purchase Orders, Business Franchises, Import & Export and service ventures.
To apply for a loan your business must have: 1 year of filed accounts up-to-date management accounts no outstanding County Court Judgements
4. What interest rate will my business have to pay?
Answer: The interest rates will be set according to the aggregated rate of all accepted bids.
5. What are the types of loans are available?
Answer: The following types of loan are available: £25,000 £250,000 Unsecured (loans require personal guarantees from directors) Secured loans (all applications over £50k must include an asset or debenture security) From 6 60 month terms For Limited companies, LLPs and PLCs
6. How quickly can my business get a loan?
Answer: Once you have submitted your application, it will take us between 2-5 working days to review it. If your application meets our criteria we will put it live on the site for lenders to bid, otherwise, we may ask for additional information. The auction process is currently estimated to take between 7-28 days, depending on the appetite to lend from our lenders.
7. Can my business pay back a loan early?
Answer: Yes. inclusive of the interest accrued in the month of early repayment.
8. What fees are payable?
Answer: Our fee is 2% of the loan amount which will be deducted during the financing. For example, if a business wants to borrow £50k over 48 months, our fee (£2,400 plus VAT at 20%) will be deducted from the initial £50k, leaving the borrower with £47,120 cash but a loan of £50k. Additional legal charges, administration costs may apply, depending on the type of security offered for the loan
9. Can I change the amount I borrow after applying?
Answer: At our discretion, we may allow businesses to increase or decrease their funding requests during the application process.
10. What happens if I cannot repay a loan?
Answer: If at any time you become unsure as to whether you will be able to make a repayment on time to your lenders, you must contact us so that we can work with you, and help you meet your repayment obligations. If you fail to inform us of the fact that you are likely to miss a payment to any lender, we will contact you after this repayment has been missed to discuss why it has been missed. We will then discuss setting new terms which you may be better able to meet and which the lender agrees to. In the event that you continue to underperform we will have no choice but to involve a debt collections agency to recover the debt from you. For more information on your obligations and our debt collection and repayment policy please refer to the Terms and Conditions.
11. Does my business have to have assets to qualify for a loan?
Answer: Whilst it is not necessary for your business to own assets in order to qualify for a loan, many lenders tend to favour those loan applications that offer security against the loan. We accept three types of security against loans, Personal guarantees, debentures or asset-backed guarantees.