FREQUENTLY ASKED QUESTIONS
What fees am I liable to pay?
There is a small 'finders fee’ payable to SME Finances upon successfully securing the funding for your business. This is a small percentage based fee for any facility that exceeds a £5,000 product.
How much can I apply for ?
Our expansive panel of lenders are able to offer anything from £1,000 to over a million pounds dependent on the business performance and security.
What facility would works best for me?
It all depends on your requirement; we’re able to offer asset facilities, secured/unsecured business loan, 1st and 2nd charger, lifestyle facilities, invoice factoring and PDQ products - dependant on layers of security can be offered, terms and business performance.
Do you require any security?
You don’t need to offer any security, however, when you’re able to offer security to the lender it improves confidence in the submission and, more often than not, creates a favourable rate of interest.
I have bad credit/no credit history, is that a problem?
No, having bad or no credit history isn’t an issue as long as the business performance is strong and there aren’t a large number of returns over the last 3 months.
How is interest calculated?
Interest is generated based on the term requested, business performance and your personal credit profile.
Are there any early exit fees?
Dependant on the product, term and your requirements - we can negotiate a clause during our submission to ensure there are no early exit fees.
I’m a sole trader, does this effect my potential to borrow?
As a sole trader you’re only able to borrow anything in excess of £25,001.
How long does the loan process take?
Depending on the product and the required detail being issued, 24 hours from first contact to drawdown is possible.
How do I make repayments?
There are several options concerning repayment, this can be carried out via direct debit, bank transfer or debit card phone payment - whatever is suitable.
What kind of businesses can you source funding for?
We're able to source finance for business of any size operating as a sole trader, LLP or LTD companies.