What is Fast Business Cash?
This is a convenient way to inject cash into a business whenever it is needed. The fast turnaround time and the typically short term makes a fast business cash loan an ideal option for covering short term business needs as they crop up. This type of affordable business loan is suitable for a range of companies, even those with less than perfect credit records.
Amount
£1,000 - £25,000
Funds can be in your account with a couple of days, subject to turnover levels and affordability.
Period
3 - 10 Months
These flexible loans for businesses are usually arranged for a short period of up to 10 months.
Cost
20% - 60% APR
The annualised cost for this kind of funding can vary, depending upon the exact details of the loan required. Typical rates are between 20% - 60% APR, depending on circumstances.
The information above shows the terms typically associated with a fast business cash loan. Your terms will depend on your own situation.
Fast Business Cash at a Glance
Ability to Repay Needed
The lender will assess your application using your ability to repay the money. Bank statements showing your financial situation should be available in order for the lender to assess your ability to repay.
Not Secured Against Assets
This type of business funding is not secured against a specific asset. It is, therefore, available for businesses that can meet the repayments but don't have assets to offer as security.
Used to Meet Short Term Funding Needs
A fast business cash loan is typically used to cover short term funding requirements. This means that it is often used by seasonal businesses, to pay unexpected bills and to take advantage of short-term growth opportunities.
100% Spotless Credit Record Not Needed
It is possible to apply for a fast business cash loan without having a perfect credit record. Your credit rating will be taken into account by the lender when calculating the rate to offer.
Less Established Businesses Can Apply
The criteria for fast business cash loans means that it isn't only restricted to long established companies. Even a relatively new business can ask for this type of loan.
Your Resources
SME Funding Guide - Understand your Options
Want to know more about the options available to you? Click here to see our SME Funding Guide, in association with our partners at KPMG Small Business Accounting. We've compiled all the information you need to research and choose the right funding for your business, including invoice finance.
Case Studies
Funding Xchange helps businesses all over the UK, to access the finance they need on the best terms available. Click here to read just some of the stories of the businesses we have helped.
Call us on 020 3695 9206
More questions? Just pick up the phone and give us a call. We'd be happy to help you in your research for business funding.
What Are the Risks with Fast Business Cash Loans?
As with all other types of loan, it is important to be aware of the risks when considering a fast business cash loan. While no security is needed over assets, there are some other risks to take into account.
Your Credit Score May Be Affected
Failing to repay the loan on time may result in an adverse effect on your credit score. This may make it more difficult to obtain an affordable loan for your business in the future.
Early Repayment Charges May Apply
If you decide to repay the money early then a charge may apply. This information will be made available to you once a lender offers you a fast business cash loan.
Repayments May Be Higher Than With Other Types of Loan
As this is seen as a short term business financing solution, the annualised rates may not be as attractive as on other types of loans. This is worth bearing in mind when making a final decision on the most affordable business loans to choose from.
How to Get Fast Business Cash
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