Online Business Loans FAQs

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business loans

When you have a business to run, things often develop very quickly, and it may prove difficult knowing which way to turn.

Supplies and materials may need to be bought to complete an essential order, for example, you need an urgent injection of cash to avoid missing an upcoming opportunity, or there is an unexpected shortfall in the company’s cashflow which needs to be plugged.

At such short notice, you might be casting around for the funds you require.

Online business loans

That is the time when online business loans may come to the rescue.

In a fast-moving world, when responding to the immediate financial demands of your business may make all the difference between commercial success or failure, being able to turn to the internet offers a simple and straightforward solution – and the funds may be in your company bank account within a matter of just days.

Flexibility

Online business loans also offer you the flexibility and transparency your company is likely to need.

Typically, you may choose the amount you want to borrow from anywhere in the range of just £5,000 or so right up to a maximum of £100,000, which offers plenty of scope to source precisely the amount of immediate funding you require – nothing more and nothing less.

It is likely to be in the nature of your request that any loan is for the relatively short-term – 12 months might be the typical repayment schedule. But it is equally important that you get to choose how long you have to make those repayments and pick the number of months that suits your purposes.

The cost of credit

You know that you will continue to need to keep an eye on cashflow implications for the repayment of any borrowing, so some online business loans advise you from the very beginning of the single, fixed cost of credit you incur.

This saves you from not forever juggling with APR estimates or complicated repayment schedules, and if force of circumstance means that you miss one instalment, you may extend the repayment term by a month or so without incurring late payment or additional interest charges.

Help when you need it

The very concept of online business loans is to keep things simple and hassle-free. But there may still be times when you need the input of advice from an ever-ready team of financial experts at the other end of the ‘phone to steer you through the process and to answer any questions – right from an initial enquiry, through to the loan arriving in your bank and its final repayment.

It may help, of course, if that team comprises experts who are themselves from entrepreneurial background just like your own – they know what you are up against and have also needed to find solutions to just the type of problem you may be facing.

Speed

Online business loans combine the speed of meeting your immediate needs for additional funding through borrowing, with the protections that are in place to protect you as a consumer.

Providers of online business loans are therefore authorised and regulated by the Financial Conduct Authority (FCA), which also determines the credit checks which are in place to ensure that repayment of your borrowing is affordable.

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