Unsecured Business Finance

There are now over 40 lenders willing to lend unsecured small business loans in the UK. Whilst the majority of these will require a personal guarantee (PG) from directors, some do not. The difficulty being they all have different criteria, different application processes and different sectors they prefer lending to. A complex and time consuming task for business owners. Our experts save you time by guiding you through these processes. Our experts work quickly to understand the business and financial requirements of the applicant, introducing only those lenders who can meet those needs and who are most likely to accept the unsecured business loan application.

 

Benefits of arranging Unsecured Business Finance through Big Rig Finance:

• Whilst lenders like to see 1 years’ worth of trading, Big Rig Finance can offer unsecured loans to start ups.
• Borrowers do not always need to be homeowners.
• Options may be available to those with an adverse credit history.
• Funds can be made available within a matter of hours.
• Personal loans can be used by sole traders and directors to put money into their firm.

Solutions we advise on:

• Unsecured business loans – lenders do not take a legal charge over any specific asset. The lender does, however, seek a personal guarantee from the borrower*.
• Merchant Cash Advance – allows you to raise finance based on your credit card turnover. Your proven average monthly turnover is typically the amount you can receive a merchant advance loan for.

*In the event of default the lender would seek to recover outstanding liability from the guarantor

Product Type	Terms	Requirements to Progress an Enquiry
Unsecured Business Loans	7-15%* plus arrangement fee	Last full filed accounts. Management accounts from then to now if available. Last 3 months’ bank statements for the business. Details of each Director or Owner with more than 25% equity concerning if they are a home owner or not and, if so, the property value and mortgage outstanding on it. Permission from the applicant to have credit searches done on them.
Merchant Cash Advance	A one off fixed cost of 20-35% of the advance taken	Up to 12 months’ merchant statements from the business (just the front page of each month is required as long as it shows the total value of transactions done that month). Copy of ID for the business principle(s). Proof of address for the business principle(s). A copy of a voided cheque or paying in slip for the business bank account.
VAT Loans	7-15%* plus arrangement fee	Last full filed accounts and Management accounts from then to now if available. Last 3 months’ bank statements for the business. Details of each Director or Owner with more than 25% equity concerning if they are a homeowner or not and, if so, the property value and mortgage outstanding on it. Details of the VAT outstanding and how long it has been owed (i.e. ideally a VAT Statement of Account from HMRC). Permission from the applicant to have credit searches done on them.
Personal Loans	5-10%* AER plus arrangement fee	Full name, date of birth, 3 years’ address history. 3 years’ Employment details including role, employer name and address. Income details for the applicant plus the total income for the household. Details of the loan purpose. Permission from the applicant to have credit searches done on them.
* subject to status