When searching for business finance, it may be tempting to opt for a short-term solution that promises a quick fix to your funding needs. However, it’s crucial to dig deeper into the numbers and ensure you don’t get tricked.
Short-term loan products appear tempting, with the promise of flexible finance that doesn’t tie you into a lengthy contract. However, they often come with rates that are substantially higher than those offered by responsible lenders like LendingCrowd, which can provide fast and affordable business loans with terms of up to 60 months.
The high interest rates charged by some providers mean that borrowers could find themselves struggling to meet their monthly repayments. Rather than investing to grow their business and take on more staff, owners may be forced to rein in their ambitions just to repay their debts.
LendingCrowd’s simple online application process and case-by-case approach give our highly experienced Credit Team the ability to provide businesses a quick decision. In fact, our average time from application received to funds paid out is just two working days.
We want to support your business and help you achieve your goals, and we’ll work with you to understand your company and its funding needs to ensure you get the finance that’s best for your business. We can provide loans for a wide range of purposes – including refinancing debt you’ve taken on elsewhere.
We focus on your ability to repay your business loan when assessing your application, because affordability is key to our lending decisions. With a LendingCrowd loan, borrowers make fixed monthly repayments of capital and interest. Rates are fixed for the term of the loan, giving you the certainty you need when managing cash flow. We allow regular or one-off overpayments and early repayment in full – with no early repayment charges.
We can provide fast and affordable business loans of between £75,000 and £500,000 to limited companies and limited liability partnerships (LLPs) that are based in England, Scotland or Wales and have been trading for at least two years. Loan terms are available up to five years.
Is my business eligible to apply?
We have some straightforward initial criteria to apply for a LendingCrowd business loan:
- Annual turnover between £100,000 and £40m
- Fewer than 250 employees
- No active county court judgments of over £1,500 or defaults over £250
- No failed businesses in the last two years
- More than one key employee
Please note: certain industries
and businesses will not be eligible for a loan. If your business meets our
initial eligibility criteria, the next step is to gather the information you’ll
need to apply for a LendingCrowd business loan.
What information will I need to provide?
- Names, addresses, phone numbers and email addresses for all directors/members and shareholders who own 25% or more of the business
- How much you want to borrow and how you plan to use these funds
- Details of any current borrowing, such as other business loans, overdrafts or invoice finance facilities
- Last two years’ filed accounts (last one no more than 15 months old)
- Most recent three months’ business bank statements
- LendingCrowd may request additional financial information to establish the source of funds used to make overpayments or early settlement of loans.
It takes just minutes to apply for a LendingCrowd business loan – start your journey today.
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