A business loan company will advance a lump sum on day one and you will repay the loan over an agreed term, paying back capital and interest on top of that. How much you can borrow depends on two factors: turnover and profit. The main consideration for any potential lender is whether you can afford to repay the loan, turnover and profit are a good indicator of that.
The term “unsecured” is often used when talking about short term business loans, however you will normally be required to give a Personal Guarantee to the lender which is a promise to pay if things go wrong. It’s incredibly easy to get a loan these days and with most applications done in the blink of an eye online it’s important to know what you’re signing up to.
The application process for business loans is quick and efficient. Applications are often made through an online portal which throws out a quote, then information like business bank statements and accounts are provided to the underwriters, and if the loan is sanctioned funds can be in your bank account in a matter of days.
These popular loan types are typically offered on an unsecured basis meaning that you won't need to put any of your personal or business assets at risk in order to be accepted. Once the loan has been approved, funds can be transferred directly to your business bank account in as little as 24 hours.Contact Us
Multi-purpose short term business loans are available as and when you need them, complete with flexible loan amounts and transparent repayment terms.
The main benefit with a short term business loan is the speed at which they can be arranged. Business loans are available quickly and the funds can be in your bank account in a matter of days. For this reason, they can be used to meet unforeseen outgoings that appear at short notice like an unexpected tax bill.
Business loans are a very flexible form of finance and they can be used for a wide variety of reasons such as buying a vehicle, paying wages or financing a management buy-out. Due to their flexibility, they are most peoples first choice when it comes to commercial finance, however there are often other more suitable options.
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Lostock Office Park,
Ping Finance is a trading name of Ping Finance Limited which is registered in England and Wales under Company Number is 10973327, whose registered address is Ground Floor, Unit B Lostock Office Park, Lynstock Way, Lostock, Bolton, England, BL6 4SG. Ping Finance Limited is also registered with the Information Commissioner under Registration Number ZA447449.