What is a Business Cash Advance?
A Business Cash Advance offers a flexible alternative to traditional Unsecured Business Loans for small and medium-sized business owners. It’s a straightforward way to obtain Business Funding to more efficiently manage your cash flow. With an unsecured Business Cash Advance versus an Unsecured Business loan, the loan application process is quick and easy, bypassing cumbersome red tape that you would typically encounter when applying for a secured bank loan.
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How do I apply?
It’s easy. Simply fill in the Apply Now form here on this website. One of our team will contact you to discuss the amount of your advance and how repayment works. Our London–based customer service team is ready to answer your questions and guide you through the process. Chat Online or call 0845 082 6087 to speak with a service representative.
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How do I know if I qualify?
To qualify, you must have been in business for more than 12 months, have at least £3,500 of credit/debit card sales per month, and must meet other simple requirements. See if you qualify or phone us at 0845 082 6087.
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How much could I qualify for?
The total amount that we advance is based on your recent credit/debit card turnover. A typical Business Cash Advance is between £10,000 and £20,000, but we have advanced as little as £3,500 and as much as £100,000 – it all depends on your turnover from credit and debit cards.
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Are there restrictions on how I use my cash advance?
No. You can use your money for anything you like. You won’t need to create a business plan which traditional lenders typically would require when considering an unsecured business loan.
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What can I use the money for?
Most of our customers use their extra funds to invest in the growth of their business. You may need extra space or want to refurbish your premises. Customers have also used their cash advance funding to help market their businesses or train staff. Some customers use the money to pay off debt, or purchase seasonal stock.
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How do I get the money?
Your Business Cash Advance will be automatically transferred to your account within 10 business days.
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Do I need to have a Lloyds TSB Cardnet account?
Yes, our service is provided in partnership with Lloyds TSB Cardnet®. But don't worry if you're not a Cardnet customer yet. Our staff will help you make the switch to a Cardnet account, guiding you through the process. It's easy.
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How does repayment work?
Repayment is linked to your credit and debit card sales. Payments are automatically debited based on an agreed percentage of your card sales. There are no fixed payment schedules. You pay only when your customers pay. We handle the repayment process for you so you can stay focused on running your business.
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Are there any other fees to pay?
Other than the up front negotiated factoring fee there are no other costs or charges to be paid
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Do I have to provide security?
No. We assess your application based on your previous credit and debit card receipts but don't require collateral. That means we don't secure your cash advance with your property or any other business assets you may have.
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Is there a time limit on repayments?
No. Your repayments are taken as a percentage of the amount of business you do on your card transactions. We get paid when you get paid.
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Can I get traditional banking products from Business Cash Advance?
No, the Business Cash Advance Service does not offer other financial products. Cash advances are our entire focus.
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