- What is the purpose of the business loan
Cashflow, unexpected bill or an asset purchase, if the latter then you may want to consider asset finance, it may potentially be a better product for your business.
- Work out how much you are looking to borrow
If you are looking for a business loan for cashflow purposes, then you may want to use a qualified professional to assist with a cashflow forecast to work out what the potential borrowing will need to be.
- Calculate what you can afford to repay
Work out what the business can afford to repay monthly, remember that though a longer term may bring the monthly payments down, you will pay more in interest over that longer term.
Again, we recommend talking to a qualified professional to assist with this.
- Decide between a secured or unsecured business loan
Some of our lenders will offer both unsecured and secured options, we recommend that you always take independent legal advice before proceeding.
- Understand the fees and charges
Make sure you understand the true cost of any business loan by comparing all the fees and charges.
Not all, but most of our lenders do charge an arrangement fee for unsecured and secured business loans, these will be provided to you with any conditional offers that you may receive.
Please remember that any offer you receive is non-obligatory and you do not have to proceed.
- Speak to our business managers
If you have any questions or queries about an offer that you have received, then please do not hesitate to contact one of our business managers on 01908 880420.