A business cash advance is a fast and flexible way to raise money for your retail store or online shop. You may have already contacted your local high street bank and found the process to be lengthy and outdated, failing to guarantee you the outcome you desire.
This is where our alternative method of a funding will work perfectly for you. Our business loan alternative is a perfect fit for any retailers or online store
Business Loans for Retailers
PDQ Funding offer unsecured business loans to retailers, this will allow a lump sum of money for development of your bricks & mortar shop or online store. Some lenders that offer loans to retailers often require a personal guarantee. This legal status of a personal guarantee is there so if your business was to default on loan repayments, you as the business owner becoming personally liable for paying back the money. The most traditional form of lending within this type of sector is a bank overdraft, although for larger amounts with longer repayment periods, most traders will opt for secured loans. These types of loans are commonly available from banks and other traditional lenders and will usually require a strong financial history.
The small business loan will generally provide low fixed interest rates, with repayments set at equal amounts which are repaid each month for a set period of time. Criteria between lenders varies significantly but in general but lenders will be looking to loan to businesses with a strong financial record and an excellent credit rating. PDQ Funding interest rates are comparable with an overdraft and the repayment terms will be dependent on your business structure.
Business Cash Advance for Retail Shops
This funding option is suited to businesses of all sizes, so whether you own a small or large business, you won’t be let down by our working capital product. Our Business cash advance is an alternative unsecured business loan, which means it’s a flexible funding option for you, and has no requirement to secure any personal or business assets against the loan.
Our cash advance calculates how much your business can borrow by factoring in your monthly credit and debit card transactions. The percentage of each future card sale that is repaid to your lender is agreed prior to the conduction of the loan. This means you’ll know exactly how much you’re going to have to pay back with each sale, plus you’ll know that you only start the repayments once you’re making sales.
The simplest way of looking at it is that if your retail business has a slow sales week, you’ll repay less. Therefore, you won’t be under the constant pressure of attempting to reach a certain amount of profit each week. There are no hidden costs or fees, so you won’t be on the receiving end of a nasty shock once you take out a cash advance with PDQ Funding.
- Get £5k to £200k within 24 hours
- Pay back through your future card sales
- Unsecured – there’s no worries
- Same day funding to your business
Are Online Store Eligible For A Merchant Cash Advance?
Your business is eligible for a merchant advance if you meet the following criteria:
- Your business is registered in the UK.
- You have been trading for 6 months or more.
- The business has credit and debit card transactions of £5,000 per month or more.
Documents Required to Apply
The following documents will be requested by your business manager once the online application has been completed. Please have the following documentation available:
- 6 months of merchant credit card sales statement
- 3 months of business bank statements
The advantages to unsecured business loans
In theory, unsecured loans are a less risky borrowing option because there’s no danger of losing any assets if you can no longer repay any debt you find yourself owing. They can also offer more flexibility than secured loans, with lenders tending to offer repayment terms of anything from one month to three years. This amount of flexibility is a perfect fit for many retail shop owners, as the level of business you receive may be dependent on the time of year it is and other unpredictable factors may play a part in the proceedings.
An unsecured loan basically means it’s not secured against property or other collateral, many lenders will be happy to top up an unsecured loan once a company has made a certain number of successful repayments, and will also offer repayment holidays as an additional benefit. Though, this information is likely to differ from lender to lender, so be sure to do your research before jumping into an agreement you don’t fully understand yourself.
Our quick four bullet points on things you need to know about our unsecured finance:
- Applications can take just 10 minutes to receive a lump sum of £5,000 – £200,000
- Repayments are to be made every month at a set interest rate
- The loan is unsecured, but you may be asked to sign a guarantee
- If you do not hold a great credit score, you can still be accepted
We understand that the high street is ever changing and businesses can have a difficult time keeping up with the new demands of the retail sector. So a unsecured loan may just be what you need to support your business, and even help it to take the next step. The application for business funding only takes a few minutes of your time, and a decision will most likely be made on that same day. This means that the money can be released to you, in most cases, within five days of you submitting your application.
Unsecured is great for short-term solutions
If you believe that your retail store business could benefit from a short term boost of funds, then the unsecured business loan is likely the best option for your venture’s situation. The option of an injection of short term capital could be chosen for many reasons by business owners. It may be because you need to stabilise your company after a rough period, such as a dry sales month, or just that you can see ways to advance your company that are just a little out of budget.
The short-term unsecured business loan is far easier to make repayments on than other shorter-term options, this is because there will obviously be less payments to actually make, and the loan itself will normally be for a much smaller amount. Choosing an unsecured loan from PDQ Funding is a great opportunity for retail and online shops to upgrade their business model, or make quick fixes they need to make in order to ensure the future is bright and to maximise cash flow. It’s important to remember that making regular updates and upgrades to your venture can keep current customers enthralled and excited to shop with you, but also attract newcomers to your company, presenting you with new avenues of income and funding.
We’ve helped thousands of businesses just like yours get the funding they need for:
- Training new staff
- Purchasing new stock or equipment
- Refurbishing premises
- Helping with cash flow
- Building a new website
- and even more
Business loans or cash advance can be used for many different purposes. You may wish to use it to invest in new stock, move your business to a new location, or help to cover your payroll costs, it’s entirely up to you. You can apply for a free no obligation quote today and find out if your business qualifies for our services.
How to apply for a retail funding:
Visit our application page and provide the relevant information. This will ensure that we match you with an ideal lender. We will then ask you for further information about your business. You’ll need to be ready to tell us the following:
- The name of your business
- How long you’ve been in business
- Your average monthly card sales
- Amount you are looking to borrow and over what period
Will will then require a few personal details, so please be ready to tell us:
- Your title, along with you first name and surname
- Position you hold within the business that is seeking a loan
- Email and telephone number, so that we can stay in further contact with you
Read through our terms and conditions carefully, and if you’re happy to continue, click ‘get a quote’. From here your application will be processed and reviewed by a member of our business finance suppliers team, who will help you find the correct lender for your emergency business loan.
We will then be in touch with you to confirm the conditions of your business loan agreement.
Once the application is complete, it will be sent off and approved by a lender. You can then have a discussion with them regarding the terms of the loan. These terms will include interest rates, as well as how much the borrower will repay each month. The loan is then provided to you on an agreed and transparent basis. As a lender we support the growth of business with our retail merchant services cash advance.