Unsecured loans are now freely available to UK based businesses at competitive rates to what the hight street banks charge. Alternative Business Funding shock the lending market up and the products have grown and developed from that day. The days of a business having to provide assets and security to gain access to business funding have gone. A unsecured business loan is a flexible bolt on for any business that needs a modern day business funding solutions. PDQ Funding offer Unsecured Business Loans or Alternative Business Funding product called Merchant Cash Advance.
Merchant cash advances are entirely based on the future debit and credit card transactions of the business applying for the funding. This fast and flexible finance alternative to the traditional bank loan is popular with businesses.
What Benefits Do Unsecured Business Loans Have?
Small businesses like unsecured business loans, because you’re safe in the knowledge that your home will never be at risk should anything go wrong. Unsecured Business Loans often come with things that are disadvantageous to small businesses such as APR, fees, hidden charges and fixed monthly payments. Business loan interests rates vary but most are paid monthly, should you fail to make a payment the charge roles over to the following month. Merchant Cash Advance is an alternative funding solutions, as you won’t be charged any penalties, and it’s unsecured, meaning your home will never be at risk, a major advantage that a secure loan does not have.
PDQ Funding have developed a better approach to finance and funding for small businesses in the UK. Alternative business Funding is available to you if you have been trading for over 4 months and take at least £3,000 in customer debit and credit card transactions per month. This will allow you a cash advance of between £3,000 to £200,000. There are no need for business plans or personal guarantees with our short term small business loans
The cash advanced amount will depend on your average monthly credit and debit card takings. The repayment amount is fixed, and comes off every transaction you take, so if you don’t take any payments, you will not have to make a repayment. This means you only pay us when your customers pay you. This is agreed with you upfront with no interest or APR, late fees or penalties. The advance is classed as a short term loan as its term time is 18 months maximum.
How Does Alternative Business Funding Work?
Step 1 – Qualify for up to 100% of your average monthly credit and debit card transactions. For example, a business that – on average – receives £10,000 per month through its card payment terminal, could qualify for a cash advance of £10,000.
Step 2 – We agree on the total repayment amount in writing
Step 3 – You repay via a fixed percentage that is automatically collected off your future debit/credit sales, usually about 15% with no fixed term or fixed monthly payments. For example, if a customer pays you £100, £85 would go to you and £15 would automatically go back to the Merchant Cash Advance direct lender.
Benefits of a Merchant Cash Advance
Advantages of using a merchant cash advance for your business:
- No fixed repayment periods
- Ideal solution for companies with high seasonality and fluctuating cash flow
- Automated process with no manual payments from the customer
- You only pay as you trade; when the business is quiet, you pay less
- Top-ups available after 4 months
- Better working capital cash flow
- We can work with all card payment terminal acquirers
- No collections off cash payments
How Do We Apply For A Unsecured Business Loan Alternative
Limited companies register in England, Scotland, Wales and Northern Ireland, sole traders and partnerships are welcome to apply for the unsecured business loans alternative. Since we started we have offered merchant cash advances for restaurants, hotels, public houses, hairdressers, beauty salons, service providers with a unsecured business loan alternative.
If you want to apply to grow your business and get a quote, please make sure you are aware of the following qualifying criteria and trading history we use:
- Minimum of 4 months trading through PDQ machine
- Minimum turnover of £5,000 per month through card terminals
The Process is so simple to gain a small business loan alternative, simple complete our online enquiry form. Once this is received a funding solutions specialist will call you, talk though all your options and answer any questions you may have.