Every business applying for finance through Century Business Finance is unique, with its own individual aims and requirements. However, some of the questions we’re asked are the same or similar every time – and so we’ve put together this FAQ to help customers and potential customers get the answers they need to come to a decision more quickly.
How Quickly Will I Get the Funds
Funds will usually clear to your designated account within 24 hours of approval.
What’s the Interest Rate?
The interest rate is calculated based on the strength of your company and on your personal credit history as the Director. The lower the risk, the lower the rate.
Can I Settle Early Without Penalty?
Yes, you can! The terms of early settlement differ slightly from funder to funder, but as a good general rule, you will not be required to pay interest on the full term or the term remaining. At the point of settlement, you’ll be paying off the amount borrowed and the interest accrued to that point.
How Much Can I Borrow?
As with the interest rate, the upper limit we offer is calculated based on company strength and Director’s personal credit history.
Will I Need Security/Collateral?
You do not need any security or collateral for an unsecured business loan. Instead, we simply require personal guarantees from all shareholders with over 20% of the shares. Secured loans require a first or second charge over residential or corporate property, subject to satisfactory equity positions.
Do You Charge an Upfront Fee?
We do not. All our fees are either included in the monthly payment or are paid after funds have cleared to your account.
What Info Will I Have to Provide?
As standard, we need a completed application form, a full set of year end accounts, and the last three months’ business bank statements.
Do You Give Loans to New Start Businesses?
Unfortunately, we do not.
Do You Give Loans for Buying a Business?
Yes, but only if you currently own a business and are buying another one. If you do NOT have an existing business but are looking to buy one then unfortunately we would not be able to help.
Do You Give Loans to Non-Homeowners?
Yes we can. We can lend up to £100k over a maximum period of 2 years providing you have an established business trading more than 2 years.
How Long Can I Borrow the Funds Over?
Unsecured business loans may run between 6 months and 5 years. Secured business loans could be for up to 10 years.