startup loans

Why Do You Need Start-up Loans in the UK?

Taking your company up to the new level and commercial success is nothing like a challenge for you. Most successful businesses have shown their dedication and focus on tasting that success.

You can also do that, but wait! Do you have enough funding to run your start-up in the development way? You may have many plans, but the lack of funds is restricting you from implementing them.

In such a scenario, you need a source to generate sufficient funding to fill the gap while starting a specific project or making a significant investment.

Start-up loans in the UK can play a vital role as the funding source and plan everything to walk smoothly on the development path.

A start-up loan is a form of a business loan to fund the establishment of a new company or finance the business needs of a start-up company like purchasing equipment or hiring staff for a particular project.

At EasyCheapLoan, we are dedicated to helping the business aspirants to fund their growing company in the UK. The interest rates are competitive in the market, and repayments are flexible to suit everyone’s budget.

Other key benefits of our loan deals are:-

  • 100% Online Loan Application
  • Same Day Loan Approval
  • Fund Transfer within 24 hours
  • No Personal Guarantee
  • Loans for any Business Need 

What Are New Business Start-Up Loans Ideal for You?

Attracting lenders to fund your start-up largely depends upon the kind of deal you want to have. A proper analysis is a must from your end so that you can have suitable start-up business loans.

As the responsible direct lender in the UK, we suggest some valuable pointers that definitely help you in this regard:-

What is your loan purpose?Lenders may not be interested in your loan purposes, but you should have a clear plan of borrowing as the borrower. It may further help you to borrow for the necessary expenses and planned everything for start-up growth.

How Much Do You Want to Borrow? Your expenses might not need thousands of pounds or may need a few pounds to sustain the balance. This thing is crucial to get the loans on affordability, and you can manage the flexible monthly instalments alongside necessary expenses.

What would be the repayment term?It is essential to know what would be the ideal loan repayment term. You should understand that any missing repayment can harm your business credit score. Choose such a term in which you can easily manage the instalment.

Ask these questions to yourself before submitting the business loan application. Lenders are also satisfied that they are funding those borrowers who can handle the loan.

What Factors Determine the Application for Start-up Loans?

At EasyCheapLoan, we have brought a much comfortable and affordable way to apply for business start-up loans. You only need an internet connection to your laptop or Smartphone to submit the loan application.

Same day approval and fund disbursal add more to our straightforward process. Still, some factors determine the approval of your loan application. However, they do not affect your loan chances but significant for the guaranteed loan approval.

These three factors are crucial to your loan chances:-

Personal Financial Capacity

Your personal affordability matters a lot in attracting loan approval from the lenders. As the start-up loan is for business purposes, you must have the idea of your capacity to repay the loan.

We provide the loans on affordability. It means we first analyse your loan application and then finalise the loan terms. Such lending norm helps in managing the loan repayments throughout the period without affecting the savings.

How Strong Your Credit Score Is

Another primary factor that has a direct impact on your loan application is your creditworthiness. We have not made the credit score as the sole factor for the business loan approval. At the same time, we still want that each borrower can improve his/her credit rating.

Most times, we follow the soft credit check process to allow smooth approval. We may practice no credit check but only when your business shows a good credit performance in recent times.

How Much Business Viable Is

You may have just started your company, but it should have relevant plans to grow further. We have given you the freedom to use the borrowed money for any commercial purpose, but we may want your business plan.

We have good intention with your plan. It helps us to frame the loan deal that can assist in your business development. For example, we can offer you flexible repayments, which do not put an extra burden on your income.

What makes unsecured business start-up loans different from secured ones?

Like personal loans, the start-up loans are also offered in both secured and unsecured form. It depends upon the capacity and the current needs of the businesses that which form they will prefer.

If they have the assets and the need for long-term funding, then secured business loans for start-ups are a perfect choice. On the other hand, if there are a financial emergency and the necessity of quick money, thenunsecured start-up business loans in the UK will do the favour for you.

Unsecured Start-Up Loans Secured Start-up Loans
Loans are ideal for the urgent expenses that businesses have to pay off. These funding sources are perfect for long-term business purposes.
Loans are comparatively shorter than the secured ones, but they end early. The loan term usually goes longer but carries small monthly instalments.
The interest rates usually remain slightly on the higher side because of no security is pledged. Interest rates are lower as the borrowers have pledged the assets to secure the borrowed sum.
Businesses with bad credit score can easily apply as the approval comes on their annual turnover. Usually, businesses with a good credit score are preferred as the loans get longer and lender needs surety of loan repayments throughout the period.
As no collateral is there, the lender may ask for the personal guarantee. The personal guarantee may not be required as valuable assets already secure the loan.

How AreBusiness start-up loans Practical for bad credit in the UK?

With the significant gap between earning and spending, most small businesses in the UK struggle to keep their credit scores to the satisfactory level.

The traditional institutions may not be interested in your loan application because your creditworthiness is not so great. Here, the direct lenders can offer you nice alternatives.

We have already prepared a specific deal on bad credit business start-up loans on guaranteed approval in the UK. Whether you are the first-time borrower or having the low credit issue, these loans will work for you as we have made them available on competitive APRs.

Other loan features of these bad credit start-up loans are:-

No Credit Score Check: We may not check your credit score with the condition that you have previously applied for a loan with us or your recent credit performance shows significant improvement.

No Guarantor is Required: Since you are borrowing with low credit scores, the borrowed amount will not be huge that further helps in quick approval as we do not need any guarantor to back you.

Approval on Business Income: We take your monthly business income as the surety of repaying the loans. Your past credit history does not matter for us.

An Important Note: As you have the bad credit issue, we suggest you not borrow beyond your financial capacity. Borrow within the limit and repay the loan quickly.

What are the Repayment Rules on Small Business Start-up Loans?

Now you have easy approval on your start-up loan application. The time has come for you to repay in the form of monthly instalments.

With us, repaying the loans is not challenging because we have specific loan repayment rules, which suit everyone irrespective of the credit score.

It will be better for you to use the business start-up loans calculator. It will help you to judge how much interest you have to pay for a specific loan term.

  • Monthly Repayments

The most preferred repayment mode is month by month. Once you receive the desired funding to your bank account, you can pay monthly instalments on a particular date. However, if you do not want a specific date in a month, we are also open to it.

You can opt for our automatic deduction option, as it will help you not miss any repayment.

  • Quarterly Repayments

We also have the option of quarterly repayment option but only for those businesses that have completed at least two years of accounts.

These companies should have a minimum turnover of £150000. They can share the proof of their annual income to us, and we will consider their loan applications for the quarterly repayment option.

Here also, we have the automatic deduction option.

  • No Early Repayment Charges

Unlike other direct lenders, we do not want an early repayment charge if you have continuously made the repayments the first year of your loan term.

This facility comes even if your business has a low credit score. However, we expect you to tell us early if you want to pay off the loan before the end date.

5 Features that EasyCheapLoans Assures on Start-up Loans

EasyCheapLoan is indeed a committed provider of comfortable and affordable loans in the UK.

We are the new-age start-up loans companywhere the expertise meets practicality of borrower-friendly loan deals. We stand for you when your company needs a financial push to grow ahead.

Personalised Service: You may need financial assistance for your business, but we provide you loans on personalised service. We care for your finances and thus committed to affordable loans.

Fixed & Flexible Terms: To follow our doctrine of ‘everything is for everyone’, we offer both the options of fixed and flexible loan repayment terms. Choose any of them and repay easily.

Instant Response to Loan Query: Our loan experts are always alert to provide you with instant access to funds. As they receive your loan application, they quickly respond to you with an obligation-free loan quote.

Better Interest Rates than Market: We are also dedicated to providing you with better interest rates than any other private lender in the UK market. Our each start-up loan deal has competitive interest rates.

Easy-to-be-Eligible & Easy-to-Submit Application:We offer you the digital platform to apply for our start-up loans. Make the full use and get the funds relatively early to sort out planned and unplanned expenses.

Are you interested in applying for our start-up loans? Click here and get approved now.

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