Business start up loans is funds that help you in providing financial help to start a new business or expand the existing one. These loans are meant for the businessmen who need quick and hassle free financial assistance.
Insufficient funds are one of the foremost causes of business failure. Business start up loans is helpful for building a business and also to purchase furniture, machinery, fixtures, and other equipment. These funds can also be useful for construction, leasehold improvements or renovation of the business. These funds can also be used as working capital to run the enterprise.
These advances are classified as secured loans and unsecured loans.
Secured loans require you to place some kind of a security as collateral against the loan offered. Lender is at the safer side by pledging the property which enables him to provide less interest rate. You can grab the loan amount ranging from 500 to 100000. The lender offers a long term to refund the credit which stretches from 1 to 25 years.
Unsecured loans help you avail funds without pledging any collateral against the loan offered. You can grab sufficient loan amount ranging from 1000 to 25000 and the repayment tenure stretches from 1 to 10 years. You will be charged a bit high rate of interest due to absence of collateral
The eligibility criteria are as follow.
The borrower must be above 18 years.
The borrower must be citizen of UK
The borrower must be employed in reputed organization
The borrower must earn income minimum 1000
The borrower must have an active checking account.
Applying for business start up loans is very easy as it is a fast and a convenient process and requires minimum documentation and effort. Single form needs to be filled and if the application is approved, the money is directly deposited into your checking account.
A good search needs to be done online before applying for these funds to avail quotes from different lenders which will help you in applying for the best one.
People with bad credit history like defaults, arrears, late payments, missed payments and bankruptcy can also fulfill your requirements by these funds and improve the credit score.