Are you an entrepreneur looking for funds to start up a business of your own, but are finding it difficult as lenders are not willing to grant you loans because of bad credit history or simply the fact that you do not have any type of collateral to place as security? Small business loans will prove to be exactly what you need.
Funds are available for all entrepreneurs regardless of the type of company you want to start up. You can chose to spend your money on anything you like as there are no restrictions at all. Be it machinery or simply to pay your workers until you start making profit.
You can avail anything from 500 up to 500,000 with a repaying period of anything between 5 to 25 years. You can further extend the contract if you feel you may not be able to repay the amount by the agreed date, your lender must agree though.
If you are a non-homeowner this fund will work to your favour, you do not need to place any type of security. Therefore reducing risk for you, however you might have a comparatively higher interest rate to pay.
If you are confident about paying the loan back then you can simply apply for a secured fund, you will have to put collateral on stake, however your interest rate will be relatively lower as your lender is at a lower risk.
Eligibility-
You must be 18 years of age or above
You must be a citizen on the united kingdom
You must have a valid account
You can apply for fiscal allowance online. It is simple and easy. Just follow the online instructions to fill the application form.