When you have determined to use for a enterprise mortgage with LendingCrowd, right here’s a fast information to the method, together with our eligibility standards and the knowledge you’ll want to provide alongside along with your software.
Is my enterprise eligible to use?
LendingCrowd can present quick and versatile enterprise loans of £75,000 to £500,000 to restricted corporations and restricted legal responsibility partnerships (LLPs) which have been buying and selling for no less than two years. Candidates have to be primarily based in England, Scotland or Wales.
We’ve got some simple standards for these making use of for a LendingCrowd enterprise mortgage:
- Annual turnover of no less than £100,000
- Two years’ buying and selling historical past
- No lively county court docket judgments of over £1,500
- No failed companies within the final two years
- We don’t lend to property growth or property funding companies
If your small business meets our eligibility standards, the following step is to register for a LendingCrowd account. Then you definately’ll be capable to apply for a enterprise mortgage utilizing our modern on-line platform.
Upon getting all the knowledge handy, you possibly can apply for a enterprise mortgage in just some minutes.
What info will I would like to supply?
- Names, addresses, telephone numbers and electronic mail addresses for all administrators/members and shareholders who personal 25% or extra of the enterprise
- How a lot you need to borrow and the way you propose to make use of these funds
- Particulars of any present borrowing, akin to different enterprise loans, overdrafts or bill finance services
- Final two years’ filed accounts (final one not more than 15 months previous)
- Most up-to-date three months’ enterprise financial institution statements
- Administration info (if obtainable)
Will I would like to supply a private assure?
Administrators, members and shareholders should exhibit they’ve belongings overlaying 50% of the enterprise mortgage. 100% protection is required for third-party guarantors and for loans in our C+ Danger Band. (You’ll discover out which Danger Band your small business is in as soon as we’ve carried out our preliminary checks.)
If there’s a couple of guarantor, we’ll take into account the mixture worth of the belongings throughout all of the guarantors.
Please be aware: a cost or asset safety could also be required along with private ensures for loans above £350,000.
How a lot can I borrow with LendingCrowd?
Restricted corporations and LLPs can borrow from £75,000 to £500,000. Our quick and versatile enterprise loans provide:
- Mounted month-to-month repayments of capital and curiosity
- Rate of interest is fastened at first of the mortgage
- As much as 5 years to repay
- No charges for early settlement
- No charges for overpayments* to cut back the mortgage time period and whole curiosity paid
*Minimal £5,000
It takes simply minutes to use for a LendingCrowd enterprise mortgage – begin your journey immediately.
Please be aware: all functions are topic to LendingCrowd’s threat urge for food and might be topic to clearance of AML and Cifas checks.
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