BUSINESS LOANS

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Borrow, Start and Grow

Do you want to start your own business? Do you need funds to finance your business equipment or you need them to increase your working capital? There are umpteen reasons you will want money for your enterprise. Whatever the reason, Gizmo Cash can help your business thrive. Taking out a loan had not been very easy unless online lending system introduced.

Features:

  • Online application procedure
  • You can borrow up to £25,000
  • No upfront fees
  • No hidden surprises
  • Competitive interest rates
  • Bad credit borrowers can also apply.

Purposes:

  • Refurbish your business
  • Increase working capital
  • Hiring staff
  • Buy new equipment
  • Start up a new business

Business loans are available for short, medium and long term. They come with both fixed and flexible interest rates depending on your preference, creditworthiness and income statement. The term of small business loans varies from three to 12 months and long-term business loans are paid over an extended period. Both types of loans may carry either fixed or variable interest rates.

Fixed interest rates mean your payment will be static unless you settle your debt account, regardless of market interest rates. Variable interest rates mean your payment will vary as the market interest rate fluctuates. If the market interest rate rises, the interest payment will also go up, and if the market interest rate drops, the interest payment will go down.

THREE REASONS Other Lenders Say ‘No’ and Gizmo Cash Says ‘Yes’:

Under following circumstances, other lenders will deny you lending funds, but online lenders can prove the best alternative.

  • Cash flow problems
    If your venture does not have steady cash inflows, some financial institutions may doubt on your repayment capacity. If you need funds for your start up, you are likely to get no money. Gizmo Cash provides these loans after evaluating your affordability. We encourage young entrepreneurs to start new business because it will also create work opportunities for a large number of people. Applying for business loans for start ups in the UK are easier now.
  • Lack of collateral
    Traditional lenders allow you to have a loan only when you put a security against it. You may lose your security if you fail to repay the debt. You do not have to face these problems as we do not need collateral.
  • Poor credit score
    Other lenders approve loans only when you have a good credit score, but Gizmo Cash provides these loans to bad credit borrowers too. Let us know if you struggle to repay your debt, we will extend the repayment period.

Representative Example

Loan Amount
£50000
Loan Terms
36 months
Monthly Installment
£1909.52
Total Repayable
£68742.82
Interest Rate
22% (fixed)

What Do You Need to Get Your Business Loan Approved?

The online application procedure for business loans in the UK is as same as the procedure for other short-term loans, but the eligibility criteria and documents requirement drastically vary. The basic conditions you must follow to apply for the loan online include:

  • You must have a current account.
  • You and your business partners must have come of age.
  • Your business should be based in the UK.
  • You must be the resident of the UK.

If you meet aforementioned conditions, we will look into the length of your enterprise, turnover, bank statement, profit and loss account statement, balance sheet, and payment history. Please note that you will submit a copy of consent from all of your partners to declare that all of you agree upon taking out the loan. This condition does not apply to sole proprietors.

Your business must be at least three years old to prove that it is growing and making profits. We also consider applications from start-up business owners. In that case, you will get business loans for start ups. Since you do not have any evidence to prove your consistent growth, you will submit a business proposal in which you will explain in detail the following factors:

  • Your basic business concept
  • Your marketing and sales strategy
  • Financing needs
  • How you will use the loan
  • Financial forecast
  • How you will manage to repay the loan
  • Managerial team skills
  • Your target audience
  • How they will benefit from your product or service

If everything goes fine, we will offer you the amount that you could borrow. We will transfer funds after you have given your consent within the stipulated time.

Why GizmoCash?

Can You Take Out a Business Loan with a Bad Credit History?

Yes, Gizmo Cash provides business loans to poor credit borrowers. We follow integrity. We do not discourage our clients on the basis of credit scores as long as you make a solemn promise that you will pay back the debt. The application procedure for bad credit borrowers is the same as the procedure for good credit borrowers, but business loans with bad credit come with a bit higher interest rates. These loans do not require you to put collateral or a guarantor. However, you are free to submit the collateral to take out the loan at lower interest rates.

Whether your credit history is good or bad, it is crucial that you pay off the debt on time. You cannot underestimate the importance of affordability even if your business is successively earning profits. Before you apply for the loan, you should estimate the total cost and monthly repayments with the help of prominent business loan calculators such as Santander, NatWest, Barclays, Nationwide, and Halifax.

If you are looking to get business loans at competitive interest rates despite the bad credit score, apply here.

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