What is a Business Cash Advance?
A business cash advance is an alternative to a traditional unsecured business loan. It unlocks cash from your business by using future credit/debit card income. This means that no security or collateral is required. It is a useful tool to consider when you need fast access to business finance to enable growth. Repayments are made as a percentage of future income so there are no fixed monthly payments. We only get paid when you get paid.
How do I apply?
Simply fill in the form on the Apply Now section of this website. One of our team will contact you and discuss the amount of your advance and repayment schedule. Our Belfast based customer services team is available to answer any questions and guide you through the process – Telephone 028 90 99 24 80.
How do I know if I qualify?
You must be in business for more than 12 months, have at least £3,500 of credit/debit card sales per month, and meet other simple requirements. You can check if you qualify by clicking here or by phoning us.
How much could I qualify for?
The total amount that we advance is based on your recent credit/debit card turnover. A typical Business Cash Advance is between £10,000 and £20,000, but we have advanced as little as £3,500 and as much as £200,000 – it all depends on your turnover from credit and debit cards.
Are there restrictions on the advance?
No. You can use it for anything you like. There is no need to produce a business plan in the way that a traditional lender would require when considering an unsecured business loan.
What can I use the money for?
Most of our customers use the extra funds to invest in the growth of their business. You may need extra space or want to refurbish your premises. Customers have also used our funding to help market their business or to train staff. Alternatively, you may want to pay off debt, or fund a seasonal investment in stock.
How do I get the money?
Your Business Cash Advance is automatically transferred to your account within 10 working days. If you are not a customer of Lloyds TSB Cardnet or Elavon we will make an introduction so you can switch from other providers, it is easy to do and our trained team of advisers will guide you through the process.
Do I need to have a Lloyds TSB Cardnet or Elavon account?
Yes, our service is provided in partnership with Lloyds TSB Cardnet and Elavon. But do not worry if you are not a Cardnet customer – you can still take a Business Cash Advance from us. We will simply work with you to switch your account to Cardnet – It is a simple process and our staff are experienced in it.
How does the repayment process work?
Repayment is made by automatically debiting an agreed percentage of your card sales. There are no fixed payment schedules; you pay when your customers pay. We handle the repayment process for you so you can concentrate on running your business.
Are there any other fees to pay?
No, there are no hidden fees or charges.
Will I get a monthly statement?
Do I have to provide security?
No. We assess your application based on your previous card receipts and do not take collateral, i.e. a charge on property or over any other assets of your business. However, if you are a limited company a personal guarantee will be requested.
Is there a time limit on repayments?
No. Your repayments are taken as a percentage of the amount of business you do on your card transactions. You pay when you earn.
Can I get traditional banking products from Business Cash Advance?
No, the Business Cash Advance Service does not offer other financial products.