What can a business loan be used for?
NCF Unsecured business loans can be used to cover a wide range of requirements for your business. From expansion to stock purchases, from working capital to a tax bill an NCF Business Loan can help you spread the cost of key area of expenditure in your business. Loan terms typically range from 6 months to 5 years.
Does my Business qualify for a business loan?
To be eligible for our loans your business needs to be trading for a minimum of 18 Months and have a turnover in excess of £80,000.00
How long can I borrow my business loan for?
From 6 months to 5 years.
What Interest rate do you charge on loans
All our loan products are subject to the status and credit worthiness of your business but typically rates start from 6%
What information do I need to provide for a business loan
We require a full set of the most recent year end accounts and the last three months business bank statements in an acceptable format to progress your application and in certain circumstances management accounts may be required.
Details of how to download bank statements in acceptable format can be found here
What sort of equipment can I finance?
Any equipment, machinery, vehicles or even shop fitting & building works. We can also include delivery and installation as part of the finance package.
What Terms can I lease my equipment over?
Agreements run from 12 months to 5 years, making this is very flexible option rather than an outright purchase
What information do I need to give to get approved?
In some instances we would require no financial information from you as the information can be obtained through the credit searches we do or via companies house if you are a Ltd Company, but in most cases two months up to date business bank statements and a set of year end accounts is all we require.
How long does it take to get approved?
Our process is extremely quick and in most cases funding can be agreed within 4 hours, meaning you do not have to wait long periods of time to complete your asset purchase
Will there be Vat on my monthly payments?
Yes, on a finance lease agreement all monthly payments will carry Vat at the standard rate. This is fully reclaimable in the normal way providing your business is VAT registered. On a Hire Purchase agreement the VAT is payable up front meaning there is no VAT on the monthly payment.
What rates do you charge on your finance agreements?
On a finance lease agreement there is not an APR as it is a hire agreement. However if you add up all the payments that you are making this will tell you how much you are paying back. On a Hire Purchase agreement rates start from as little as 3%.
Can I refinance my equipment purchases?
Nationwide Corporate Finance provides a variety of products to help you with this in order to free up equity in your existing equipment.
What Terms can I refinance my equipment over?
Agreements run from 12 months to 5 years, making this a very flexible option, for raising capital.
Will there be Vat on the amount I receive?
On refinance packages and sale and lease backs, any money you receive from us will be an inclusive of VAT amount and therefore will give you a VAT liability at the standard rate on the sale of your goods to us. You will claim back the VAT element on the monthly repayments
Getting a business loan shouldn’t require a team of financial experts and months of effort. Over the past decade, a number of lenders have cropped up to provide up to £500K ...Read more »