No. It’s completely unsecured and based solely on your historical card turnover

The amount available depends on your average monthly turnover from the last 9-12 months. The minimum amount is £3,000 and the maximum is £500,000

A Merchant Loan is vey forgiving of most adverse credit histories. In the past we have got Merchant Cash Advances for businesses with CCJs and defaults, businesses run by those in IVAs and even run by ex-bankrupts.

A fixed fee is added to your advance ands this is usually 25-38% to give you the total amount you need to repay. There is no other set-up, admin, documentation or broker fee – that’s it. So, as an example, if you take a £10,000 advance you would probably have to pay back £13,000 (assuming a 30% charge)

You agree to give a small percentage of your card takings towards repaying the advance. this is usually 10-20% and your system is set up so it is automatically deducted form each trisection so you don’t have to make a weekly/monthly payment. For example, if the deduction percentage was 15% and someone spent £100 in your business you would get £85 and £15 would go towards reducing the balance you have to repay. When the advance + fee is paid off you go back to getting 100% of all takings.

No. You can stay with your current provider.

No, it shouldn’t. Your takings should still appear in your bank account 3 days after payment was received. The only exception here is if you currently get your money on a next day basis (HSBC and some other banks can facilitate this) in which case the payment would drove to being 3 days

A Cash Advance can be ‘topped-up’ once you have paid back about half or two-thirds of the advance you’ve taken. It remains a facility you can dip into in the future if you need more funds.

We can look instead at a Revenue Advance (based on sales) or a Short Term Unsecured Business Loan. Call us on 01494 410 125 to discuss.

Yes, we have a wide range of business finance options. Please call us on 01494 410 125 if you’d like to know more.