Getting quick business loans can be easy in today’s financial climate. The application process is simple, just state your desired amount, send over your business bank statements, and your finance broker will do the rest.

But to ensure the process of your quick business loan stays quick, it can be helpful to have some clarity on the terms below. Then brokers can keep their service super speedy.

Unsecured Business Loan

An unsecured business loan is a type of loan that does not require you to use any assets as security, unlike secured business loans. You agree to a personal guarantee and use the funds for business purposes.

Personal Guarantee

A personal guarantee is a legal agreement that states the business owner will pay the remainder of a loan if their business folds. They are less complex to arrange than secured loans and allow for a faster process.

Loan Term

A loan term is the amount of time you have agreed to repay a loan and its interest. The money owed is usually paid in monthly instalments.

Fixed Interest Rate

Fixed interest rate means that the amount of interest you pay on a loan is static. The economic conditions over the agreed-upon term won’t change it.

Accrued Interest

Accrued interest refers to the charge on a business loan that has accumulated (“accrued”) over time and remains unpaid.

Finance Broker

A finance broker is a person or organisation that are specialists in arranging commercial finance for businesses. Their full list of benefits can be found here.

Working Capital

Working capital refers to an injection of cash in a business that is used to support its daily operations and expenses.

Business Cash Flow

Business cash flow is a term that describes the extent to which money is readily available to a business, whether it’s for unexpected costs or day-to-day payments.

Credit Score

A credit score represents how good or bad you are at borrowing money and repaying it in accordance with the terms agreed. You can check your current credit score with reference agencies like Experian, Equifax, and Transunion.

Crispcap can check your eligibility for quick business loans without affecting your credit score.

Credit Report

A credit report is a detailed breakdown of your borrowing history and reliability. They include credit card applications, money owed, missed payments, or any notable public records that could affect your trustworthiness.

Traditional Bank

A traditional bank is a term that commonly refers to high street banks in the UK such as HSBC, Lloyds Bank, NatWest, and Barclays. Be warned, quick business loans are much harder to obtain through traditional banks because of stricter criteria and compliance.

Financial Health

Financial health is the extent to which a business is making money. You must examine turnover, expenses, and profit margin to determine financial health.

If you’re seeking quick business loans, an underwriter can determine your financial health from your last 3 months of business bank statements.

Line Of Credit

A Line of Credit is an agreed amount of available funding that you can utilise at your disposal. This finance product is useful to cover essential business costs without draining cash flow. A line of credit can be a more flexible alternative to quick business loans in some circumstances.

Approval Processes

Approval processes refer to the series of events that lead to a business owner receiving acceptance for a loan. This process length can vary depending on the lender, business health, loan amount, and loan term.

Finance Options

Finance options are the range of products available to you considering your business’s health, turnover, and credit history. Brokers will offer a variety of quick business loans for different purposes and lengths. VAT, short-term, long-term, and cash flow funding are amongst the most popular.

How Can I Get Quick Business Loans?

You can apply for a business loan in 30 seconds here. Simply give us some details about your business, and we’ll be in touch to discuss your options further. We’ve helped thousands of small businesses with funding to grow their operation and reach more customers.