Time Finance may be a place to turn for funding when your business is too small or new to qualify for lending from high street banks like NatWest, HSBC, RBS, or Virgin Money with which you hold an account. ![]() What are the advantages of borrowing from Time Finance? Use the online form to initiate contact – a relevant branch will then get in touch with you. Time Finance tailors its loans to bespoke business needs, so you will need to speak to somebody at the company to progress with your application. How do I apply for a loan from Time Finance? To qualify for a secured business loan, your company must be active and trading, and you need to be listed as a director. Secured lending terms are a little more flexible, and if your business has a low credit score this may be the only option open to you. If you wish to take out an unsecured loan with Time Finance, your business needs to have been trading for at least two years with a clean credit history – no active defaults, CCJs, or IVA or bankruptcy orders. Will I be eligible to borrow from Time Finance? Some business models may require a fleet of vehicles to provide essential services, or you may wish to purchase a company car to protect your personal vehicle’s value.Ĭonsider why you will be asking Time Finance for a loan before approaching the company to stand the greatest chance of your application being accepted. Invoice financing is a short-term bridging loan that provides you with up to 90% of funds you’re awaiting from outstanding bills, to be settled when your invoices are paid. Until invoices are paid by clients and customers, business income is purely hypothetical. If you already have everything you need to run your business, you can use these assets as collateral to gain access to greater funds on a secured loan basis. This loan is designed to help a small business owner purchase everything they need to start or expand their business, such as workplace furnishings or technology. You may wish to apply for a loan to cover payroll while expanding, settle a sizable HMRC bill, or lay down a deposit on a business premises. There could be any number of reasons why a business may be looking to borrow money, and Time Finance will consider any request. Loans from Time Finance come under five core categories: Type of loan What I can I use funding from this lender for? If you fail to keep up with repayments on a secured loan, the lender can take you to court and order you to sell your property, settling the balance using equity from the sale. You will need to place a personal property (either a residence or buy-to-let investment) up as collateral to gain access to this loan, and this property must have sufficient equity to cover the balance of the borrowing. Secured loans are available for sums between £35,000 and £250,000, under the same repayment terms – the longest you can take out a secured loan is five years, though interest rates may be lower. If you fail to keep up with repayments on your loan, your business will have a default placed against it, drastically impacting your creditworthiness. Repaying your loan over a longer period will result in smaller monthly repayments, but the loan will cost you more in interest over the long term. ![]() ![]() You will be eligible to borrow between £10,000 to £25,000, over as little as one year or as long as five years. ![]() Unsecured business loans can be taken out without risk to personal or company assets. Popular business banking options comparedĪs discussed, Time Finance specialises in unsecured or secured loans for businesses.Ĭreate a new website in 10 minutes. Trading since 2008, this lender specialises in helping new ventures get off the ground, providing the funding required to launch and grow a venture in its earliest days of trading. Time Finance is an independent finance provider that offers secured or unsecured business loans to small businesses. Video can’t be loaded because JavaScript is disabled: Choosing a business bank account () Video: Choosing a business bank account Who is Time Finance?
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