What happens if I don’t pay back?
We pride ourselves on being completely open and transparent with our customers. If you experience financial difficulty we will always try and agree a suitable payment plan with you if you are struggling to repay the loan. Where a repayment plan cannot be agreed, as a very last resort we do have the legal right to recover the secured goods without a court order. However, we do everything in our power not to let this happen and to work with you to repay the loan.
Will I have to give to a personal guarantee?
Yes you will. In order to complete the loan application, we will require a personal guarantee. We believe this cements our relationship with you and provides us with the satisfaction that you have every intention of repaying the loan on time. Again, if you fall on hard times we will work with you to come up with a suitable payment plan rather than enforcing the personal guarantee. The personal guarantee will only come into force where the loan is not paid on time and the company fails to enter into a repayment plan.
What do I need to apply for a Little Business Loan?
You need to be a limited company registered in England and Wales. Each Director of the business must be over 21 years of age and a resident in the UK, with access to the main business bank account. The business must also have a business debit card attached to the main business bank account. The business must have sufficient funds to cover the weekly repayments. In addition, the business must have sufficient assets to be secured against the loan. The main applicant must also provide a personal guarantee.
How much Does the Loan Cost?
The total repayment price of the loan is the initial loan amount plus the daily/weekly/monthly repayment fees. In addition, where you cannot repay the loan on time, extension fees are incurred. To make payments on your outstanding loan, please call 0121 246 1821.
Can I repay the Loan Early?
Yes, absolutely. There are no extra charges for repaying the loan early. You can pay the loan in part or in full before the repurchase date. Best of all, if you repay 7 or more days early you will receive a discount as the fees are charged weekly. If you would like to make an early repayment, please call 0121 246 1821.
How Do I Repay my Little Business Loan?
You just need to make sure the required funds are available in your bank on the date the payment is due. Repayments are made by continuous payment authority using your business debit card. If we cannot collect the money you owe at first, we may make further attempts to collect the money from the debit card we have on file for you. To make an early repayment in part or in full, please call 0121 246 1821. For security reasons, please do not send us any details regarding your bank account or debit card via email and SMS text message.
Do you require a Credit Check?
Yes, we carry out a credit check on the business. A full credit check is not carried out on the directors or the shareholders of the business, however we do a soft search on all directors of the business. This will not leave a footprint on your credit file.
What Personal Information do you need?
We will require details such as the business name and address, the business registration number, your name, address and phone numbers, and also details of your business and personal bank accounts. This information allows us to determine who is applying on behalf of the business and whether our service is suitable.
Can my Business apply for a loan if it has no Assets?
We secure the loan against your business assets. If the company does not own any assets, then unfortunately this service would not be suitable for your company. If you are unsure whether the assets the business owns would be suitable, we would be happy to discuss this with you.
Can I repay a Little Business Loan by Bank Transfer?
The easiest and most convenient way to repay the business loan is by debit card. However, you can also repay your Little Business Loan by bank transfer, using the details set out below. Where a bank transfer is made, you must either email or call the office to notify us of this so we can allocate the funds to your account. The funds must clear into our account by 5pm on the repurchase date. Please note, some bank transfers can take up to 3 working days to clear. Payments made by faster payment should clear on the same working day. Please ensure you reference number is on the bank transfer.
Bank: Barclays Bank | Sort Code: 20-07-82 | Account Number: 53986527
If my Business is in Debt can I still apply?
Our service is not designed to help repay or manage existing debt. If the business is already in financial difficulty, please do not apply unless you are confident the business can make the repayments due on the repayment dates. Please think carefully about the financial situation of your company before you apply and commit to a Little Business Loan.
How long will it take to get the Little Business Loan?
We transfer the funds into your business bank account within 24 hours of our meeting, where the application is successful. We will send you an email to let you know your funds are on their way.
Are there charges for Missing Payments?
If we cannot collect the full amount of the payment agreed by 10am on the repurchase date a £25 charge will be added to your account. This will be in addition to the £10 per day extension charges that will apply, where the loan is not repaid in full on the repurchase date.
If my application is unsuccessful, can I apply again?
Yes, of course. If your business circumstances change, we would be happy for you to apply for a Little Business Loan again.