Table of Contents
- 1 Welcome to Fast Forward Finance
- 2 What is a Business Line of Credit?
- 2.1 What is the Difference Between a Business Line of Credit and a Business Loan?
- 2.2 How does a Business Line of Credit work?
- 2.3 Related Links
- 2.4 Business Lines of Credit for your Short-term Finance Needs
- 2.5 Who are Business Lines of Credit for?
- 2.6 When Should you use a Business Line of Credit?
- 2.7 How Business Lines of Credit can help your Business
- 3 What’s the Typical Interest Rate for a Business Line of Credit?
- 4 Business Line of Credit Calculator
- 5 What are the Eligibility Criteria for a Business Line of Credit
- 6 Advantages and Disadvantages of a Business Line of Credit
- 7 What can you use a Business Line of Credit for?
- 8 Some of the Sectors we lend to:
- 9 How does the Application Process for a Business Line of Credit work?
- 10 How to Apply Online for one of our Business Lines of Credit
- 11 Want to Check your Eligibility Before you Apply for a Business Line of Credit
Welcome to Fast Forward Finance
At Fast Forward Finance, we think it’s unfair that businesses should be held back by a lack of funding and having worked with a lot of small businesses over the years, we know that there is a simpler way for businesses to access the funds they need to grow.
So, whether it’s a company overdraft, asset financing, or cash flow support, we aim to be the brokers who are trusted by many companies in the UK to help them source the capital they need to keep their business afloat. If you are in the market for a suitable business line of credit, get in touch with us so we can work something out for you.
A Trusted Capital Source for over Xnumber of Businesses
At Fast Forward Finance, we aim to be known all over the country as one of the trusted sources for business capital. We are passionate about helping small business owners access the money they need to maintain their businesses. Get in touch with us if your business needs funds for any purpose. We may be able to come up with a suitable deal for you.
A Proven Track Record in Providing Business Lines of Credit
Over the years, we have helped and supported many businesses when it comes to obtaining business lines of credit in the UK. We find flexible solutions to getting business funding for business owners, and our clients tell us that they trust our transparent process and value-added service.
We aim to find partner lenders’ financing loans with a really fast and easy decision, which you can pay as early as you like with no added fees.
Our Business Finance Specialist Team
When arranging financing, it makes good sense to work with professional brokers who understand the lenders’ requirements. Our team of experts always strive to know how to handle applications to achieve the best results in the shortest possible time.
With such a wide variety of lenders available from banks to bespoke private lenders, combined with our knowledge of the industry, we aim to be the first point of contact for business owners when they are looking to acquire business lines of credit. We work across the UK using our comprehensive lenders panel to ensure we get only the best deals for our clients.
What is a Business Line of Credit?
A business line of credit is an agreement between a financial institution and a borrower that sets the maximum amount of loan that the customer may borrow.
The borrower may access funds from the credit line at any time as long as they do not withdraw more than the stipulated credit limit and can meet all other conditions including making the required payments on time.
What is the Difference Between a Business Line of Credit and a Business Loan?
A business line of credit is a fixed loan amount which a business can withdraw from once or multiple times. A business line of credit is commonly available at no expense or commitment to a company. Each withdrawal from the sum of the credit line would become a separate loan automatically and the interest is only charged on the witrhdraw amount.
A business loan is somewhat similar to a business line of credit in that both funding options are designed to help businesses handle their cash-flow needs.
However, one major difference is that while a business line of credit involves a continuous pool of funds that the business can withdraw from until the maximum loan amount is achieved, a business loan is a one-time lump sum.
Another dissimilarity is that while you owe the lender interest on the entire amount borrowed via a business loan, with a line of credit, you only owe interest on the amount you have withdrawn and not the maximum loan amount.
How does a Business Line of Credit work?
A business line of credit is designed to help businesses fund ongoing operating expenses. A business line of credit is a form of small business loan offering flexibility that is not offered by a normal business loan. You can borrow up to a certain limit, for example, £100,000, with a business line of credit, and pay interest only on the portion of money you borrow, out of the entire £100,000.
Which means that if you withdraw only £10,000 out of the total £100,000, you pay interest only on the £10,000. You can also draw and repay funds as you wish, as long as the credit limit is not surpassed. The business line of credit systems works just like a credit card system.
The principal benefit of a business line of credit is its built-in versatility. Borrowers can ask for any amount but they don’t have to use it all. Instead, they can adapt their spending to match their immediate needs, and only owe interest on the amount they draw, and not on the maximum approved credit line.
Additionally, borrowers can change their repayment amounts according to their budget or cash flow. For example, they may repay the whole outstanding balance all at once, or simply make the minimum monthly payments.
Loan Periods Vary from six Months to 10 Years. Borrow up to XXX with Fast Flexible Business Lines of Credit If you are looking for a business line of credit for your company, you are on the right page. Working with Fast Forward Finance, you may be able to borrow as much as £XXX with rates starting from £XXX for some lenders. Depending on your unique preference and the lender’s terms, loan terms can range from six months to ten years.
Need more information on how you can get the much-needed funding for your business? Call PHONEXXX to speak to someone today.
Business Lines of Credit for your Short-term Finance Needs
Many businesses use a business line of credit to get much-needed working capital. It’s a perfect way to close the difference between the things you need to do in your business and the cash flow you need to get them finished.
So, whether you need funds to kick start a project, launch a new product or service, invest in inventory and equipment, pay vendors and workers’ salary or fund business expansion, a business line of credit can give you the short-term funding you need without going through the hassle and stress of the conventional banking system.
Let us help you to explore the various business line of credit options, provide expert guidance or even source a suitable loan deal for you. Why not get in touch to discuss more about your credit needs?
Who are Business Lines of Credit for?
A business line of credit is a perfect choice for small companies needing access to funds that operate just like a credit card loan. It is often used to fund irregular operating costs or transactions of emergency, rather than massive one-off payments. It could also apply well to seasonal businesses as a source of working capital during the off-season.
If you plan to make a big purchase to start or scale your business, there are quite the number of funding options to consider. It is necessary to recognise some advantages and disadvantages when determining whether a business line of credit is the right choice for your company.
A small business line of credit provides small businesses with funding flexibility and support, however, for certain companies, the borrowing limits and regular repayments may be too restrictive. Not sure if a business line of credit is what you need? Let us help you make an informed decision.
When Should you use a Business Line of Credit?
If you need money for improvement around the office, staff training or other forms of big expenditures, it may be a smart idea to have a business line of credit as long as you know you will have the money to repay.
If you are not sure the type of funding you need, contact us by phone or email to speak to a business funding expert immediately.
How Business Lines of Credit can help your Business
If you’re looking for flexible, immediate funding for your company, a line of credit might be just what you need, as it gives you access to a limited amount of money that you can tap into on a continuous basis.
A line of credit will help you avoid cash flow pressures and keep your operations running smoothly. A business line of credit allows you to access capital, which may range from £5,000 to £500,000 or more, that you can use as the need arises without ramping up interest unless you actually use the funds. This is such a good deal for small businesses trying to avoid huge interest rates.
What’s the Typical Interest Rate for a Business Line of Credit?
Interest rates on a business line of credit are more competitive than other potential lending methods. For instance, a £10,000 draw with one-year repayment would cost your business £2500 in interest at a 25% annual percentage rate.
Note however, that this is just an example of what an interest rate looks like as each lenders’ rate is different. For a more certain interest rate on LOC, we can compare among our network of lenders to identify the best deal. Get in touch to get started.
Business Line of Credit Calculator
Use a credit payment calculator before securing any business line of credit to fully understand exactly what your business is expected to pay for.
Our business line of credit calculator attempts to provide a realistic overview of what this funding will cost your business, so that you can make an informed decision.
What are the Eligibility Criteria for a Business Line of Credit
Some lenders require that companies and business managers show a good credit record and have some form of equity in the company. However, there are also lenders that may be willing to consider businesses with minimal record, have recently restructured, or those not yet making profit.
Many credit lenders in business only accept applications after you have been in business for at least one year. To show your eligibility, factors like your business credit score and annual sales figures are used.
Some lenders will also look at your borrowing history, any existing debt, and history of debt repayment.
Of course, all these may appear overwhelming to anyone who has not applied for a business line of credit before. This is why it is best you carry out the process with the help of a professional broker.
Take advantage of our experience and industry knowledge and enjoy a seamless and hassle-free business line of credit search and application.
Advantages and Disadvantages of a Business Line of Credit
If your business is experiencing cash flow problems, you may be able to fix this by obtaining a credit line of business.
Unlike certain types of borrowing that allow you to pay interest on the entire amount that you borrow, you just have to pay interest on the portion of the credit line that you actually use. Of course, there may be additional costs relevant to opening and retaining the credit line.
Also, you can have access to the cash you need to handle business needs without going through the lengthy process and paperwork associated with regular business loans. This is good for businesses as you will have enough time to concentrate on running your business instead of running around putting together paperwork.
Another good thing about a line of credit is that it will help build the right credit history for your business.
However, be aware that credit lines also have disadvantages. They are typically difficult to get. Besides lines of credit are only an option if you or your corporation has reasonable assets and a trading history.
A bigger downside is that if you need more funds it’s hard to increase the credit line amount. If your business is growing quickly and you have exceeded your credit limit, this restriction can create a serious issue.
It really isn’t feasible relying on a line of credit to fund a particular long-term company commitment. A common solution is to use a revolving loan for broader and more specific uses such as major purchase of facilities, recruiting new staff or refinancing debt.
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What can you use a Business Line of Credit for?
You can use a business line of credit for a wide range of purposes including paying your suppliers and vendors, paying your workers, resolving short-term cash flow gaps, purchasing equipment, handling unexpected expenses, and even expanding your business.
Also, acquiring a business line of credit gives you the working capital to help you keep your business ventures running smoothly while waiting to get cash. Why Choose Fast Forward Finance for a Business Line of Credit?
Unsecured Loans Available
If you need quick access to funds but don’t have any asset to secure the loan against, we may be able to help you find an unsecured loan that may be more feasible than other sources of financing.
No Early Repayment Fees
At Fast Forward Finance, we try to only get lenders that do not request early repayment fees from clients that pay off their loans early. This means that you are free to clear your debt before the end of the loan term without attracting any early repayment penalty.
Flexible or Fixed-term Payments
There’s plenty of options when it comes to business lines of credit, such as flexible payment arrangements and fixed payments. We can work with you to develop a payment schedule customised to your company needs and to your cash flow.
Fast Forward Finance strives to provide an outstanding lending brokerage service, where decisions are made based on the merits of the security and a suitable repayment plan while taking into account the unique needs of the business.
We’re Easy to Work With
Fast Forward Finance prides themselves on being very easy to work with. Our numerous customers can testify to the ease of doing business with us.
Stellar Customer Service
When it comes to customer service, you can count on Fast Forward Finance to deliver. We strive to be known for having a world-class customer service and always go out of the way to provide a hassle-free experience.
At Fast Forward Finance, we have taken away the hassle and bureaucracy out of getting business funds so that we and our partner lenders can offer quick, simple and hassle-free solutions.
Once everything checks out, you can expect the funds in your account as soon as possible.
Transparency Every Step of the Way
As part of our pledge to accountability, we only work with lenders whose terms and prices are absolutely transparent from the outset.
Therefore, you can be confident that there will be no unpleasant surprises in the future as everything will be made clear and plain from the very beginning.
Dedicated Account Executives
At every stage of your loan process, you will always have at least one dedicated account executive answering your questions, providing expert guidance and generally making sure that you have the best experience with us.
Some of the Sectors we lend to:
- Retail businesses
- Bars and restaurants
- Hotels and B&Bs
- Hair and beauty salons
- Dentists and opticians
- Auto garages and MOT centres
How does the Application Process for a Business Line of Credit work?
At Fast Forward Finance, we aim to provide funding solutions and expert guidance that is free of the complications associated with regular lending solutions, therefore, we have modernised the process you will go through when applying for bridging finance. In the preliminary discussion, we try to give free and expert advice to each of our potential customers, where we can address the particular preferences, business situations and the choices available.
It normally takes a few hours to find an appropriate funding solution. Next, after one of our lenders has agreed to consider your loan application, we send you an email with a comprehensive quote. If you decide to go ahead with the line of credit application, the asset you are securing the loan against will be valued to determine if it can cover for the loan.
Once everything checks out and all the conditions are met, the loan will be approved and the funds can be released to the borrower either immediately or as soon as they are needed. Applying for some sort of credit or loan can be an overwhelming task, but we’re on hand here at Fast Forward Finance to help you through the task and offer support and guidance if you need it.
How to Apply Online for one of our Business Lines of Credit
Business owners seeking lending through Fast Forward Finance can easily submit an application in 15 minutes on our website. Our application process is seamless and hassle-free.
Applications for business loans only take minutes with our simple qualifications. As long as you have a business operating in the UK, have sufficient equity in your security and a good plan to repay the loan, you stand a good chance of getting business financing from our partner lenders.
Easy Application Requirements
One of the benefits of using a business loans broker such as Fast Forward Finance is that you can take advantage of a seamless and hassle-free application process and requirement.
LOCs are very fast and easy to apply for, and can be done in a matter of minutes as the whole process is immediately handled online.
Fast Forward Finance works with lenders who quickly evaluate loan applications and provide near-instant approvals. This means that you can know your loan status within a few hours of application.
Want to Check your Eligibility Before you Apply for a Business Line of Credit
Ultimately, applying for a business credit line is the most accurate way to find out if you qualify, but you wouldn’t want to apply to many lenders just to be sure. It may be a better idea to check your eligibility first. To find out if you are eligible before applying, please contact us.