Check Your Eligibility
Check your eligibility for business finance with our online application, without affecting your credit score and with no obligations.Check Eligibility (Beta)
As we're currently in the Beta phase of our service, the application process might take a bit longer than usual. We're dedicated to providing high-quality service and are working diligently to streamline our procedures. We greatly appreciate your patience and valuable input during this phase, which helps us enhance our platform.
Initial Step: Submit Your Business Details
- Duration: A few minutes
- How: Through our website
To get started, we'll need some essential information about your business and your financing requirements. This process is quick and can be completed with a short online application, followed by a phone call.
Check Eligibility (Beta) [Link to be provided by Goodloans]
After selecting your preferred lender(s), the time it takes to process your application can vary, especially as we navigate our Beta phase. However, having all the required documents ready can help speed up the process.
- Note: Being in Beta may affect response times
- Variability: Depends on the chosen product and lender
- Key to Efficiency: Having your documentation prepared in advance
- Comparison: Despite being in Beta, our partners generally process applications faster than traditional banks
Speed of Service Highlights (Beta Phase)
- Instant Options: Viewing your financing options with us takes only seconds.
- Response Time: Generally, you'll receive offers/feedback from lenders within 24–48 hours, although this may vary during our Beta phase.
- Rapid Funding: With your documents prepared, funding can be in your account within a few days, subject to Beta phase adjustments.
We're committed to ensuring a smooth and efficient process for all our customers, even as we fine-tune our services in Beta. Your feedback is invaluable to us and plays a crucial role in refining our platform. Thank you for your understanding and support!
Open Banking has revolutionised the way businesses manage their finances, offering a secure and efficient method to consolidate financial information.
How Open Banking Works:
- Accessibility: To utilise Open Banking for your business, you’ll need to download a compatible Open Banking app or register on a regulated website. This technology is supported by many reputable high street lenders.
- Consolidation of Financial Data: Open Banking gathers all your business banking accounts and financial data in one location. This centralisation is particularly beneficial for businesses seeking a comprehensive overview of their financial status.
Safety and Security in Open Banking:
- Data Protection: Open Banking operates under strict safety protocols. It allows your business to share banking information securely with trusted third-party providers. This system is designed to introduce more choice and innovation in financial services for both businesses and individual users.
- Control Over Information: Your business's financial data is 'opened' up to these third parties in a controlled and secure manner. You retain full control over what information is shared and with whom.
- Business Decision-Making: Open Banking facilitates better business decision-making by allowing you to compare deals and manage finances through a single platform. This modern banking method has been subject to misconceptions, such as risks to funds or unauthorised sharing of personal data. However, these concerns are unfounded, as Open Banking is built with stringent security measures and data privacy laws.
In summary, Open Banking is a safe and effective tool for businesses to manage and analyse their financial data more efficiently. It empowers businesses with greater control and insight into their finances, all while ensuring the highest standards of security and privacy.
When it comes to your credit score, we understand the importance of transparency and caution in financial dealings.
Initial Interactions and Your Credit Score:
- Browsing and Consultation: Registering on our website, exploring your funding options, or consulting with our Business Finance Specialists will not impact your credit score. These preliminary activities are completely credit-check free.
- Application Process with Lenders: As part of the application process, most lenders we collaborate with conduct credit checks. This is a standard procedure in assessing loan eligibility.
Your Consent and Credit Checks:
- Permission to Search: To expedite your application and simplify the process, we might request your 'permission to search.' This consent allows us to share your information with lenders appropriately and quickly.
- Explicit Consent Requirement: Rest assured, a credit check will only be performed by our partnered lenders if you have provided explicit consent. This ensures that your credit score is only accessed when absolutely necessary and with your full agreement.
- Regulation and Data Protection: Credit checks are highly regulated, and your personal data rights are rigorously protected. We adhere strictly to these regulations to safeguard your information.
Queries and Assistance:
If you have any questions or need clarification regarding credit checks, permissions, or any aspect of your finance enquiry, our team is readily available to assist you. We aim to provide clear, comprehensive information to help you make informed financial decisions.
At Fundably, we prioritise your freedom of choice. Our service is designed to be no-obligation, ensuring that you can make the best decision for your business without any pressure.
Understanding the No-Obligation Process:
- Post-Approval Flexibility: Receiving an approved offer for your business loan does not bind you to proceed. You have the complete liberty to decide whether or not to move forward with the loan.
- Point of Commitment: Your commitment only begins once you have signed the loan contracts and received the loan amount (drawn down). At this stage, certain fees typically come into effect.
- Time to Decide: We understand the importance of careful consideration in business decisions. To support this, your loan approval remains valid for a 30-day period. This gives you ample time to evaluate your options and decide what aligns best with your business needs and goals.
Remember, our goal is to support your decision-making process, not rush it. We’re here to provide options and advice, but the final choice always rests with you.
While approaching lenders directly is an option, Fundably offers several advantages to streamline and enhance your experience in securing a business loan.
Benefits of Using Fundably:
- Access to a Wide Range of Lenders: We have established relationships with numerous top lenders across the UK. This extensive network allows us to find a lender that aligns precisely with your business needs and goals.
- Expertise and Insider Knowledge: Our daily interactions with these lenders equip us with in-depth knowledge of their requirements and preferences. This insight enables us to efficiently match your application with the most suitable lender and advocate on your behalf.
- Exclusive Lender Access: Some lenders do not accept direct applications and are accessible only through brokers. By working with us, you gain access to these exclusive lending options, expanding your possibilities.
- Cost-Effectiveness: In most instances, utilising Fundably's services does not incur additional costs. You are likely to secure an interest rate that is comparable to, or even better than, what you might obtain on your own.
Choosing Fundably means benefiting from our expertise, connections, and dedicated support, making your loan acquisition process as efficient and beneficial as possible.
Currently, our services at Fundably are tailored exclusively for registered businesses. While we recognise the important role of sole traders, our offerings and the requirements of our lending partners are specifically aligned with the needs of registered business entities. As such, we're unable to assist sole traders at this time.
We continually evaluate our services to meet the evolving needs of the business community. While at present we do not cater to sole traders, we appreciate your interest and encourage you to stay connected for any future updates to our service offerings.
We appreciate your understanding and are committed to providing the best possible service to the business segments we serve. If you represent a registered business and are seeking financial solutions, we're here to help with tailored advice and services.
A personal guarantee is a commitment that you, as an individual, will be responsible for your business's loan or credit line if it fails to make payments. This agreement gives lenders additional security and the ability to pursue personal assets in case of default. While not always mandatory, personal guarantees are frequently requested, especially for unsecured loans or flexible credit options like revolving credit facilities.
Remember, whether a personal guarantee is necessary depends on the specific loan product and lender requirements. It's an important consideration when exploring financing options for your business.
Your ability to borrow in the future is largely influenced by your current financial actions.
- Positive Repayment Impact: Timely repayment of a business loan can improve your credit score, demonstrating your reliability as a borrower. This can positively influence future loan applications.
- Negative Consequences of Default: Conversely, if your business fails to meet repayment obligations, it can be seen as high-risk by lenders, potentially hindering future borrowing prospects.
- Risks of Multiple Credit Applications: Applying for several credit lines simultaneously can negatively affect your credit score. That's where Funding Options can assist – we help you efficiently identify the most suitable lending options, reducing the need to apply to multiple lenders and protecting your credit score.
At our core, we are dedicated to connecting your business with the ideal lending partner. Our intelligent technology assesses a large, diverse range of lenders to match you with the most suitable finance options tailored to your needs. Our network includes:
- Major High Street Banks: Traditional and well-established banking institutions.
- Challenger Banks: Modern banks offering innovative banking solutions.
- Independent Lenders: Flexible lenders with unique offerings.
- Niche Altfi Specialists: Providers specialising in alternative financial solutions.
Our Selection Process:
- Rigorous Vetting: Each lender undergoes a thorough due diligence process and a trial period. This ensures our panel is composed of industry-leading lenders from various specialised areas.
- Active Engagement: We actively engage with the lenders on our panel and consistently reassess their performance. This ongoing evaluation guarantees that our customers always receive top-tier service.
- Commitment to Quality: We maintain high standards for customer service. If any lender falls short in delivering exceptional service to our customers, we take decisive action, which can include ceasing our collaboration with them.
Our commitment is to ensure that you, as our customer, are paired with lenders who are not just leaders in their field, but also share our ethos of excellent customer service.
We pride ourselves on offering a free, no-obligation service to our customers. Here's how our process works:
- Free Access: You can use our matching tool, explore your funding options, or consult with our Business Finance Specialists without any fees or obligations.
- Commission-Based Model: When you decide to proceed with a finance option and your application is accepted by a lender, we receive a commission from the lender. This commission is based on our standard terms and is how we sustain our business.
- No Extra Cost to Customers: Importantly, the cost to you, as our customer, typically remains the same as it would be if you had approached the lender directly. Our service aims to add value without additional financial burden on you.
- Transparency in Commissions: We believe in transparency and are more than willing to provide further details about our commission structure upon request.
If you have any questions or need more information about our services or revenue model, we encourage you to reach out to us. We're here to assist you every step of the way.
At Fundably, we do not sign NDAs. This policy is in place to ensure we can effectively perform our role in connecting businesses with lenders.
Why We Don't Sign NDAs:
- Confidentiality: Maintaining strict confidentiality is an inherent part of our operations and data protection obligations.
Rest assured, the security and privacy of your information are paramount in all our interactions and processes. If you have any concerns or need further clarification about our confidentiality practices, we are more than happy to discuss them with you.
The ability to repay a loan or credit line early depends on the lender's policies and the type of finance you have.
Repayment Flexibility and Options:
- Varied Lender Policies: While some lenders set a fixed monthly repayment schedule, others may offer the flexibility to make early repayments.
- Interest Distribution: The repayment amount can be fixed or vary, especially in relation to how interest is distributed over the loan period.
- Early Repayment Considerations: Some lenders allow early repayments without extra charges, but be aware that others might impose additional fees for early settlement.
- Personalized Repayment Estimates: To understand your specific repayment options, including the possibility of early repayment, we recommend applying through us. Once we match you with suitable business finance, we can provide more detailed information on your repayment options.
Research and Development (R&D) tax credits are a UK government incentive designed to encourage companies to invest in innovation. They provide a valuable source of cash for businesses to invest in advancing technology or science through research and development activities. SMEs (Small and Medium-sized Enterprises) can significantly benefit from these tax credits, which can reduce their tax bill or provide a cash repayment for investments in technology or scientific advancements through R&D.