Small Business Loans from Libra Finance

 

Before applying for small business loans, owners of a small UK business are strongly advised to carefully assess what they need the loan for. There are a variety of circumstances under which you may not qualify for these loans and where alternative means could be used. For example, if you are trying to get a loan for machinery and equipment, you may be advised to lease these items.

I'm a home owner / mortgage payer*

If you own your house or are the mortgage
payer, then you may be able to benefit from
low monthly repayments...

I'm a tenant or renter

If you don't own your own home or pay a
mortgage, then we can still help with a loan
of up to 15k.

 

However, if you do think that you need a loan to keep your company’s head above water, there are some advantages to getting small business loans. The key advantage is that you will still own your company – you won’t have to look for investors to whom you can sell part of the company in order to keep it going. The loan agreement will be between you and the lender.

 

Another great thing about UK small business loans is that you can work out a mutually beneficial repayment plan which can be based on your projected income. So although your agreement may be over a longer period, your loan payments will be based on what you can afford to pay. And, as a final bonus, the interest on your business loan is tax deductible

 

However, you should also remember that most business loan lenders will want some form of collateral to ensure that they don’t get burned by your business venture. Like a secured loan, your loan may be secured on a particular asset or assets. And if you fail to meet the monthly repayments the lender can force the sales of the assets in question in order to recoup his investment. You will also find that a default in terms of a loan for your business can vary from the regular definition of a default. Whereas with standard loans a default refers to a missed or late payment, it is the lender who decides what is and isn’t classed as a default with a business loan.

 

When you apply for a loan for your business most UK lenders will want to discuss this with you in person to get a feel for your business, look over your accounts, find out more about your company, assess the risks and look at whether your application is a viable option. However, if the lender does not deem your business to be a viable risk, you could look at government run business grants for which you may be eligible.

Libra Finance UK

a range of loans for any purpose

fast decision from our courteous staff

available up to 2.5 million

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OUR TYPICAL, VARIABLE RATE IS 10.9% APR. RATES RANGE FROM 7.4% APR to 27.60% APR THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.