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Business Loans
What are Unsecured Business Loans?
Unsecured Business Loans for UK firms provide an infinitely flexible method of funding solutions that can be tailored to suit the specific demands and needs of every business.
Almost all business finance requires some form of security:
Mortgages – buildings.
Asset finance – vehicles, plant/machinery or equipment.
Invoice Finance – debtor book.
Overdraft – debenture over all business assets.
However unsecured business loans are different. In most cases the only security sought, if any, is a directors personal guarantee which does not normally extend to charges against their property.
Indeed some unsecured business loans are agreed without any guarantee requirements and are advanced based on the strength of the applicant company.
Benefits of Unsecured Business Loans
Secured Business Loans offers many benefits to UK businesses, including:
Cashflow Benefits
The obvious primary benefit to getting a business loan is the immediate cashflow improvement a business receives and the options this gives it to take whatever actions it wishes to make. In most cases firms can trade through temporary hiccups with a short term cash injection, and for growth reasons additional working capital can turbo charge a businesses growth aspirations.
Growth Benefits
Without working capital, many businesses would be unable to scale their operations in the way they would wish. So small businesses never become medium businesses, and medium businesses never become large businesses. Funding, when applied in the right direction, can apply the multiplier effect in the scale of a businesses operation.
Cost Consolidation Benefits
Businesses often struggle to service existing debts that were originally set over an unrealistically short time frame, or due to a downturn in business or economic recession. Firms can improve their immediate cashflow position by consolidating existing debt over a longer term business loan. Whilst this would inevitably mean greater cost overall, it may mean the difference between a business trading through a difficult period or running out of cash.
Security Benefits
All forms of lending require some form of security offered by the borrower to the lender. Overdrafts, for example, will typically require the business to offer a debenture over all business assets to their bank. Sometimes this can extend to charges over directors’ homes. Security in Asset Finance, on the other hand, is typically tied only to the asset being funded, for example the truck, or bus or printing press or CNC engineering machine that is being purchased. The lender’s security will be the asset itself so in the event of default the asset is recovered by the finance company. This means that this lending doesn’t necessarily need to impact on a businesses borrowing requirements elsewhere, and the business owner can be confident in the security they are making available.
Get in Touch with
Our Business Loan Team
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How to Apply for Unsecured Business Loans
We make your VAT loan journey as simple as possible.
As your trusted business finance partner, we work closely with you every step of the way to ensure a seamless process:
01
Consultation and Options
From your first call, email or completed webform we will act as your trusted partner, understanding your objectives and putting together options for you to consider.
02
Information Gathering
We may need to ask you some general business questions and ask for some financial information from you in order to carefully prepare your personalised quotation from our funding panel.
03
Funding Application
Once you have reviewed your no obligation quotations and are happy to proceed we will prepare your application and liaise with the lenders to secure the funding you need.
04
Agreement Finalization
Unlike some brokerages, we do not charge you any payments or fees for our brokerage service, so your engagement with us is entirely cost, risk and obligation free.
05
Deal Activation
From here we ensure everything is finally packaged and presented to the finance company who will activate your agreement and pay HMRC directly, or, subject to approval, to you, allowing you to enjoy the peace of mind that you wont incur any late payment surcharges and have the added benefit of the additional working capital.
Why choose MacManus Finance for Asset Finance?
UK firms are well advised to engage the service of a skilled independent brokerage who can save them time and money by accessing the widest panel of options, who are Authorised and Regulated by the Financial Conduct Authority and are full members of the National Association of Commercial Finance Brokers trade association, as membership of both requires firms to demonstrate the highest standards of integrity and submit to consistent monitoring of activities, providing the business owner with confidence in the firm they have chosen to work with.
MacManus Asset Finance are one such firm – directly authorised by the Financial Conduct Authority, full members of the National Association of Commercial Finance Brokers, and with a customer base of almost 300 UK businesses whom we have supported for over 15 years.
This credibility combined with an extensive panel of asset finance providers, including some of the best priced, and most flexible lenders in the marketplace provides a winning combination.
Our business motto is “Never Just a Number” – and we take pride that our clients never feel like they are just a number to us, as so many business owners are made to feel by larger financial institutions.
Your business success is our business success, we never take our clients for granted, and will always aim to deliver more than our clients expect.
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Business Moneyfacts Asset Finance
Broker of the Year 2024
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Frequently Asked Questions
Finance periods for secured business loans typically range from 3 month up to 60 months.
We will always deliver the best rate of finance possible based on your specific circumstances.
Our extensive funding panel means we can help businesses in every situation, as such every client will receive bespoke pricing based on their credit worthiness, market conditions and industry appetite that varies from time to time.
Our rates, for the best clients, are market leading and you should have no hesitation in contacting us if price is your motivator.
We are super quick. We will provide you with indicative terms within 5 minutes of a conversation.
When you ask us to proceed to application, we will request some financial and business information from you to support the application.
Once received your application will be sent to the finance providers within 60 minutes.
Funders have varying service times from 1 hour to 5 days, but most are around 3 days for a decision.
Once agreed we let you know and can complete very quickly from there.
Bottom line… we will move as quickly as you do and will move heaven and earth to deliver to your timescales.
We have active lines with dozens of providers, including most high street bank plus a number of niche players.
We monitor the market constantly and look to bring new lenders to our panel as they emerge.
Nothing. Zero. Not a penny!
For secured business loans we do not charge our clients any fees at all. We are paid commission by the finance providers for successfully placing business with them, and we only get paid if we deliver a finance solution that you are happy with.
As a result we ask all clients to engage with us on the basis of good faith, in that, if we are asked to secure funding and do indeed deliver what we promised, that our clients complete the transaction with us.
Reasons to use Unsecured Business Loans
- Unsecured Business Loans can be arranged typically from 3 months up to 60 months and can therefore solve a wide number of issues from very short term to longer term funding requirements.
- Typically a business loan is a suitable option if none of the above facilities are more appropriate to the purpose funding is required for.
- A business may need a 3 to 12-month loan to cover an unexpected event for which funding is immediately required but can be cleared very quickly by future revenue or perhaps a lump sum of funds due to be received shortly.
- Examples of this could be to cover tax bills, insurance premiums, a bad debt, clients changing payment terms, a vehicle or asset breakdown or other short term cashflow blip.
- Unsecured Business Loans between 1 and 5 years are often sought for medium to long term requirements. These can include investment in growth to fund new staff costs with turnover increases taking time to catch up with the immediate additional employment cost.
- Other examples can include refurbishment of commercial property, other business debt consolidation, funding to buy out a shareholder, to assist in providing liquidity to trade through an industry or general economic downturn or recession.