Starting a business often requires a tight reign on available finances as money being spent is often greater than the amounts coming in. Even in situations where the business has been operational for some time, there may be periods where cash flow becomes an issue and short-term flexible business loans are required.
Obtaining business loans can be time-consuming and an arduous affair and therefore having a facility where you can apply online and know exactly what the repayment schedule will be can remove some of the burden of applying.
A computerised business loan facility will often provide an instant decision to the applicant so as to provide funds to successful applicants in the shortest time possible. Business credit scoring systems are frequently integrated in to the application process, again aiding a faster loan decision process.
Wonga for Business provides many of the above facilities with flexible business loans available up to £15000, repayable from periods ranging from a single week to a year. The website provides a simple slider facility whereby applicants can determine both the loan amount and the repayment period and then be presented with a total finance cost.
Certain conditions apply to the granting of a business loan including the acceptance that all company directors or proprietors provide personal guarantees and equally and independently accept full responsibility should a default occur.
Interest rates pertaining to a specific loan would be governed by the particular circumstances of the applicants and might vary from the advertised typical APR.
Once approved for the business loan, funds can be transferred by the UK banking system and arrive within minutes of its acceptance.
Wonga for Business, like any other financial institution will access the credit worthiness of both the business and the persons involved in it.
The ability of the entity to repay the agreed amount on a timely basis is of course paramount. Although cash flow forecasts and business plans are not required as standard, satisfaction of a sustained repayment plan is mandatory.
Details of the Wonga for Business loan facilities can be viewed by clicking on any of the above graphics.