No. The principal director or shareholder will be asked to sign the agreement for the advance and complete a personal guarantee in the case of an incorporated company.
No. You can apply as a limited company. However, unlike a business or personal loan, this is not a regulated product. The advance is a purchase of future sales, and as such you can be a sole trader or in partnership to qualify.
Some of our lenders only require a minimum of 6 months trading. However, the longer you have traded the more likely you are able to secure a larger advance, given that you can show seasonal revenues.
We can arrange funding from £5,000 upwards based on your sales turnover. As a rule of thumb that will equate to a maximum 150% of your monthly card sales turnover.
We will confirm your card sales to determine affordability for the advance. Ideally we would do that using Open Banking, subject to your agreement. We do not ask for business plans or filed accounts/accountants’ references.
There are no application fees for a CardFunds advance.
To apply and receive a qualification we may do a soft-search, where no footprint is left on the credit file. At full application, a prospective funder will undertake a search of a credit reference agency file – typically on both the company and the principal directors. This too is often a ‘soft search’ where no footprint is left on the file.
Not necessarily. However, it is best to advise us upfront of any past issues. We look at the current and recent trading experience, rather than the credit file or Balance Sheet of the business. If in doubt, call us first to explore the options.
You will be assigned with an SME advisor who will work with you and the funder. We will build the application pack with you for the lender, and then liaise with them along the way to ensure that you receive clear and concise updates as they review your request. It is usually a very quick process.
We work with some lenders who can fund within 3-5 working days. Decisions are made quickly and then it is up to how quickly the acquirer bank sets up the payment process.
We do not charge you a fee. We are transparent and will in each instance provide details as requested. Typically, we receive our fee from the lender panel member. The payment we get will never make any difference to how much you pay for your product or service, and as an independent broker we rank offers based upon the best facility that we are able to arrange for you.