Q. How quickly can I receive funding for my business?
We understand that when you need funding, you need it fast. Call us or complete our short application form online for an instant quote, approval in 24 hours and funding in your account in as little as 2 business days.
Q. What sort of paperwork do I need to provide?
We like to keep things fast and simple, with very little paperwork required. We typically only require a signed application form, your most recent 3 months’ business bank statements, and proof of identity.
Q. Do you have to have collateral for a business loan?
No, you do not need to have any assets or collateral to qualify for one of our business loans. Perfect for many kinds of businesses where premises may be rented and not owned.
Q. How can I get approved for a business loan?
Finding out if you could be approved for a Boost Capital business loan couldn’t be easier. Fill in the short form or call us on 0800 138 9080 for an instant quote and approval within 24 hours.
Q. Do I need a perfect credit score to be approved for funding?
No, you don’t need to have a perfect credit history. While a personal credit check is part of the approval process, it does not weigh heavily in the final approval as a business loan from Boost Capital is based on the overall health of your business.
Q. What are the application fees?
It’s free to apply for a Boost Capital business loan. You can apply online or call Freephone 0800 138 9080 for an instant and zero-obligation quote.
Q. Can I receive additional funding for my business later?
Yes. If your account is up-to-date, you could be eligible to renew your business loan once a certain percentage is paid off. 86% of our customers return for more funding, using our business loans as a revolving credit facility to keep their business growing.
Q. Can I repay my small business loan early?
Yes, you have the option to repay early if you no longer need the funding. The loan can be paid in full at any time without any penalty. We only charge interest for each day you have the funding, so by repaying early you can reduce the amount of interest you pay.
Q. What is a business loan?
A small business loan, also known as a short-term business loan, from Boost Capital is one of many alternative business financing solutions available to SMEs in the UK. Typically, you repay small business loans sooner than a traditional loan from the bank, often within 90 to 120 days. Small business loans can give business owners the immediate influx of capital they need without making a long-term commitment.
Q. What are the advantages of a small business loan from Boost Capital?
- You can have access to capital in as few as two business days.
- Small business loans are a great option for businesses with a predictable cash flow, which are able to maintain operations with a daily or weekly fixed repayment from their bank account for the life of the loan.
- Accepting debit card and credit card transactions is not a requirement.
- There is one simple application – nothing like the lengthy and complicated application process of traditional lenders.
Q. Do I qualify for a small business loan?
We look at a variety of factors to determine whether we’re able to provide your business funding. A business needs the following:
- Has been in business for at least 2 years
- Have a positive daily bank balance
- Have acceptable credit
- Have no excessive tax liens, open judgments or bankruptcies
Q. Will a low credit score affect my ability to qualify for business financing?
No. While a personal credit check is part of the approval process, it does not weigh heavily in the final determination. Unlike traditional business loans, small business loans from Boost Capital are based primarily on your overall business health.
Q. What are the repayment terms of a small business loan?
We’ve structured the repayment process to be as merchant-friendly as possible. Repayment of a small business loan from Boost Capital is made automatically through a daily or weekly small, fixed amount through a BACS transaction taken directly from your business bank account. Before receiving the loan, you will know exactly how much is being deducted from your bank account. The fixed repayment amount is determined based on your business’s unique cash flow model, ensuring that you keep enough in your account to maintain day-to-day operations.
Q. How do small business loans from Boost Capital compare to business loans from traditional lenders?
Conventional Bank Loans
Our Small Business Loans
|Eligibility||Based on credit history
High credit score to qualify
| Based on overall health of your business
Flexibility in credit scores
|Time in Business||2 to 3 years||Only 2 years|
|Application Process||Detailed financial statements & tax returns
Extensive business plans
| Easy online application
|Use of Funds||Restrictions on what funds can be used for||Flexibility to use funds for any business use|
|Access to Capital||May take months||In as few as 2 working days|
|Repayment||Fixed monthly repayments||Repayments customised for your cash flow model|