Quick Business Loans – types, uses and how to find the right arrangement - Image

Quick Business Loans – types, uses and how to find the right arrangement

Our latest guide focuses on the quick business loans which Touch Financial can help firms access. Find out why this cashflow support mechanism continues to grow in popularity, the functions that it can serve and how to select the loan best suited to your firm’s sector.

Who uses quick business loans?

Today you’ll find firms of every size in different sectors taking advantage of the myriad financing opportunities offered by quick business loans. For SMEs, this type of finance can provide vital support in maintaining the working capital needed to pay staff, suppliers and other costs. Meanwhile for larger companies operating in late payment-ridden industries, business loans can help them to expand their horizons – whether through securing bigger projects, acquisitions or entering new markets.

Be sure to visit our unsecured business loans product page and discover how customers from different industries have worked with us to boost their cashflow through quick business loans.

Why use a business loan?

Different companies will utilise their business loans for different purposes depending on their current situation, industry and future business ambitions. Nevertheless, the fundamental benefits of this financing solution are marked below:

  • Flexible funding – by far one of the most popular aspects of business loans is the wide-ranging levels of funding that lenders can provide depending on your firm’s situation and needs. Loan amounts can range anywhere from £5,000 for those businesses only in need of a short-term cashflow boost to £250,000 for those embarking on larger projects.
  • Different loan terms – the wide range of UK lenders on the market right now means that you should be able to specify loan terms as short as 2-3 weeks or a longer period spanning several years, again all in line with the pre-agreed instalments that your firm wishes to repay and whether you’re intending for the arrangement to serve a short- or longer-term financial goal.
  • No assets? No problem – in today’s unpredictable economic climate, few firms can afford the risk of offering assets as security to access funding support, hence why they’ll use an unsecured business loan. Here a business can continue to buy, sell and utilise assets as they please, undaunted by the prospect of suddenly sacrificing them and free of the need to conduct lengthy valuations / legal discussions before signing up.
  • Quickfire cashflow injections – some loans such as unsecured business loans can be accessed within a short period of time if all the information is provided thereby enabling firms in need of imminent working capital to gain a cashflow injection without delay.

Different business loans – which is right for you?

In order to determine which of the quick business loans available will ultimately prove most suitable to your company, it’s important that you consider a number of key initial questions:

  1. Can your business offer assets as security? If your firm owns mostly intangible assets such as intellectual property or lacks the premises / equipment traditionally used as collateral, then now might be the time to consider an unsecured loan.
  2. What’s the purpose of the loan? You’ll need to clarify the purpose of the loan you are seeking; the time and funding needed to support an ambitious recruitment campaign will differ considerably from generating finance to fund a new purchase or one-off investment.

Which lender and arrangement will best suit your business? Be sure to look closely at each lender’s minimum and maximum loan terms, repayment instalments, available amounts and representative APRs.  Your personal circumstances are also a factor when considering which lender is most suitable for your business. We would advise that anyone considering a business loan seek independent advice before taking on any legal obligations.

Other Finance Options

If you are feeling slightly daunted or require more information, Touch Financial can help to make this process easier for you. Our expertly trained consultants are available to assist you, understand what your requirements are and from there introduce you to around 2-3 lenders whose loan offerings specifically match your business’ situation and goals.

If you want to explore other financing options besides business loans, rest assured that there are plenty we can help with. Perhaps you’d rather access a high percentage of your invoices’ value with invoice factoring / discounting or alternatively leverage your customers’ debit/credit card sales with a merchant cash advance? Get in touch with our team today and one of our team will be on hand to help find the most suitable finance solution for your specific situation.

Apply now and one of our consultants will help to find you the best invoice finance facility for your business, free of charge.

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