Unsecured funding for businesses between £1000 – £500,000 when applying with For Kredit
How to apply for funding with For Kredit
1. Tell us about your business
When you apply for funding you will need to provide us with some basic information about yourself and your business.
2. How much to borrow
Decide how much money your business is looking to borrow from £1,000 – £500,000. Next decide how long your business will need to repay the loan from 1 – 24 months.
3. Approval in 24 hours
Once you have submitted your application, you can be approved for business funding within 24 hours. Once approved, money will be transferred into your bank account.
Is my business eligible for an SME loan?
The minimum criteria that we ask for is:
- The business is based in the United Kingdom.
- The business operates as a limited company.
- The business owner is over the age of 18.
We will also ask you to provide us with:
- Basic information about the business.
- Bank statements from the last year.
At For Kredit we provide a number of products which can help businesses in the UK with a number of different situations. Below are some of the most popular products that we currently offer.
Case Studies / Reviews
[This section probably good to have some reviews and case studies to show how the loans have helped in the past]
How much can I borrow with For Kredit?
Businesses can borrow unsecured funding between £1,000 – £500,000 when they apply for business finance with For Kredit. Businesses looking to apply for a merchant cash advance will be able to borrow up to £200,000.
How can I apply for business finance with For Kredit?
Business owners can apply for unsecured funding by completing the online application form on the For Kredit website. The application can be completed in a matter of minutes and there is no physical paperwork required.
The application will ask the business to provide some basic information about themselves and the business. They will also be asked to attach some documentation such as bank statements.
Successful applicants can be approved for funding within 24 hours of the application being submitted. Once approved, funding can be transferred into the bank account within minutes.
If I have bad credit, will it impact my application for a business loan?
Bad credit can impact an application for business funding, but does not automatically rule the applicant out. If a person has a below-average credit score, there is a chance that the lender may offer a smaller amount and charge a higher rate of interest. Applicants who have a very bad credit history and rating may be refused outright.
Lenders should always run a soft credit check when assessing an application. This is because it helps the lender develop a greater understanding about the ins and outs of the business. It also ensures that the lender meets responsible lending standards.
Do I need to sign a personal guarantee if I apply for a business loan?
Yes, the director or business owner will be asked to sign a personal guarantee if they are approved for an unsecured business loan. The personal guarantee legally ensures that should the business stop operating before the loan is repaid, there will be someone who takes personal responsibility for repaying the outstanding debt. This helps to minimise the risk faced by the lender and legally ensures that they receive the money they leant.
What are the repayment terms on a business loan from For Kredit?
Depending on the needs of the business, the borrower can choose to repay the loan within a period of 1 – 24 months. The loan itself is repaid in monthly instalments in addition to the interest rate charged on the loan (2% – 6%). There are no early fee charges, so a business can choose to repay their loan early if they choose to.