Tide Start-up Loan
- £500 to £100,000
- 12 to 60 months
- Cashflow forecasting through Tide Connect
365 Business Finance review September 2023
365 Business Finance offers unsecured cash advances to SMEs of between £5,000 and £200,000. Unlike many business loan providers, there are no fixed repayments. Instead, you repay a small percentage of your credit and debit card sales. So when sales are down, your repayments are lower.
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365 Business Finance business loans overview
365 Business Finance is a direct lender not a broker. Founded in 2012, 365 Business Finance specialises in flexible funding for SMEs in the UK. The lender collects repayments as a percentage of debit and credit card transactions at the point of sale. Unlike many business lenders which charge interest for the time you have your loan, 365 Business Finance adds one all-inclusive cost to your cash advance at the start. You will not be charged more, even if your loan takes longer to repay.
365 Business Finance has a fast and high approval rate on its cash advances, with almost 90% of applications being provisionally approved within 24 hours.
Whether you’re starting a business or need a cash boost to get it to the next level, 365 Business Finance could help with a fast and flexible business loan. It’s quick and straightforward to apply online at the 365 Business Finance website and you will be allocated a personal relationship manager to help you through the process.
Quick overview of 365 Business Finance business loans
| Minimum trading period | 6 |
|---|---|
| Loan terms | Terms not specified |
| Loan amounts | From £10,000 to £300,000 |
| Minimum turnover | £10,000 per month |
Key features of a 365 Business Finance cash advance at a glance:
- Borrow £5,000 to £200,000. Your loan amount will depend on the size, needs and profitability of your business, as well as its creditworthiness.
- Repay a percentage of your sales. Agree on a percentage of your debit and credit card sales to repay your cash advance. Typically this is between 5% and 17%. This means if your business has a slow month of sales, the amount you have to repay will be lower.
- Simple and quick application. 365 Business Finance has a 90% approval rate on its loans. Get a decision in 24 hours and receive your funds in as little as 48 hours after approval.
- Unsecured. You don’t need to provide business plans or security to be approved.
- One all-inclusive cost. One all-inclusive cost for your loan will be added at the start so there are no APRs, interest charges or late fees.
The cost of your loan will depend on factors like the amount you apply for, the percentage you agree to repay from your card sales, the performance of your business and its credit rating.
Am I eligible for a 365 Business Finance cash advance?
You should only apply for a 365 Business Finance cash advance if you’re certain your company can meet the repayment terms. You must also:
- Have been trading for at least six months.
- Have monthly credit and debit card sales of at least £5,000.
How does a cash advance work?
- You can apply for your loan by pushing the “Get a quote” button on the 365 Business Finance website.
- You will be allocated a personal relationship manager to help guide you through the process.
- You will agree on a fixed percentage of your debit and card sales to repay the loan. Typically this is between 5% and 17%.
- As you sell to your customers on your credit and debit card terminals, the agreed percentage is automatically deducted. You will receive the balance of your funds as normal into your bank account.
- This process is automated so it does not cause any delay to you receiving your money.
- The daily amount deducted then reduces the balance outstanding on your business cash advance.
- Collections stop automatically once your loan has been repaid in full.
- The cost of your loan is added to the amount you borrow at the start, so there are no APRs, interest charges or late fees.
How can I apply?
You can apply for a cash advance with 365 Business Finance by calling them on 0207 1000 365 within office hours, or visiting their website.
365 Business Finance customer reviews
365 Business Finance has received positive reviews from its customers, according to customer review site TrustPilot.
It currently has a TrustPilot rating of 4.9 out of 5, based on 307 reviews (updated May 2022). With less than 1% of its customers voting this lender as below average, it’s safe to say that 365 Business Finance has received glowing reviews on TrustPilot. Those customers who rated the lender the full five stars raved about the “quick and easy process” and the “5* Service” they received. However, some (less than 1%) did share that they had issues receiving the loan and one stated that “communication has been poor and response sporadic.”
The bottom line
365 Business Finance could be a good option if you’re an SME just starting out or a well-established company needing a boost in cash. With its quick and simplistic process, you could be approved and receive your funds within 48 hours. However, if you have a lower turnover rate, you might not be able to reach the higher loan amounts that 365 Business Finance offers.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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