Boost Capital business loans review

Since 2002, Boost Capital has helped businesses across the UK, the US and Canada to expand and grow. Its Small Business Loans require minimal paperwork, and it can approve loans within 24 hours of getting an application.

If your business is more than 2 years old, with an annual turnover of less than £70,000, you are eligible to apply. The funds can be used for any business expense; it’s entirely up to you how you choose to spend the capital.

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• £500 to £100,000
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How does Boost Capital work?

Boost Capital loans are based primarily on recent trading history and the overall “health” of your business. This means applications can be completed quickly and approval can take as little as 24 hours. Loans are unsecured, meaning you don’t need to offer any assets as collateral.

Key features of a Boost Capital loan

There are no restrictions on how you spend your Boost Capital loan. Small businesses can benefit in several ways, such as investing in stock, expanding or remodelling, upgrading equipment, improving cash flow or investing in marketing. It’s up to you how you spend the capital.

• Loan duration. Loan terms of 4 to 18 months.
• Loan amounts. Loan amounts of between £3,000 – £500,000 .
• Unsecured loans. The success of your application is primarily based on recent trading history and the overall business health.
• Quick application. Apply online or over the phone by providing proof of Identity and 3 months of Business Bank Statements.
• Quick decision. Once the application is submitted, Boost Capital decides within 24 hours.
• Quick access to funds. If you’re accepted, you’ll get the funds within two working days.
• Varying repayment amounts. Daily or weekly repayments are based on the business’s cash-flow model. Boost Capital confirms all amounts before you accept the loan.
• Fee-free application. Some lenders charge a set-up fee but these loans don’t have them.
• Second loans. After a pre-agreed percentage of your existing Boost Capital business loan is settled you have the option to apply for a second loan.

Am I eligible for a Boost Capital loan?

Before applying for a Boost Capital Small Business Loan it is important to check that it will benefit your business and that you can meet the repayment terms. You will also need to meet the following criteria:

• The business must have been trading for two years or more
• The business must have an annual turnover of less than £70,000
• Your business bank account must have been predominantly in credit
• You must not be subject to multiple demands for unpaid tax, court judgements or bankruptcies

Interest rates will vary depending upon how much you borrow and how long you borrow it for. In addition to this, the individual business circumstances can also impact the interest rate.

While the amount you repay is fixed, the daily or weekly repayment amounts are not rigid. The repayment terms are set in accordance with the cash flow model of each individual business. You will be made aware of the repayment amounts at the outset of your loan and it is always important to take the total cost of the loan into consideration.

If you’ve decided that a Boost Capital loan is the right choice for your business, you can submit your application online or over the phone in minutes. To qualify, you need to provide is a signed application form, proof of your identity and the most recent three months of the businesses bank statements.

How do I apply?

The application process is straightforward.

1. Apply. Apply online or over the phone. You will need to provide proof of your identity as well as the businesses bank statements from the previous three months.
2. Approval. You will find out if your Small Business Loan application has been successful within 24 hours.
3. Receive your funds. Once accepted and finalised, you will receive the funding within 48 hours.

Alternative sources of funding

There are many avenues to explore when raising funds for your small business. Make sure you do your research and consider which option is best for you and your company. Some other options include:

• Get funding from investors. If they see potential in your business or idea they may offer to purchase a portion of your company in exchange for financing.
• Crowdfunding. Get the word out using social media, crowdfunding sites or by investing in marketing. Family, friends, fans and even strangers who share your passion may want to contribute funds.
• Apply to a government scheme. Various government schemes exist that offer support to new and small businesses. Learn more about government support for businesses.

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Frequently asked questions

• Can I repay early?

  Yes. The loan can be paid in full at any time without any penalty. You are only charged interest for each day you have the funding, so by repaying early you can reduce the amount of interest you pay.

• Can I apply for a second loan for my business?

  Yes. Once you have repaid an agreed percentage of your existing loan, you can apply for a second loan.