Based in London, ClearFunder specialises in offering loans to small and medium-sized enterprises (SMEs) who may struggle to be approved for credit from banks and mainstream lenders. It will consider you for a loan even if you have a poor or limited credit rating, as long as you can afford to make the repayments.
While many business loan lenders require fixed monthly repayments, ClearFunder allows you to flex your payments in line with when you receive money from your customers. It is worth thinking carefully about whether this repayment method will suit your business. It may make repayments more manageable on a daily basis, but you will have to be committed to budgeting in order to pay your loan off in time.
Whether you’re starting a business or need a cash boost to get it to the next level, ClearFunder could help with a fast and flexible business loan. It’s quick and straightforward to apply online at the ClearFunder website.
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ClearFunder offers loans of £10,000 to £100,000 for a variety of purposes including company cars, expansion, restructuring, unexpected costs, equipments and career development. The amount you can borrow will depend on the size and performance of your company as well as its credit score.
Key features of a ClearFunder business loan at a glance
Borrow £10,000 to £100,000. Your loan amount will depend on the product you choose as well as the size of your business, its performance and creditworthiness.
Repay over 6 to 12 months. Choose a repayment term to suit your business.
Flexible payments every working day. Pay off your loan Monday to Friday. The amount you pay can flex depending on when you receive payments from your customers. Pay more on days when cashflow is good, and less on the days when it dips. You must commit to paying off the full amount by the end of your loan term.
Arrangement fee. ClearFunder will charge you a one-off fee for taking out your loan.
Repay your loan early at any time. ClearFunder will not charge you for settling early. You will just pay interest for each day you have had the loan.
Interest rates are fixed for the duration of your repayment period. However, the rate you’re offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from the advertised “representative APR”.
Am I eligible for a ClearFinder business loan?
You should only apply for a ClearFunder business loan if you’re certain you can meet the repayment terms. You must also:
Be a private limited company with a registered office in England or Wales
Have a current bank account and debit card
Not be under notice of redundancy, or be in or about to enter insolvency arrangements
ClearFunder will consider applications from SMEs with a poor or limited credit history as long as you can afford to meet the repayments.
How can I apply?
Fill out the simple application form on the ClearFunder website, including what you intend to use the loan for, how much you want to borrow and how long for. You will also be asked to provide some basic details about yourself and your business.
Click “Apply now” and you will given an instant quote for a loan. You will then be asked for some more details and may be asked to send supporting documents such as recent bank statements.
Once approved, you can expect to receive the money in your bank account on the same working day.
Repay the money in flexible payments Monday to Friday.
Alternative sources of funding
There are several types of business loan out there. The right one for your business will depend on how much you need and how long you want to borrow for. You should consider your options carefully before taking out a business loan, especially one which requires a guarantor.
Government startup loans. If you have a new business, you could borrow up to £25,000 at a low interest rate. You may also be eligible for a government grant.
Bank loans. Banks and building societies can lend you up to £250,000 over a term of 1 to 15 years. These loans are usually unsecured.
Short-term loans. These are offered over a few weeks or months and typically come with a higher interest rate than other types of borrowing. You could get a loan of up to £200,000.
Peer-to-peer loans. This is when your business borrows money from investors instead of from a financial institution. You could get a loan of up to £1 million.
Cash-advance loans. This option allows you to borrow money against your company’s future debit or credit card sales. You will pay a set fee rather than an interest rate.
Get tailored loan quotes
Save time by checking eligibility with multiple lenders and get quotes for BBLS/CBILS and other loans.
When you take out your loan with ClearFunder you will choose a repayment term. While many business loan lenders will require fixed payments each month, ClearFunder allows you to make frequent payments on each working day. This enables you to pay more when your business’s cashflow is good and less when it takes a dip. However, you will have to be strict with your budgets and repayments to ensure your loan will be paid off in time.
ClearFunder can collect payment by debit card authorisation, direct debit, post-dated or undated cheques. You can also make payments by online bank transfer.
If you find yourself in this position you should call a ClearFunder advisor as soon as possible. They may be able to come to an arrangement with you to make your repayments more manageable. By not contacting them, you could default on your loan which will harm your credit rating and make it difficult for you to secure credit in the future.
ClearFunder considers all circumstances when providing business loans. It specialises in offering loans to SMEs who may be unable to secure credit from a bank or mainstream lender because of a poor credit score and aims to have a high acceptance rate. As long as you can comfortably afford to meet the repayments, you will be considered for a loan.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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Businesses all over the UK face financial instability daily, which often requires outside funding. We have looked into how the state of borrowing for these businesses differs between the industry, over the years, and for the size of the business.
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