Tide Start-up Loan
- £500 to £100,000
- 12 to 60 months
- Cashflow forecasting through Tide Connect
Cubefunder is a direct lender not a broker.
London-based Cubefunder is a newcomer to the business loans market, having launched in 2017. While many business lenders will add interest for the time your loan is outstanding, Cubefunder has just one fixed fee which it adds to your loan total. This fee will vary depending on your loan amount and repayment term, as well as the size and creditworthiness of your business.
Cubefunder’s repayment model is also unique as it can adapt to how and when you receive payments from your customers. You can pay more off of your loan on months when revenue is good and less on months when it has dipped.
Whether your business has hit a financial emergency or you need a cash boost to get it to the next level, Cubefunder could help with a tailor-made business loan of up to £100,000. It’s quick and straightforward to apply online at the Cubefunder website.
|Loan type||Fixed rate loan|
|Loan amounts||£5,000 to £100,000|
|Loan terms||3 to 12 months|
|Loan rate type||Fixed|
|Personal guarantee||A personal guarantee may be required|
|Early repayment fee|
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”.
You should only apply for an Cubefunder business loan if you’re certain you can meet the repayment terms. You must also:
1. Apply online or by phone by providing some personal information and details about your business including its revenue streams.
2. Once your application is complete, the Cubefunder technology will create a payment plan that matches your cashflow patterns.
3. Although repayments are set out at the beginning, if your business goes through a period of change you can restructure your plan at any time without incurring default charges.
4. Once approved for a loan, the funds will be transferred to your bank account.
5. Make repayments as agreed by debit card. You can also make additional payment through the website.
Cubefunder has received mixed reviews from its customers, according to customer review sites like TrustPilot and Google Reviews.
The lender currently has a TrustPilot rating of 4.4 out of 5, based on 78 reviews (updated September 2022). Multiple Cubefunder customers who rated the lender below average complained that they were asked to provide “irrelevant” information and documentation for the loans that they were requesting.
However, on the flip side to this, 80% of reviewers who rated the lender the full 5 stars, stated that the service is “very speedy” and “highly flexible”, not mentioning being asked for extensive information.
On Google Reviews, Cubefunder currently has a rating of 4 out of 5 stars, based on 28 ratings (updated September 2022). Like the TrustPilot reviewers, those who rated Cubefunder with low scores said that they were asked to provide a multitude of irrelevant information and found that the loans were slow. However, in contrast, those who rated the service highly, gave praise to the quick and simplistic nature of the lender, as well as the helpfulness of the team.
So what’s the bottom line? Cubefunder is a good alternative to those businesses that have struggled to receive a loan from more traditional lenders and might experience peaks and troughs in revenue. With its fixed fee that gets added to your loan total and the flexible repayment model, you will be able to make an easier judgment of your business’s affordability. However, if your creditworthiness of your business isn’t quite perfect, you could be facing a higher fee than the advertised rate.
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.
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