Capital Box loans review
Capital Box (formerly Ferratum Business) offers loans of £2,000 to £50,000 for 18 months with no security required.
Capital Box is a division of the European finance company Ferratum Group, which is publicly traded on the Frankfurt Stock Exchange and operates in over 24 countries worldwide. It has offices in Stockholm, Helsinki, Vilnius, Copenhagen, Perth and Liverpool. It’s a direct lender not a broker.
Capital Box says it aims to provide loans to companies faster and more often than more traditional financial institutions. There are no interviews or paperwork, and no need to provide collateral as security. Capital Box will consider your business’s performance and its ability to make the repayments, as well as its credit rating when making a decision on a loan.
Capital Box unsecured loans at a glance
|Loan type||Fixed rate unsecured loan|
|Loan amounts||£2,000 to £50,000|
|Loan terms||18 months|
|Loan rate type||Fixed|
|Funding speed||Capital Box states that approval of the application takes place within approximately one working day, followed by payout the same day|
|Personal guarantee||A personal guarantee is required|
|Early repayment fee|
|FCA registration number||672537|
All Capital Box loans are unsecured, meaning you will not have to use any assets such as real-estate as security. You will, however, be asked to provide a personal guarantee for 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 any advertised “representative APR”.
Once you decide to take out a loan, Capital Box will charge you a small percentage of the amount you borrow as an “origination” fee.
Am I eligible for a Capital Box business loan?
You should only apply for an Capital Box loan if you’re certain you can meet the repayment terms. You must also have a dedicated business bank account and meet the following eligibility criteria:
|Minimum trading requirement||12 months|
|Additional eligibility info||All owners of your company must be UK residents and it must not be a sole proprietorship.|
How can I apply?
- Apply online in just a few minutes by telling Capital Box a bit about your company and what you want your loan amount to be. You will need your latest closing of accounts or bank statements from the previous 3 months. You will also be required to send a photo of yourself and a form of ID via your mobile phone.
- Capital Box will give an initial decision within one working day tell you how much you could borrow. Review your repayment schedule to ensure it is manageable, and the interest rate you are being offered.
- After your loan has been approved, the funds will be transferred to your bank account within one business day.
You can repay your loan early at any time – Capital Box won’t charge you for settling early, and you’ll only pay interest for the time the loan is outstanding.
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