Fleximize is a direct lender (not a broker) launched in 2014 with the aim of providing small and medium-sized enterprises (SMEs) with the sort of financing options usually reserved for larger companies. The Ipswich-based lender says that banks and other big financial institutions have made it much harder than it needs to be for companies to get working capital.
With penalty-free early repayments and top-ups plus a repayment holiday facility, Fleximize is all about – you guessed it – the flexibility. It lends to a variety of industries including retail, construction, manufacturing and property.
It offers secured and unsecured loans from £5,000 to £500,000, which are repayable over a period of 3 to 48 months, and funds can be deposited in as little as 24 hours.
Fleximize unsecured loans at a glance
|Loan type||Fixed rate unsecured loan|
|Loan amounts||£5,000 to £250,000|
|Loan terms||3 months to 3 years|
|Loan rate type||Fixed|
|Funding speed||Fleximize states that funds can be deposited in as little as 24 hours|
|Personal guarantee||A personal guarantee is required|
|Early repayment fee|
Fleximize will lend up to a maximum of two months’ revenue, so if your typical monthly revenue is £10,000, it’ll be able to lend up to £20,000.
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’ll benefit from ongoing support from a dedicated relationship manager plus exclusive discounts on market-leading business tools from Fleximize’s network of B2B partners.
Ticking yet another flexibility box, Fleximize can also review your company for a lending top-up provided you’ve met your first three monthly repayments on time.
Fleximize’s secured loans
Below £250,000, Fleximize can often provide loans with just a personal guarantee, but for all loans over this figure, it’ll need security.
Am I eligible for a Fleximize business loan?
You should only apply for an Fleximize business loan if you’re certain you can meet the repayment terms. You must also meet the following eligibility criteria:
|Minimum trading requirement||6 months|
|Business types||Limited Company,Limited Liability Partnership|
|Additional eligibility info||Fleximize will lend up to a maximum of two months' revenue.|
How can I apply?
- Complete the online application form with some details about your business. Fleximize will ask for all bank statements covering the previous 3 months of trading, the most recent set of management accounts and a summary of your previous 12 months’ revenue. You can upload these via the website once you have submitted your application. Depending on the complexity of your business, Fleximize may ask for further documentation.
- Receive a decision in principle within 24 hours.
- You will be allocated a relationship manager who will call you and take you through a proposal customised to your needs.
- When it gets your application, Fleximize will carry out a credit and affordability assessment based on the information you have provided, plus a search from a credit reference agency.
- After you’ve signed your finance agreement, your funding will be sent to your bank account within a few hours.
Looking for other companies like Fleximize?
The bottom line
With decent early repayment terms, the option to top-up loans and even to take “repayment holidays”, Fleximize is best-suited to companies with cash flow that isn’t 100% regular that would benefit from flexibility in paying back finance.
Frequently asked questions
More guides on Finder
Mortgage for a hotel
In-depth guide to taking out a commercial mortgage to buy or refinance a hotel. Find out how to get the best rates, factors lenders consider and what you need to apply.
Limited company loans
See how to get a business loan as a limited company in the UK, and how much you can borrow.
Sole trader loans
Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.
Equity release calculator
Find out the value of your property, and how much you could borrow, with our free equity release calculator.
Best prepaid cards for business in the UK 2021
Learn more about how prepaid business cards can be used to spend money with any retailer that accepts debit or credit cards.
Compare the best business credit cards of 2021
Saving time on expense reports and streamlining your cash flow are just a couple of the many perks you could enjoy with a business credit card. Compare interest rates and check your eligibility today.
Compare the best refurbishment loans UK 2021
Everything you need to know if you’re considering taking out a refurbishment loan to renovate an investment property, whether it’s for buy-to-let or to add value.