MyCashline is a direct lender (not a broker) which uses innovative technology to track the trading data of your business in order to speed up its lending approval processes.
It can link to thousands of business data points such as cloud-based accounting services, Amazon and eBay accounts, VAT and tax reports and bank statements.
The theory goes, that if you let MyCashline track all these data points, then in return you’ll enjoy faster decisions on business finance when you need it and money in your account in “as little as 60 minutes”.
If you need to be able to quickly free up cash to take advantage of opportunities as and when they arise, then having a “bank-free overdraft” (read “line of credit”) on hand could offer your business invaluable flexibility. And if you’re after something a little more straightforward, MyCashline also offers traditional fixed-term business loans.
MyCashline business finance options
Bank-free business overdraft
Designed for month-to-month cash flow
Borrow up to £25,000
Draw down on your credit facility at any time
Pay finance charges only for the first six months
Fixed-term growth loan
Designed for investing in growth
Borrow up to £50,000
Agree a fixed term at the start
Tailor your repayments to suit your business growth plan
Business start-up loan
Designed for one-off purchases
Borrow £5,000 to £10,000
Get a lump sum deposited into your account immediately
Set weekly/monthly repayment schedule over 6 to 12 months
Key features of MyCashline business finance
Borrow £1,000 to £50,000. The amount you can borrow will depend on your loan option, your business performance and needs, and your creditworthiness.
Repay over 1 to 12 months. Choose a loan term to suit your needs or use the “bank-free overdraft” which offers an open line of credit.
Fast decision and payment. Get a response within the same working day and receive your funds in just 60 minutes.
Cash break and flexible repayment options. Choose to take a break, or pay less, on months when cash flow dips.
Startups considered. MyCashline lends to new businesses based on projected sales and your credit history.
The interest rate you’re offered will depend on factors like how much you apply for, the term of the loan, the performance of your business and its credit rating. The interest rate you’re given may differ from the advertised representative APR.
Am I eligible for MyCashline business finance?
You should only apply if you’re certain you can meet the repayment terms. You must also:
Be aged 18 or over
Have a UK- or Europe-based business
Operate as a sole trader, partnership or limited company
How can I apply?
Simply fill out the online application form on the MyCashline homepage with some basic information about your company such as your turnover, profit and what you require the loan for. This should take about 10 minutes. MyCashline will use the data you provide to carry out a soft search on your credit file, so ensure you complete this as accurately as possible. An account manager will then call you with a quote and talk through the next stages of your loan with you.
Get tailored loan quotes
Save time by checking eligibility with multiple lenders and get quotes for BBLS/CBILS and other loans.
Yes, MyCashline will initially only carry out a “soft check” based on the information you submit through the online application form. This will not affect your credit score in any way. A credit footprint will only be left on your record once the loan has been funded.
Your account manager will let you know when your loan has been approved and a loan repayment agreement will be drawn up showing your requested repayments schedule. When you’ve e-signed your loan agreement, then funds can be transferred on the same day.
As soon as you’ve repaid the capital from your original agreement, you’ll be eligible to re-apply for a second loan.
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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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