mcl finance (formerly mycashline) uses innovative funding solutions to offer startup and established SMEs access to flexible small business loans. Loans amounts from £5,000 to £100,000 between 1 and 24 months.
mcl finance (formerly mycashline) is a direct lender, not a broker, offering flexible and tailored unsecured loans to “help business owners reach their goals”.
Founded in 2018, mcl finance uses innovative funding solutions to level the playing field for small business finance and promote SME growth. Its innovation lies in how it evaluates your business.
The business says that it gets a more realistic view of your business than a high-street bank would get because it assesses a business’s disposable income, payment history and expected cash flow. If you meet its eligibility criteria, mcl finance says it will create a loan tailored to your business.
mcl finance offers unsecured business loans from £5,000 to £100,000 over a term of 1–24 months. The loans are based on risk and are determined by the business’s ability to repay and must be backed by a guarantor. This means that you don’t have to put up collateral such as property but you must provide a personal guarantee from at least 1 director in the business. You can also draw down, top-up and access credit at any time.
If you’re looking to borrow under £5,000 or want to borrow for longer than 24 months, you can find and compare loans better suited to you in our full guide.
Quick overview of mcl finance (formerly mycashline) business loans
Minimum trading period
12 months
Loan terms
From 1 to 24 months
Loan amounts
From £5,000 to £100,000
Minimum turnover
£15,000 monthly
mcl finance business finance options
My boost
Flexible access to mcl finance’s full range of credit
Borrow from £5,000 to £100,000
Repay over 1–6 months
Rates start at 2.5%
My impact
Predictable repayments over a longer period
Borrow from £5,000 to £100,000
Repay over 6–24 months
Rates start at 2.5%
Key features of mcl finance business finance
Borrow from £5,000 to £100,000. The amount you can borrow depends on your loan option, your business performance and needs and your creditworthiness.
Repay over 1–24 months. Choose a loan term to suit your needs the best.
Fast decision and payment. You may get a response within the same working day and receive your funds within 4 hours.
Cash break and flexible repayment options. Choose to take a break or pay less on months when cash flow dips.
Startups considered. mcl finance lends to new businesses based on projected sales and your credit history.
The interest rate you’re offered will depend on factors such as 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 mcl finance business loan?
You should only apply if you’re certain you can meet the repayment terms. You must also:
Be aged 18 or over.
Be a private or limited company.
Have a history of trading for a minimum of 12 months. Startups may also qualify for a loan if the business has at least 4 months of trading history, though 12 months is preferable.
Have a minimum turnover of £15,000 monthly.
Not have significant adverse credit. However, you can apply if you have been previously rejected by a bank.
Be a UK-based company (England, Scotland, Wales or Northern Ireland). mcl finance does not lend to customers based in the Channel Islands.
How can I apply?
Simply fill out the online application form on the mcl finance homepage where it will ask you for your latest filed accounts, the last 3 months of bank statements, a passport or driver’s licence and some basic information about your business (the name and the type of business, for example).
mcl finance 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. This will not affect your credit score – only after mcl finance has made a decision on your application will it leave a credit footprint.
An account manager will then call you with a quote and talk through the next stages of your loan with you. They will also need to see a business plan with financial projections if you’re a startup.
How can I repay?
You can make loan repayments by a direct debit or you can use a standing order.
If you’re struggling to repay your loan, tell mcl finance as soon as possible so the company can discuss repayment options. Beware as mcl finance charges late payment fees.
You can repay your loan early with no early exit charges or other fees. You can find how much you owe through automated reminders or you can ask to see your balance by calling or emailing mcl finance.
Customer reviews
mcl finance (formerly mycashline) recieved a high score in our 2024 customer satisfaction survey, with 93% of its customers saying they would recommend the brand to a friend. Several customers stated that they felt the company was easy to deal with and provided a good service. One customer said of his business loan experience with mcl finance: “Very favourable terms, and the application process was easy to manage.”
mcl finance currently has a rating of 4.8 out of 5 stars on Trustpilot based on around 45 reviews. This is considered an “excellent” rating overall. Customers praised its “excellent customer care” and the speed at which they received their funds.
mcl finance has a rating of 5 out of 5 stars on Reviews.io based on over 130 reviews. 100% of mcl finance customers would recommend the lender and they also praised mcl finance’s “excellent customer care” and “efficiency” (updated July 2024).
Customer support
To get in touch with the customer services team, you can either fill out an online form, email mcl finance at hello@mclfinance.com, or ring them on 020 3727 2572.
Frequently asked questions
Yes, mcl finance 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 mcl finance has made a decision about your application.
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, funds can then be transferred on the same day.
As soon as you’ve repaid the capital from your original agreement, you’ll be eligible to reapply for a second loan.
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Izzy Thomas is a Senior Associate Publisher at Finder specialising in credit-based products including credit cards, business loans and personal loans. Izzy has a Masters in Publishing and a Bachelor of Arts in International Business Management. See full bio
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