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mycashline business loans
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.
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With low rates and a more realistic evaluation process, mycashline offers flexible and low-interest loans tailored to your business.
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mycashline business loans overview
mycashline is a direct lender, not a broker, offering flexible and tailored unsecured loans to “help business owners reach their goals”.
Founded in 2018, mycashline 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, mycashline says it will create a loan tailored to your business.
mycashline 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 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 |
mycashline business finance options
- My boost
- Flexible access to mycashline’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 mycashline 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. mycashline 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 mycashline 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). mycashline does not lend to customers based in the Channel Islands.
How can I apply?
Simply fill out the online application form on the mycashline 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).
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. This will not affect your credit score – only after mycashline 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 mycashline as soon as possible so the company can discuss repayment options. Beware as mycashline 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 mycashline.
Customer reviews
mycashline currently has a rating of 4.8 out of 5 stars on Trustpilot based on around 40 reviews. This is considered an “excellent” rating overall. Customers praised its “excellent customer care” and the speed at which they received their funds.
mycashline has a rating of 5 out of 5 stars on Reviews.io based on over 120 reviews. 100% of mycashline customers would recommend the lender and they also praised mycashline’s “excellent customer care” and “efficiency” (updated November 2023).
Customer support
To get in touch with the customer services team, you can either fill out an online form, email mycashline at hello@mycashline.co.uk, or ring them on 020 3727 2572.
Frequently asked questions
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