Founded in January 2011, rebuildingsociety.com connects businesses with investors. It says it believes that individuals should be responsible for the commercial growth of the UK, rather than the institutions that created the international financial crisis. It aims to cut out the middleman and create transactions that bring value to both sides.
If your company needs some funding to accelerate its growth, rebuildingsociety.com may be a good avenue to follow. Once you have submitted an application, it will be reviewed by individual investors, who may make you offers based on your application and the history of your company.
About rebuildingsociety.com’s peer-to-peer lending platform
Peer-to-peer lending (or peer-to-business lending) is a financial trend gaining traction. It cuts the middleman – traditionally a bank – out of financial transactions and places the power into the hands of individuals.
Key features of rebuildingsociety.com’s business loans
Loan duration. The duration of rebuildingsociety.com loans range from a minimum of 6 to a maximum of 60 months.
Security. It offers both secured and unsecured business loans. Your home may be used as an asset for a secured loan and could be repossessed in the event of you not being able to make your payments.
Fixed monthly repayments. All of rebuildingsociety.com loans come with fixed repayment plans. This will ensure that you always know how much money will be coming out of your account and can plan your finances accordingly.
Option to take a repayment holiday. This is not explicitly stated on the rebuildingsociety.com website so you’ll need to ask it directly.
Quick decision. Once you’ve made an application, you should receive a decision within about seven days.
Repay your loan early at any time. This business has no early repayment charges.
Quick access to funds. Once your application has been accepted, you should receive your finance within about four weeks.
Set-up fees. There is a set-up fee which varies depending on the particulars of the loan in question
Preferential rates for existing customers. This company is not a bank so this question doesn’t apply.
Am I eligible for a rebuildingsociety.com business loan?
You should only apply for a rebuildingsociety.com business loan if you’re certain you can meet the repayment terms, and your company meets the following criteria:
Has two years of filed accounts
Registered in the UK, this includes partnerships or limited liability businesses
Has up-to-date management accounts
No outstanding county court judgements
How can I apply?
To apply for a loan with rebuildingsociety.com call 0113 8150 244 within office hours. Alternatively you can sign up via rebuildingsociety.com website at https://www.rebuildingsociety.com/new-app-form/
You will need to provide the following:
Name, address, and date of birth of your company’s majority shareholders
Completed bank verification check
You will also be asked to sign rebuildingsociety.com finance agreement
How can we help?
Compare loan rates
Get live, personalised quotes on unsecured or secured loans from a large panel of lenders through our partner Funding Xchange.
All borrowers must pay a fee of 0.1% for every month of the term. This can go down to a minimum of 2.9% and a up to maximum of 5.9%. Depending on the specific type of assets which are used as security, there may or may not be some extra charges. There could also be some extra legal fees, too.
rebuildingsociety.com offers two types of loan, secured and unsecured.
Unsecured loans – personal guarantees from directors are mandatory.
Secured loans – all large loans require asset or debenture security.
If you ever have doubts about whether or not you can make your payments you need to contact rebuildingsociety.com so that it can help you meet your obligations.
If you don’t inform it then it will contact you after the payment has been missed to discuss why it happened. It will then work with you to arrange new terms that work for you and the lender.
If you continue to miss your payments, it will contact a debt collections agency to recover what is owed.
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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Businesses all over the UK face financial instability daily, which often requires outside funding. We have looked into how the state of borrowing for these businesses differs between the industry, over the years, and for the size of the business.
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