Ultimate Finance is now an accredited lender under the government’s Coronavirus Business Interruption Loan Scheme (CBILS). This means Ultimate Finance is able to provide loans and finance to businesses that have been substantially affected by the ongoing pandemic.
Ultimate Finance is a direct lender not a broker.
Since its launch in 2001, Ultimate Finance has provided more than £1 billion in funding to thousands of businesses of all shapes and sizes across a variety of industries. It offers 9 types of flexible business loans including hire purchase agreements, bridging loans and a new super-fast cash advance, which you could receive within just 12 minutes of applying.
Ultimate Finance aims to make the loan process as streamlined as possible so you can get the funding you need to start a business or get it to the next level. You can apply via the Ultimate Finance website.
Ultimate Finance loan options
Type of loan
What it’s for
Borrow up to £1 million to buy the equipment your business needs. Repay over 12 to 60 months.
Release the cash tied up in your outstanding sales invoices and let Ultimate Finance chase them up for you. Borrow up to £5 million on an unlimited, rolling contract.
Ultimate Finance will pay your suppliers for the goods you purchase, including raw materials, work-in-progress and perishables. Borrow £25,000 to £2 million on a revolving line of credit.
Ultimate Finance will provide funding until you secure long-term property finance. Borrow £50,000 to £2 million for up to 18 months.
Take the day-to-day pressure off your purchasing with up to to 120 days of credit to pay local and overseas suppliers. Borrow £25,000 to £2 million.
A flexible longer-term business loan for whatever you want and whenever you need it. Borrow £5,000 to £100,000 for up to 12 months.
An ultra-fast short-term loan to top up your existing business credit card or overdraft. Borrow £5,000 to £50,000 and repay in a single payment in 30, 60 or 90 days.
Unlock cash tied up in outstanding applications for payment. Borrow up to £3 million on an unlimited, rolling contract.
Ultimate Finance will advance you cash against your temporary or permanent placements so you can pay your wage bill on time. Borrow up to £5 million on an unlimited, rolling contract.
Key features of an Ultimate Finance business loan at a glance
Flexible repayment terms. Pay off your loan in equal instalments or over a longer-term rolling contract, depending on the loan you choose.
Flexible repayment terms. Your loan amount is typically equal to one month’s revenue. As your business grows, so will your credit limit.
Security. Ultimate Finance offers unsecured loans with no asset requirements. For limited companies it asks for a personal guarantee, typically from a director or shareholder.
Fixed monthly repayments. Your business will pay the same amount each month, helping you to budget and to keep track of how much the loan is going to cost you overall.
Quick decision and fast funding. Apply in minutes and, if you’re approved, you could have the money within a few hours.
Repay your loan early at any time. Ultimate Finance will not charge you for settling early – you will just pay interest for each day you have had the loan.
No hidden fees. Ultimate Finance does not charge arrangement fees or any other one-off fees.
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”.
Am I eligible for an Ultimate Finance business loan?
You should only apply for an Ultimate Finance business loan if you’re certain you can meet the repayment terms. You must also:
Be a UK-based business
Be aged over 18
You must be aged between 18 and 74 and be under 75 at the end of the loan term
Have a good credit rating without a history of county court judgment or bankruptcy
How do I apply?
If you’ve decided that an Ultimate Finance business loan is the best option for you, there are five steps to the application process.
Read the loan options carefully and choose the one that best suits your business needs. If you aren’t sure, you can talk through the loan types an Ultimate Finance advisor before going ahead.
Under the relevant loan type on the website, answer the questions to choose how much you would like to borrow and for how long.
Provide details about your business including net profit and outgoings.
Once approved, confirm your loan repayment details.
Sign your loan agreement and get the money in your bank account. The speed of this will depend on your loan type.
Alternative sources of funding
There are several types of business loan out there. The right one for your business will depend on how much you need and how long you want to borrow for:
Government startup loans. If you have a new business, you could borrow up to £25,000 at a low interest rate. You may also be eligible for a government grant.
Bank loans. Banks and building societies can lend you up to £250,000 over a term of 1 to 15 years. These loans are usually unsecured.
Short-term loans. These are offered over a few weeks or months and typically come with a higher interest rate than other types of borrowing. You could get a loan of up to £200,000.
Peer-to-peer loans. This is when your business borrows money from investors instead of from a financial institution. You could get a loan of up to £1 million.
Cash-advance loans. This option allows you to borrow money against your company’s future debit or credit card sales. You will pay a set fee rather than an interest rate.
Looking for other companies like Ultimate Finance?
Having a hard time keeping track of all these “alternative lenders” that offer new types of business funding? Here’s a list you can use to compare options.
Repayment is a simple transaction from your debit card on your agreed date/s. The interest rate charged by Ultimate Finance is based on a number of factors. You will be told what your interest rate is before you take out your loan.
Yes, Ultimate Finance does not charge a fee for increasing the amount you are borrowing or the duration (up to the maximum in your loan agreement). This way you can borrow what you need and no more.
Yes. Ultimate Finance will not charge you anything extra for repaying your loan early. If you can afford to do this it will save you money as you will only pay interest for each day that you have the loan.
Yes. Ultimate Finance can renew your offer once your loan has ended, assuming your circumstances have not changed. If your business has grown you may even be offered an increased credit limit or reduced interest rate. You can then log into your account to withdraw the funds.
If you find yourself in this position you must contact Ultimate Finance as soon as possible. It might be able to help you come to a more manageable arrangement to pay off your loan. Charges will apply in the following circumstances:
£5 for each failed debit card payment attempt (max 2 attempts per day).
£20 for each outbound telephone attempt made after any payment default (max £20 per day).
£10 for each outbound email sent after any payment default (max £10 per day).
If two consecutive payments are missed then a letter will be sent via recorded delivery at a cost of £20.
If Ultimate Finance does not get a response by this stage, it will involve a third party debt collection agency. All of the fees for this will be added to the outstanding balance of the loan.
By not meeting your repayments, you will be in breach of the loan terms you accepted. As a result, a small penalty interest will be applied to your account for each day that a payment is outstanding.
By linking your online accounts or uploading bank statements, VAT returns or company accounts, you give Ultimate Finance a fast and detailed understanding of your business. This means that it can offer instant funding without the complex paperwork associated with a traditional business loan. It also offers more flexibility than many business loans from a bank.
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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