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Uncapped business loans review
We take a closer look at the business loans offered by Uncapped to see if they could work for you.
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Uncapped business loans comparison
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Other popular business loans
If you need access to funding to help your business grow, a business loan can be an option worth exploring. We look at how business loans from Uncapped work to see which type of businesses they suit best.
What is Uncapped?
Uncapped was founded in 2019 and operates in 18 countries. It works slightly differently to other loan providers and offers loans of between £50,000 and £10,000,000. It charges a flat fee on the sum borrowed, rather than interest. You can choose to repay the loan daily, weekly or monthly or repay it based on a percentage of your sales.
What types of business loans does Uncapped offer?
Uncapped offers the following types of loans:
Fixed term loans
These loans let you borrow between £10,000 and £10,000,000, with fees starting from . You’ll have the option of setting your own daily, weekly or monthly repayment schedule so you can budget accordingly. There are no restrictions on how you spend your money.
What’s more, you can reduce your repayments by only withdrawing the capital you need when you need it from a larger pool of pre-agreed credit. You will also be able to plan ahead by agreeing to future funding amounts based on your growth trajectory.
SaaS runway loans
SaaS (software as a service) businesses can apply for a loan of between £10,000 and £10,000,000 to help them invest in their performance or achieve their goals. You can borrow against recurring revenue and you retain full ownership of your company.
Fees start from 0.5% per month and repayment terms are 6–24 months. You can choose to take the funds in one go or only draw what you need. You’ll only pay fees on the amount you borrow.
Inventory financing
This type of loan is available to Amazon sellers who have opted into Fulfilment by Amazon. It enables you to lower your fees by securing your loan against your inventory. You can borrow between £50,000 and £10,000,000, with fees from . Your loan offers will be based on your sales and stock levels and loans are paid back in monthly instalments.
Revenue-based financing
This option enables you to borrow between £100,000 and £10,000,000, with fees starting from 2%. Similar to fixed term loans, it lets you reduce your repayments by only withdrawing the capital you need when you need it from a larger pool of pre-agreed credit.
You can find more about these loans below.
What are revenue-based loans?
Revenue-based loans offer flexible repayments. Rather than repaying your loan in fixed monthly instalments, you pay back a fixed percentage of revenues until you have repaid the original amount borrowed and your agreed flat fee. This means that if business is going well, you’ll repay more, but if your revenues slow or even stop, so will your repayments.
Key features of Uncapped business loans
The key features of Uncapped business loans are outlined below:
- Quick application process. Apply in minutes and get a decision within 24 hours.
- Flexible repayments. Choose from daily, weekly or monthly repayments and have the option to repay your loan based on a percentage of your sales.
- Know the full loan cost upfront. You only pay a flat fee, not interest.
- Lower risk. You don’t need to secure your loan against equity or sign a personal guarantee.
- High loan amounts. Borrow up to £10,000,000.
Who is eligible for an Uncapped business loan?
You will be eligible for an Uncapped business loan if you’re a limited company that has been trading for at least 6 months and is generating at least £100,000 per month of monthly sales and processing 40% or more of payments online. You will also need to have an online model such as ecommerce, SaaS, gaming and app development sectors.
You won’t be able to apply if you’re a sole trader.
Repaying an Uncapped business loan
If you choose a revenue-based loan, repayments are tied to your sales. This means you only make repayments when you generate revenue. Uncapped will take a fixed percentage of your daily sales until you’ve repaid the capital and the flat fee. So you will pay more when your revenue is booming and less when revenue tails off.
Repayments are automatically collected either by connecting to your payment processor or by direct debit, which means you don’t need to remember to make them. Most businesses share 5% to 25% of future revenues, but this will depend on your budget and business needs.
Fixed term loans have fixed repayments but you can set your own daily, weekly or monthly repayment schedule.
Uncapped application process
Your first step is to fill in a short form on the Uncapped website to find out if you’re eligible. You’ll need to answer questions about the type of business you run and its monthly revenue. You should find out if you qualify within 2 minutes.
If you are eligible, you can save time by connecting your accounts to Uncapped and offers will then be generated based on your sales revenue. Your account manager will get in touch within 24 hours to discuss your offers and help you make the right choice.
Once you’ve made your decision and signed an agreement, funds should be available to spend the next day.
Uncapped customer reviews
Uncapped scores highly on review site Trustpilot, scoring 4.5 out of 5 stars from 25 reviews (February 2023). This gives it an “excellent” rating.
Positive comments focus on the efficient, quick and easy process and “transparent requirements”. However, a few customers mentioned that Uncapped wasn’t the cheapest option and there were a lot of hoops to jump through to get their application sorted.
Alternatives to business loans
Not sure if a business loan is right for you? Don’t worry, there are other types of business finance that could be more suitable. Some of your options are outlined below:
A business credit card
A business credit card is a flexible way of borrowing funds and can be a useful way to manage cashflow. You’ll be able to spend up to your set credit limit and borrow as and when you require. Repayments are monthly but are not fixed as they are with a standard loan.
Just remember that if you don’t pay off your balance in full each month, interest will be charged on the remaining balance. Compare business credit cards here.
Asset finance
Asset finance gives you access to business equipment, machinery and vehicles without the need to pay for them upfront. The 2 most common forms of asset finance are hire purchase and lease financing. To learn more, read our full guide.
Government grants
A government grant is a sum of money awarded to a business to help it grow. However, unlike a business loan, you will not need to repay the grant nor will you pay any interest. You can choose from hundreds of different grants, but some may be restricted to particular areas in the UK as well as certain sectors.
Crowdfunding
Equity crowdfunding lets you raise funds from a “crowd” of investors such as individuals or organisations. They will get a share in your company in return for their investment.
Angel investors
These are high-net-worth private individuals who invest their own funds into your business in return for a stake in the company. As well as their investment, they will often be able to offer valuable skills, contacts and expertise to help your business succeed.
Read more about business loan alternatives.
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