FAQs.

Your questions, answered.

Navigating the world of business finance can be daunting, especially for small and medium-sized enterprises (SMEs). 

That’s why we’ve compiled a list of frequently asked questions to provide you with the information you need to make informed decisions about your business funding options. 

From eligibility requirements to the loan amounts, we’ve got you covered. Read on to find answers to some of the most common questions we receive.

We offer a wide range of funding options for small and medium-sized businesses, including business loans, asset finance, invoice finance, and merchant cash advances.

The amount of funding you can receive depends on several factors, including your business’s financials, creditworthiness, and the type of funding you are seeking. Some types of funding are based on your accounts receivable and can provide funding based on a percentage of the value of those invoices. Other types of funding, such as term loans, may have specific minimum and maximum amounts.

We can offer loans ranging from £5,000 up to £1m.

The loan term can vary depending on the type of funding you choose. We offer flexible loan terms typically ranging from 1 month up to 5 years but if you’re looking for something longer we still may be able to help.

In some circumstances, you could receive your funds within 24 hours. We understand the importance of timely funding for your business needs, so once we have the necessary information and documents, we will work as quickly as possible to find the best funding options available. Typically, funding can be received within a few days, depending on the lender and the type of funding you are applying for.

The interest rates will vary depending on the type of funding you choose and your individual circumstances.

The funding process can vary depending on the type of funding you choose and the requirements of the lender. However, we aim to provide a quick and efficient service, and some loans can be approved and funded within 24 hours.

The specific documents required for funding will vary depending on the lender and the type of funding you are seeking. Generally, you will need to provide financial statements, bank statements, tax returns, and any other documentation related to your business’s financials. Our team will work with you to determine which documents are needed for your specific funding needs.

Collateral requirements vary depending on the lender and the type of funding you are seeking. Some types of funding, such as equipment financing, may require the equipment itself to be used as collateral. Other types of funding, such as unsecured business loans, do not require collateral.

We do not charge any upfront fees for our services. We receive a commission from the lender if your application is successful.

In most cases, yes, you can pay off your funding early. This can save you money on interest. However, you should check with your lender to confirm if any prepayment penalties or fees apply.

Yes, start-ups are eligible for funding. However, the specific funding options available may be more limited than for established businesses. In some cases, personal guarantees or collateral may be required to secure funding for a start-up.

Yes, we can consider applications for funding new business ideas. However, you may need to provide more detailed information and have a solid business plan in place.

Yes, we can consider applications from sole traders. However, you may need to provide more detailed financial information.

The allowable uses of funding will depend on the specific type of funding you receive. Some types of funding, such as working capital loans, can be used for any business purpose. Other types of funding, such as equipment financing, can only be used to purchase specific types of equipment.

You can check your eligibility by completing our online form. We will then review your information and let you know if you are eligible for funding.

While having good credit can certainly improve your chances of receiving funding, it is not always necessary. There are lenders who specialise in working with businesses with less-than-perfect credit. Additionally, some types of funding are based more on the creditworthiness of your customers than your own credit score.

Yes, it is possible to apply for funding even if you have an existing loan. However, the specific terms and conditions of the new funding may be affected by the existing loan.

Yes, it is possible to receive funding from multiple lenders. However, you will need to disclose any existing loans when applying for funding.

We have access to a large pool of funders and some may consider businesses with bad credit. However, the terms and interest rates may be less favorable.

If you still have any doubts or require further assistance, please do not hesitate to contact us.

Our friendly and experienced team at Funding Pool is always here to help you in any way we can, whether you need guidance on your funding options or have any other queries.

We are committed to providing our clients with the best service possible, and we look forward to hearing from you soon.

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