New Unsecured Business Loan Process & Criteria

New Unsecured Business Loan Process & Criteria 1

Great news Enable Finance have added more unsecured business loan products to our ever growing funding panel.

Enable Finance now source commercial finance from over 120 different lenders. This means trading businesses receive the financial support they want when they need it.

All unsecured business loans from Enable Finance are without obligation so you can apply receive a full sanctioned business loan, funds ready to be transferred without any commitment to take the funding. Furthermore, there are no upfront fees and you are free to cancel your application at any time.

New Unsecured Business Loan Sourcing Process:

  • A new application form allows for better data mining.
  • File uploads allow clients to append their financial data which means we pay out funds faster.
  • More refinement around business trading allows for a more intuitive response.

Enhancements to Lending Criteria

  • Increased loan advances – it’s now possible to borrow up to £500,000
  • New starts now considered up to £10,000 with a Business Plan, Financial Forecast and clean personal credit file.
  • Products available to Tenants and Homeowners. (UK citizens only)
  • Previous corporate insolvencies considered where New Co has 12 months trading.
  • Historic adverse credit considered where suitable reason and explanation can be evidenced and a strong business profile now.
  • Lending based on trading revenues, not year end profits.
  • Lending to businesses based in England, Northern Ireland, Scotland & Wales.
  • Sole Traders, Partnerships, Limited Companies, Limited Liability Partnerships and PLC’s

What’s required when applying for an unsecured business loan:

  • Completion of our Secure online application form. – Our form is broken down into 3 simple steps.
  • Your last 3 months business bank statements. – Please note, these should state the Companies name and not be a list of transactions. You can upload these PDF’s at the end of the application form
  • The last 5 quarterly VAT returns. If you are not VAT registered you can replace this with a 12 month CSV / Excel download of your business banking transactions.
  • The last full set of accounts if you have been trading long enough and these have filed at Companies house.
  • Certain loan products may require 2 years filed accounts, management accounts and cashflow forecasts.