So your business has had a few missed payments and the business bank statements are showing referral charges? Not to worry. It’s difficult to manage your cash flow as a SME owner. Bills happen! Unfortunately they often come in floods. If you have only a couple of recent missed payments then you still have a chance of getting approval for unsecured finance. It’s worth a try to get you working capital on this basis first as some of our P2P partners can be understanding.
Here are 3 alternative options that could also work:
Secured finance. If you have a good list of assets such as equipment, machines and vehicles a loan can be secured on them so missed payments are less of an issue due to the security on the assets.
Leasing. If you need a loan to get more equipment, machines or anything that could be leased then this option can be easier for approval.
Merchant Cash Advance. If your business takes payment with a card machine, PayPal, Stripe etc. then this revenue can be taken in to account for a loan. Approval can be a little easier and can overlook a few missed payments because the lender is ensured to be paid from a small daily percentage of the income, all automatically.
If you’re considering finance we can help you get multiple alternative finance quotes easily. Get in touch on 01 55 636 55.