Spotcap expands unsecured business loan offering
Spotcap UK today announced it will be extending its unsecured loan offering with no personal guarantee (PG) to also include full or partial PGs and corporate guarantees. The change is a reflection of partner and client demand for more choice.
By offering partners and clients more security options Spotcap will be able to support more UK businesses looking for a swift and flexible unsecured business loan. Applying for a loan from Spotcap is free of charge, without obligation, and you receive a decision within one working day
Spotcap was created out of a commitment to build a more efficient and service-focused take on business loans. Among its key features are:
• Simple and secure application process
• Quick decisions within one working day
• No early repayment fees
• Competitive pricing
• Outstanding partner and client service
Kevin Vendel, head of sales, Spotcap UK comments: “The new guarantee options follow in the footsteps of several exciting developments for the partner and client community, including an increase of the direct loan limit from £250k to £350k and the launch of an updated website. With the Bank of England recently announcing that there is a £22 billion funding gap for SMEs it is more important than ever for us to find ways to provide UK businesses with funding solutions .”
Leanne Barry, founder and managing director of LB Finance Solution, a partner for three years adds: “I welcome Spotcap’s additional guarantee options. Their operations are very refined and they have one of the fastest underwriting processes I know. The change will mean that they are likely to be a fit for more of the clients I support.”
For an overview of the updated Spotcap unsecured loan offering, please see below:
• Loan amount: £50k-£350k, we lend up to 8-12% of turnover
• Eligibility: Minimum 3 years trading, minimum annual turnover of £500k
• Company types: Limited companies (LTD, LLP, LP), sole traders and partnerships
• Security: Loans offered with no personal guarantee (PG), full or partial PG, and corporate guarantee
• Term: 6, 12 or 15 months available if operational for 3+ years; 24-month term available if operational for 8+ years
• Purposes: Boost working capital, purchase inventory or equipment, hire staff and more
• Fees: Free application. 2-2.5% one-off arrangement fee is deducted from approved creditline when a withdrawal is made. No early repayment fees after one month.
• Interest rate: Monthly interest charged, average monthly interest is 1.3%
• Quick decision: Get a decision within one working day of completing the application
• Quality service: Dedicated partnership manager
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