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UK QUICK LOAN COMPANIES
UK Loan Companies and Frequently Asked Questions
1) How much can I borrow?
Generally speaking, a loan company advances up to 15% of an
agency's annual operating budget. Borrowing amounts are determined by
other factors including projected cash flows.
Short Term and Revolving Credit loans are advanced against
confirmable vouchers under executed contracts or signed grant letters.
Currently, an 80% advance rule is applied to qualifying receivables.
Lines of Credit are advanced against executed contracts and award
letter amounts. Currently a 60% advance rate is applied to qualifying
contracts and award letters.
2) What is the difference between a short-term and a revolving
credit loan?
The Short-Term loan is a loan with one draw down. Repayment is
generally due within 90 days or less.
The Revolving credit loan has a maximum 12-month term. During this
time, the borrower may draw down, repay, and re-borrow based upon new
receivables.
3) Once we have filed our application with a Loan Company, how long
does the decision process take?
The decision-making process involves the verification of
receivables, contracts and/or award letters, and the financial
analysis of audited statements or 990s, interim financial statements,
the budget, and projected cash flows. The analysis time varies
according to the completeness and quality of the information supplied
with the application, the complexity of the credit issues, and the
responsiveness of the applicant to the loan company's questions. The
pound size of the request determines the approval process (in-house
versus committee).
The entire process for an in-house request most often takes 5-10
business days. Requests that require the approval of the Credit
Committee may take longer.
4) What is a loan company's pricing structure?
A 2% Administrative Fee is charged upon the signing of the loan
documentation. Revolving loans have a 1% draw down fee for each
subsequent draw after the initial or first disbursement.
Interest rates charged are based upon the prime rate and adjusted
for risk. The type of loan and the loan comapny's-assessed credit
rating determines the risk adjustment.
5) Does the loan company offer loans to individuals or to
for-profit organizations?
No.
Once you have taken the
time to select a quick loan right for you we would like to take this
opportunity to thank you for you business and explain a little bit
about the process further.
Naturally all quick loan
offers are subject to conditions, but as the consumer you are under no
obligation to accept any loan product offered. We hope and expect that
you have been informed about all the products available. We try to
help find you the best quick loan given your circumstances using a variety
of the onboard lenders available to us. Sometimes depending on your
circumstances and new lending criteria we are able to offer you a
quick loan
even if you have been turned down elsewhere. If you believe new
information will help secure a loan you have been recently rejected
for then just simple reapply on one of our sites or simply call us. We
are constantly searching and adding new lenders to our systems, and
developing new loan products consequently. some of these new products
may be just right for you, so reapplications are certainly welcomed!
Thanks Again
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