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Business loans from Service Central
Service Central can get you a business loan that is right for you. We know there are lots of different business loans out there, from start-up loans to those more suited to established businesses. For business loans, one size does not fit all.
These are hard times financially. You may need a small business loan to see you through a difficult period. Perhaps, you need a little help with the wage bill so you don’t have to make redundancies and you can keep your experienced team together until things improve. Maybe your customers are taking too long to settle invoices and this is leaving you in a precarious position.
A business loan can also help you move to the next level by providing the capital outlay you need.
Service Central will recommend a product that takes into account the nature of your business, the circumstances you are in and why you need a loan. It isn’t in your interest or ours to set you up with a finance option that is unsuitable for you.
Unsecured business loans
With an unsecured loan, the lender is taking a risk that you will be able to repay it. Unsecured loans are usually for small amounts, and they attract a higher rate of interest than secured loans. If you haven’t been in business long and have no assets to put up as collateral, then a secured loan may be a good option for you. Service Central has procured unsecured loans with an interest rate as low as 4.9%.
People think of secured loans being secured against a capital asset such as property, a vehicle or piece of machinery. However, in the UK, lenders look for a director’s guarantee in which a director of the company accepts liability for repayment of the loan if the company cannot repay it.
Secured loans are less of a risk for lenders, and they will advance larger sums than they would with an unsecured loan. Plus, the interest rate will be more favourable. If you are looking for a secure loan, Service Central can certainly help. We have obtained secured loans with interest rates as low as 1.87%
Short-term or long-term
The pertinent questions to consider with either a long-term or short-term loan are, why do you want a loan? And how quickly do you want to repay it? Different lenders have different criteria, and at Service Central we can help you decide the most appropriate term over which to repay your loan.
Fixed rate or variable
With a variable loan, as the Bank of Interest base rate changes, so does the interest you are charged on your loan. If you are looking to make the same repayment each month because finances are tight and you need to plan, a variable loan is probably not the best option for you.
If loan repayments aren’t a problem and you are hoping the interest rate will reduce, a variable loan may suit you. If you want to make the same payment each month, irrespective of base rate changes, then a business loan with a fixed rate of interest is probably best for you.
Service Central has built relationships with a panel of over 200 lenders. Even if the high street bank you use says no to your loan, we can find a lender prepared to meet your needs. We get special rates and terms too, so can tailor your loan to suit you.
We compare products to find one that best suits your business, and our expert team is always ready to listen to your requirements, discuss options, and answer any questions.