You may click each frequently asked question below to read more about the subject.
Depending on the type of loan, and the agreement you sign with the lender. Most lenders will have a fixed amount that you would have to repay if you were to settle early. Paying early can save money in regard to interest incurred on your loan.
You will be informed of this prior to signing the loan agreement and having the funds deposited.
There are a lot of different lenders offering different products within the market. Banks, of course, provide the lowest rates for business loans. If you cannot get funding through your bank, as they have very strict criteria you are then made to look at the alternative finance market.
Interest rates vary for several reasons. The strength of your business is key to securing a better rate. Less risk to the lender, means a lower rate. Also, if you secure the loan against an asset (Property, Stock) this can reduce your rate as it gives assurance that the money is repayable.
We will always try and find the cheapest rate available on the market for your business.
Calling into Jones and Co to run through the questions about your business and sending us documentation to see if we can place your loan will not affect your credit rating. We do not perform any credit checks, all we do is provide a free business review to see if we would be able to place your application.
Once we find a match, and send the application to a lender, they will at that point perform a credit search. This will affect your credit rating, as the search made against your company will show on your file. We will only send the application to a selected part of our panel, minimising the effect of this.
We will only send your application to lenders after you have given us consent to search. You will need to sign a DPA form (Data Placement Agreement Form) before we can send your application anywhere. You have the control.
This will vary on a case by case basis. What we will ask, is how much do you need to borrow to achieve your loan purpose. Once all documentation has been received, your relationship manager will review your documentation and advise what is a likely amount that your company could be approved for.
We handle a wide range of requests, from a £5,000 cash flow loan, to a £1.5million debt refinance. There is no loan amount to small or large for our relationship managers to process.
Lenders typically will reply within 1-2 business days, and your dedicated Jones & Co relationship manager will keep things moving forward swiftly. If you have provided all documentation and answered all our questions honestly, and been fully transparent, this will reduce the time required for the lender to make a decision.
The process begins with a 5 Minute conversation with one of our relationship managers to obtain some key information about your business, as well as the amount of funding you require.
Immediately after the phone call, you will receive an email detailing what documentation we would require from yourself to get your loan application started. Depending on various factors such as turnover or profit, we will select only the lenders to which your company meets their criteria. We do not send your application to Lenders that would not been willing to lend to your company, as each lender has different requirements.
There are several reasons why using Jones & Co could be beneficial to your business.
- We know the lenders criteria’s for paying out on a loan, so no unnecessary credit searches will be made.
- Some lenders only deal with applications through a broker, giving you more options to find the right loan for your business.
- We thoroughly review your documentation and only send your application to the right lenders.
- Saves you time on admin, as we deal with the application all the way up to when you are needed to be called to confirm the loan. No chasing, or phone calls asking you questions you might not know the answers too required!
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