SOLE TRADER LOANS
- Bad credit accepted
- Funding within a single day
- Single-page loan application
- Financial Solutions in Minutes
- New and Established Businesses welcome
I want to borrow
Sole trader loans are another type of business funding accessible for individuals doing sole trader businesses. These are also called small business loans. Here, sole trader means an individual who is solely handling or responsible for business in the decision making.
There is a huge population of sole traders in the UK. It can be witnessed with the vast presence of small and medium level businesses. Since a sole trader business is easy to start and comparatively inexpensive, many people can fulfil their self-employed dreams.
Most sole trader businesses face the issue of regular cash flow. They look for significant financial assistance from banks or other lending institutions. Attracting mainstream lenders for the loans is relatively more complex since they consider sole trade business risky than any other business. For those independent traders who want to open a new business, getting funding is a challenge.
Figuralloans is the reliable lending platform to get sole trader loans. We have adopted an open lending approach in comparison to traditional lending institutions. We can accept your loan request despite all the risks involved. There is adequate funding available through affordable loan deals.
You can apply for sole trader loans, either secured or unsecured. All the obligations here are flexible, contributing to preparing manageable interest rates.
Sole trader businesses are like financial instruments to generate your own income. The term is quite popular among self-employed people. These are indeed the perfect funding option for the self-employed if applied most sensibly.
Self-employed people usually have many financial obstacles in their business journey. Getting the right financing at the right time becomes difficult because lenders assume them as risky borrowers.
As a self trader, you can implement your start-up dream if you have the backup of a perfect loan. Even those individuals who are running an existing business can get significant funding for a crucial project. They can use the borrowed money for various purposes such as purchasing equipment, making investments or adding staff.
Approaching the standard banking option for borrowing money can be hard as a self-employed. You do not have financial records, unsatisfactory credit records and limited tax returns. In such circumstances, you cannot match the eligibility criteria of banks.
Most times, self-employed people have to depend upon independent lenders like us to get sufficient funding and keep the cash flow coming.
We are always ready to offer these business persons much-needed financial assistance. Our focus is on the lower interest rates if you can afford a particular loan deal. Besides, we have kept the flexible repayment terms, which we think are manageable for every sole trader.
Despite the rigorous loan procedure and terms of the banks, we still encourage you to become a sole trader. You do not need to walk here and there to identify the sources of finance available to a business handled by a sole trader.
We have pre-defined loan options available as help for sole traders. They can make a choice between them according to their affordability and current financial needs.
Bad Credit Business Loans
Since sole traders have to manage their own expenses, they sometimes fail to make the payments on time. It is especially when they have to use business credit cards too often. The no or late payment causes badly to your credit score. Consequently, most sole traders have the issue of poor credit scores.
We offer bad credit business loans the competitive interest rates. Your poor credit history does not halt your loan chances. Our flexible repayments will help you to improve your credit score. However, you need to be very good at managing your current expenses to get approval.
Unsecured Business Loans
Unsecured business loans are also among the most suitable financing source for sole entrepreneurs. They can get adequate funding without putting any collateral against the loan amount. You cannot get substantial financing, but it is very useful during the financial emergency.
With no asset involved in the loan procedure, you do not have to take too much risk in getting funds. Simultaneously, you have to keep your steady income to ensure timely repayments throughout the loan term. The interest rates may be higher than secured loans, but we keep them on the competitive side.
Monthly Instalment Loans
Many lenders offer term loans to sole traders. You can borrow a single lump sum amount once your loan is approved. We also provide the same and keep interest rates either on fixed or flexible sides. You can select between fixed or flexible rates according to your financial capacity.
You need to pay a regular monthly instalment till the loan term. If your loan affordability allows, you can get large funding for a specific period. It may also be a risk of borrowing a large amount, as you are a sole trader.
Secured Business Loans
You can apply for secured business loans if you have a significant asset to pledge against the loan amount. Although most traders opt for unsecured funding, secured loans are also in the trend. Most established businesses want secured loans to buying large equipment or funding a big project.
The most significant benefit of secured loans comes in the form of lower interest rates. In addition, you can gain the maximum amount since the collateral is already there. These are risky loan options because lenders can repossess the asset if the borrower defaults.
Are you looking for a sole trader start-up loan? It is good, but you have to consider many things before applying. You should have the proper knowledge of your business plan, expenditures and revenues. It will help a lot while getting the right loan from the right lending platform.
You can prepare according to your sole trading status. Your loan decision will vary if you are the owner of an established business or seeking a start-up.
If you are setting up a sole trader, here are the few recommendations for you.
Sole traders usually do not have to face fixed expenses. Instead, they have to confront irregular costs most of the time. These costs further slow down their business growth. Therefore, the need for grants for sole traders has increased a lot.
Figuralloans has already funded many businesses across the UK. We keep the understanding of the different needs of the various businesses. It can be challenging to match everyone's needs, but we try our best to provide what you want from us.
Once you borrow funds from us, we give you the freedom to use them for your genuine sole trading business costs. These can be of various forms, such as:-
Expenses related to Infrastructure: As your business grows further, you need more staff and the facilities to make them comfortable. It can be adding furniture, one more meeting room, stationary and many more things. With these loans, you can cover up these costs.
Exploring new markets: You cannot sit idle when your business requires more. Expenses do come when you search for new markets and new projects. We are ready to fund your next projects with our bespoke offers on sole trading loans.
Travelling expenses: You need to visit your client’s location or outside of the country sometimes. It does include several expenses such as hotel booking, flight tickets and many more. With small business loans, you can cover up these or any related emergency expense quickly.
Paying wages to the staff: If you want more productivity from your employees, you have to pay them well, including incentives and increments. Pensions, benefits and many more costs are also there. You can manage all of them with our financial assistance.
Advertising and marketing: You cannot ignore the costs related to the advertising and marketing of your company. It is the main factor of your business growth and reputation in the market. You can do a hardcore advertising of your business. We are prepared to back you up.
If you are a sole proprietor in the UK, you can be well eligible for a small business. The condition is to fulfil the criteria and have the capacity to run the business successfully to ensure the repayments.
We are dedicated to lending you when your business demands extra funding. Before approving a loan for your sole trading, we use to consider certain things. Continue to read below and know which requirements to meet are.
Credit History: We will like to know your personal credit score before agreeing to offer a loan. We do a soft credit check, which is necessary as no credit check has certain restrictions. The soft credit check does not negatively impact your credit score but improves your chances of getting affordable loan deals.
Monthly Income: Your monthly income will also be taken into consideration. If your earning has the capacity to make the loan repayments on time, we can assure you of the almost guaranteed loan approval. However, we suggest you borrow according to your affordability.
Business Annual Turnover: If you are already doing sole trading for years, you can show us your annual business turnover. It is a necessary condition to fulfil because it will determine whether you are eligible for borrowing a particular amount or not. You can present the data of annual turnover of the last year.
At Figuralloans, we provide an alternative to conventional lending. We are flexible when it comes to the eligibility requirements for sole trader loans. From bad credit to low income, nothing will be the hindrance in your loan approval.
The same arrangements are there for start-up businesses too. We are among the most preferred lender for unsecured sole trader business loans.
We receive a lot of queries on business loan eligibility. Some ask about the obligation of having a business account. As our prospective borrower, you may also ask, ‘do I need a business account as a sole trader in the UK’?
Well, it is always better if you have a business account as a sole trader. It is essential in two ways:-
With these conditions, we also understand that existing businesses can show the business account details. The same may not be possible with those individuals who are looking for start-ups. In such circumstances, we may accept their personal account details and the record of previous employments.
We have designed our loan application on easier steps. We know that as a businessperson, you are busy with your professional activities. You only have to follow simple online steps to apply for sole trade business loans, which are mentioned below:-
Step 1: Complete a single page online loan application form. It requires personal information, including the amount do you need. We suggest you to read all the terms and conditions before submitting the form.
Step 2: We quickly analyse your loan application, including the details that you have mentioned. You will promptly receive a relevant loan quote that consists of interest rates, loan terms and repayments.
Step 3: After agreeing to the terms and conditions mentioned in the loan quote, you need to sign an e-loan agreement with us. Once receive your nod on this, we release the desired amount to your bank account within 24 hours.
You will choose the loan according to your business needs. If you are already an established sole trader, you will have a better understanding of the situation. Evaluating the situation becomes more vital for the new sole traders who want to have their start-ups.
Communicate with us directly, and do not feel hesitant to ask us any queries. If you do not have any questions, you can start applying for sole trader loans now.