FAQs

When it comes to securing business finance, it’s vital to make an informed decision. We’ve answered some of the most commonly asked questions to help you in that task.

How do I apply?
Apply in minutes using our online application form and we will contact you the same day to discuss your application.
Do I qualify?
 We welcome UK based limited companies, sole traders and (unincorporated) partnerships. If you apply for our business loan, we have the following criteria:
  • You have a minimum of one year’s accounts
  • Your average annual turnover is £100,000
  • You don’t have active CCJ’s or bad personal credit
  • The director or shareholder is a homeowner and over 18 years of ageIf you apply for our merchant cash advance, we have the following criteria:
  • Your business accepts card payments
  • You have a monthly average of over £3,500 in card sales
  • Your business is in operation for more than 6 months
What different loans do you offer?
We offer different finance solutions, tailored to the specific needs of your business: merchant cash advances up to £500,000, unsecured business loans up to £150,000 and secured business loans up to £500,000. We also recently launched a regulated business loan. This allows us to offer business loans below £25,000 to sole traders and unincorporated partnerships.
What’s the exact process?  
 After receiving your online application, we will ask you to upload some documents that we will need to review your application. Once received, our underwriting team will have an answer for you within 24 hours. After signing the paperwork, the money will be in your account within two hours.
Do you offer loans to startups? 
Unfortunately, we don’t offer loans to startups. We welcome businesses that have been trading for at least 6 months.
Do you partner with brokers and other introducers?
Yes. We offer highly competitive commission fees and always settle early. Brokers find it easy to work with Merchant Money. We offer training to help introducers understand our products, and provide a user-friendly dedicated broker portal on our website. As Patrons of the NACFB, we are committed to growing our network of brokers, and we always welcome new business introducers. Please contact us on broker@merchantmoney.co.uk or 0800 8488480 to find out more about Merchant Money’s broker referral scheme.
Do you check my credit record?
  • Yes, we use our technology to search a vast amount of data before we approve your loan.
  • With your permission we use leading Credit Reference Agencies to check your business and personal credit reports.
Is my personal data secure? 
 Yes. Our data is fully encrypted and we do not share any details with other 3rd parties without your consent.
Merchant Money is a member of the Federation of Small Business (FSB) and a patron of the National Association of Commercial Finance Brokers (NACFB).
Apply online now. Or email to info@merchantmoney.co.uk
You may also call on 0800 848 8480.
Still have questions?
Speak to one of our online consultants
or call us on 0800 848 8480

If you apply for our business loan, we will need to review the following documents:
  • Filed financial accounts
  • 3 months’ bank statements
  • Management accounts or VAT returns
How much can I borrow?
Our unsecured business loans vary from £3,500 up to £150,000 and we offer secured business loans from up to £500,000. We recently launched regulated business loans up to £25,000  
How long can I take the loan out for?
 We offer terms from 1 up to 36 months. You can always repay early if you don’t need the funding for that long. We only charge interest for each day you have the funding so making early repayments is a great way to reduce the total amount of interest you will pay.
Why do I need a personal guarantee from two directors?
Our loans are provided quickly, and are not secured by any collateral. Customers appreciate the speed and flexibility this offers. We deal with small businesses in which owners have a personal stake and believe in their future success, so directors should not have any problem with personal guarantees.
Do you offer regulated business loans? 
Yes. We are authorised and regulated by the Financial Conduct Authority (FCA) in respect to its consumer credit activity (firm reference number: 722951). This means we can offer regulated business loans to sole traders and unincorporated partnerships.
How do I repay?
We collect payments via a monthly direct debit. We also accept bank transfer, debit card and PayPal if you wish to make additional payments at any time.
Can I top-up my loan?
We are happy to offer top-ups, providing you have met your payments on time and your business continues to perform. You may need to provide updated bank statements or other documents before you top up your loan – the underwriting team can advise here.
Can I settle my loan early?
Yes. We only charge interest up until the day you settle. We have no hidden fees or charges.
What interest do you charge?
 The interest rate for our business loans typically vary from 1.5 up to 3.0%. This is based on the loan term and amount borrowed, as well as the profile of the business seeking the loan. Please note that we assess each applicant individually based on their risk profile and personal circumstances. Each application we receive is different and subject to the businesses’ status and circumstances. We try to make responsible credit decisions based on a wider range of criteria and credit data.
What happens if I miss a payment?
 We practice ethical and responsible lending at all times, and provide loans only to those businesses deemed able to repay. However, we are aware that not every eventuality can be foreseen. If you find you are struggling to repay on time, speak to your account manager (0800 848 8480), who will help you find a way forward.
  • Small business loans are tailored to enterprises needing money in the short term to fund expansion plans or one-off business expenses.
  • They are particularly useful when a business is trying to manage the competing demands of expansion, business payroll, and clients who may be late settling invoices.
Still have questions?
Speak to one of our online consultants
or call us on 0800 848 8480

How much can I borrow?
We can provide you with an advance up to 100% of your average monthly card turnover, to use in any way your business needs.
How does it work?
 You receive an advance and the total repayable is calculated by what we call a factor rate. This is typically between 1.2 and 1.3. If £10,000 is advanced to you, the total repayable would be £12,000. Please note that we assess each applicant individually based on their risk profile and personal circumstances. Each application we receive is different and subject to the businesses’ status and circumstances. We try to make responsible credit decisions based on a wider range of criteria and credit data.
What documents do I need to apply?
  • 3 months’ bank statements
  • Last 6 months’ merchant statements
  • In some cases we ask for filed accounts.
How do I repay?
We will agree upfront a daily percentage of your card sales transactions – and this will be automatically deducted by the processor. So the payment will fluctuate directly in proportion with your daily card sales.
Simple pre-agreed cost will be based on your business profile and ability to repay.
  • This is down to how your business performs. The higher your sales the quicker the payback; and vice versa.
  • Compared with a other business loans our interest rates are competitive.
  • We discuss options with you, and agree on the interest that will apply.
  • After that you’re in control of the payback period.
  • The Pay As You Trade is based on your future credit and debit card sales.  
  • The advance is repaid via a small pre-agreed percentage of your monthly card sales, debitted through your card terminal.
  • Repayments only take effect through card sales, so you keep 100% of your cash sales.
We have relationships with all major merchants, and work with all terminal providers.
Still have questions?
Speak to one of our online consultants
or call us on 0800 848 8480