Frequently Asked Questions
We are always happy to help with your queries so please contact us via email email@example.com or phone 01276 944 512 (Monday to Friday 9am - 6pm). Or via this form.
1. What credit checks do you perform and will they impact my credit score?
Applying for a business cash advance won’t result in any change to your credit score.
We use a number of sources of information to help us understand your application. We carry out both company and consumer credit bureau searches, which leave a record on both credit files however, neither credit score will be impacted.
2. What if my credit rating isn’t squeaky clean?
That’s not a problem. Traditionally if you have a poor credit history, this would severely limit your chances of acquiring a business loan. However, unlike a bad credit business loan, we look at every application individually and assess whether the product is right for your business. We are committed to ensuring we are acting responsibly. You should think carefully about any financial products for your business and seek appropriate advice.
3. Do I need to switch my card terminal provider?
Not necessarily. At Liberis we provide flexible business finance solutions, so we can work with all terminal providers. We have relationships with all the major merchants and we’ll work around your current arrangement. This way it can always be an easy and simple process.
4. How much will it cost?
Our Business Cash Advance is a repayable short term alternative to a small business grant. We offer just one simple cost. No business is the same, so our pricing is unique too. We will agree a cost upfront with you and this then doesn’t change.
5. What if I can’t pay back my advance?
If your business is trading and receiving card payments, you will be able to pay back the advance. We pride ourselves on being able to provide a small business finance alternative that is favourable for small and medium sized businesses. So should your trading position change, we will be happy to discuss options with you.
6. Will I qualify?
If you accept cards and take at least £2,500 of credit and debit card transactions a month we will try our best to say yes. We approve 90% of all applications to prove it. Ideally, you will have been in business for over 4 months, so unlike a small business grant we don’t cater for start-ups. But if your business is a little younger, we will see if we can help you (though no start-ups). Our aim is to provide small businesses with the money they need, so we’re as flexible as possible to support applications.
7. How much could I get?
If your business has a cash flow problem and is in need of an urgent cash injection, then our business finance alternative can provide anywhere between £2,500 and £300,000. Typically we will advance up to 100% of your average monthly card takings. So if you take £10k per month, this is how much you will qualify for. Our Business Cash Advance is an alternative business finance product that can accommodate all of your businesses’ needs.
8. How will I know how much of my advance I have paid off?
We want to ensure that you’re always kept up to date with your business finance repayments. Running a business is stressful enough as it is, without having to chase up your Business Cash Advance repayments. That’s why we provide you with a simple monthly statement of how your repayment is going.
9. Can I repay early?
If your circumstances change, please call us. Unlike business loan providers, we’re very transparent with our dealings. There’s just one, simple cost agreed upfront so no additional fees for early repayment.
10. Is this a new-fangled thing then?
There are a great number of low APR loan alternatives around these days, but we were the first to introduce the idea of a Business Cash Advance to the UK in 2007. And we’ve invested over £85 million to date (with millions more at the ready). With 89% of our customers being more than satisfied and with 70% returning to us, we’d like to think we’ve got something right.
11. Why do I need a card terminal?
As a short term loan alternative, our Business Cash Advance provides a cash injection based on your future credit & debit card sales and the terminal is needed for you to pay back the money. We agree a percentage of your credit/debit cards sales which will pay back your advance, by an automatic debit via your card terminal. You keep the lions share, we receive an agreed split. And remember, you keep 100% of your cash sales.
12. Do you take any security or collateral?
No. One of the crucial differences between our Business Cash Advance and a fast business loan is that we provided unsecured lending. This means your assets will be completely safe, so you don’t have to worry about your business, home or car ever being at risk. We will ask you for a Personal Guarantee if you are a director of a limited company.
13. Is there a time limit to pay back?
This is a short term funding product, but the time it takes for you to pay it back is down to how your business performs. Compared to a quick business loan we don’t add sky high interest rates, so we’ll discuss options with you and agree some assumptions from the outset, but you’re in control of when this is paid back.
14. Are there any fixed monthly payments?
Absolutely not. It’s not a cash loan, so there’s no APR and no fixed term. We only ever get paid with a percentage of your future credit and debit card sales. There are no other fees, no penalty charges or hidden costs either. This is of special importance if you operate a seasonal business. If business is slow, then your repayment slows and when business is thriving you’ll be paying back quicker.
15. What can I spend the money on?
Unlike a small business loan, we don’t apply tight restrictions to what you can and can't spend your money on. We don’t need to hear your 5 year business plan either. In fact you can use your Business Cash Advance for anything you like. We don’t judge. Popular uses for a Business Cash Advance include refurbishments, buying new stock or equipment, helping with cash flow and emergency repairs.
16. What if I have a complaint?
We try to do everything possible to make sure that our customers receive the best possible service and are treated fairly. However, there may be times where we don’t get things right the first time and the service you receive falls short of both of our expectations. If you are not completely happy with any aspect of our service, please let us know. You can tell us about your concerns by contacting us as follows
01276 944 512 (mobile friendly number)
1 Hammersmith Broadway
We always welcome your feedback as it gives us both the opportunity to put things right and also to make improvements to our customer service in the future.
If you’re still not happy, take a look at our customer complaint policy. liberis.co.uk/complaints