Business Loans

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Here at Qi Finance we’re passionate about supporting our local businesses. A low cost business loan could give you the boost you need to grow your business. We keep the process quick, simple and offer valuable advice every step of the way.

Read our guide to business loans here or give us a call on 01534 634001 if you have any questions – we’d love to hear from you!

What is a business loan?

A business loan is similar to a personal loan but designed specifically for the use of a business. Typically, you receive a lump sum from the lender and agree to pay back the loan over a fixed period of time with agreed monthly payments.

What can a business loan be used for?

A business loan can be used in a number of ways:

  • To grow the business through purchase of assets which will allow expansion
  • To provide cashflow in quieter times.
How many types of loan are there?

Simply put, there are two types loan. One is known as an unsecured loan and one is known as a secured loan.

Secured loans are typically for larger amounts (£25k+) with the repayments over a longer time. An example of a secured loan would be a new van for the business. The loan is known as "secured" because you use the value of an asset (the van in this case) to guarantee that the lender is paid.

Unsecured loans are typically for smaller amounts of money borrowed over shorter amounts of time. As the amounts are smaller there is less risk to the lender.

What does APR mean?

Annual Percentage Rate (APR) is a form of measurement. APR can be confusing, but in general, the lower the APR the better. You will pay less money back on top of what you have borrowed.

Most lenders have a rate that they term 'typical APR'. Typical APR means that they have offered that rate to 66% of their customers or more. This does not mean that you will be offered the same.

Our top tip is to make sure that whoever you apply for a loan with, you have asked for a breakdown of all costs without exception.

How are loan repayments calculated?

You will have to pay interest at a fixed rate on the amount you borrow, so the total repayable includes the total interest charges and the capital borrowed (much like a mortgage). The total repayable is then divided by the number of monthly payments you have chosen, to provide a fixed monthly repayment figure.

What happens once I’ve applied for a Qi Finance business loan?

Once we receive your application we will contact you either by telephone or email to ask any questions, and advise on any paperwork that may be required in order to complete the process.

Help and Support

The first step if you’re struggling is to give our friendly team a call - we’re here to help you find a sensible solution. The sooner you call us the more options we’ll be able to give you, remember good borrowing behaviour isn’t just repaying on time, it’s getting in touch if there’s a problem.

Freeze Repayments

If you have a loan directly with Qi Finance you’ll have the option to freeze repayments on your loan for one month – giving you the breathing space to get your finances back in shape. You can use this lifeline once during the life of the loan, but remember you need to make sure you let us know in advance, you can’t use the lifeline if you’re already in arrears.

Remember...

there is no such thing as a daft question, so if you want to ask anything else, please just give us a call on 01534 634001 or drop in for a chat.



Help and Support

The first step if you’re struggling is to give our friendly team a call. We’re here to help you find a sensible solution – no problem is too big!

50/50

Make some money! If you refer a friend both of you can earn £50 if their application is successful.

Rewards

Qi Finance is dedicated to rewarding responsible borrowing. We offer a whole range of exciting rewards and incentives to surprise you with throughout your Qi Finance loan.


 

I needed to borrow £5,000 to help pay for my new kitchen. I knew about Quidsin through their website and when I saw that they were offering a finance service, I had to take a look.
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Jackie

Thank you to Qi Finance for financing my new car! I was a brand new customer as I hadn't used their website before, but it was still the cheapest loan I could find. It was so quick and easy to organise and the staff were incredibly helpful.
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Phil