MarketFinance UK Explains How To Apply For A Payback Loan Program And Outlines Its Benefits
UK based MarketFinance, a leading online lender who recently raised Â£ 280million in debt and equity and was approved for flexible lending, notes in a blog post that it is ‘undeniable’ that last year was quite difficult.
However, the MarketFinance team says “things are looking up” this year. The economy “is enjoying a better-than-expected recovery as restrictions continue to ease,” the company noted while adding that at present UK companies are trying to do all they can “to make sure they are ready to grow â.
MarketFinance management added that they were happy to confirm that the platform is now “accredited to offer loans to small businesses through the Payback Loan Program (RLS). “
The program is “designed to accelerate your post-pandemic ramp-up so that you can begin to focus on the future,” the company explained.
The company also mentioned that previous government programs such as The Coronavirus Business Interruption Loan Program (CBILS) helped UK-based SMEs overcome disruption related to COVID-19. Now the British Investment BankRLS was introduced âto accelerate post-pandemic recovery and move your business forward long into the futureâ.
The UK government is committed to guaranteeing 80% of your loan through the program, “keeping fees low and making financing available to more businesses”. MarketFinance added that their applications are now “online and the program is expected to run until December 31 of this year.”
When you submit an RLS loan application with MarketFinance, you will receive:
- between Â£ 50,000 and Â£ 250,000
- refundable over 4 to 6 years
- for the first 6 months “you will only pay interest on a MarketFinance payback loan”. After that, you will âalso start to pay off the loan itself with each monthly paymentâ. In technical terms, this means that “after 6 months you will pay back the principal (the funds you borrowed) and the interest (paid on the funds you borrowed)”.
A MarketFinance RLS loan “works like any other loan,” the company said. If your request is successful, you should be able to receive the funds within 48 hours of signing your documents, the company noted.
The MarketFinance team also mentioned that you can then âpay for the things your business needs to growâ.
The company added that you might be waiting “to upgrade your equipment or hire that person who can take the weight off your team a little bit.” An RLS loan is a quick and convenient way to support the next phase of your business or business.
As stated by MarketFinacnce, you will cover the following:
- Fixed administration fees of 4%
- Interest from 7.6%
- Nothing for early repayment
The company also noted that it will “be making interest payments only in the first 6 months to give you some extra breathing space.”
MarketFinance management added that the UK government “stipulates that lenders cannot ask for a personal guarantee for RLS loans of Â£ 250,000 or less”. If you’re not quite sure what a personal guarantee is – or why not offering one might be âgood newsâ – you can read more about it. here.
As reported by MarketFinance:
âThe program is designed for businesses that have, in one way or another, been affected by the pandemic. It is only open to registered businesses and traders in the UK, and you will need to do some fraud and credit checks. “
The company added:
âWhatever industry you are in, with a few exceptionsâ¦ an RLS loan can be extremely useful. Essentially, it’s about helping cover the costs of the pandemic recovery and boosting your growth. For example, if you’ve had to pivot or launch a new product or service due to COVID-19, this could be perfect for you. “
To learn more about this MarketFinance update, see here.