For many businesses, certain times of the year can be a struggle when it comes to juggling cashflow; you may be a seasonal business, you have a growing list of overdue invoices and to cap it all you may be faced with your quarterly VAT bill or personal and business tax.
What can you do?
Whilst chasing overdue payments is a given it’s easier said than when your customers may be facing exactly the same cashflow crunch that you are.
One little know option is to look at a short term loan.
Short term loans are ideal way of quickly replenishing cash to cover outstanding creditors, Corporation Tax, VAT, PAYE or NI arrears. They can also be used to supplement your working capital requirement to allow you to purchase stock upfront with cash, thereby potentially allowing you to negotiate better terms.
Short term loans can be granted very quickly with a minimal amount of information. Decisions are based on the quality of your credit file, the operation of your bank account and past financial performance.
If your application is approved then funds can typically be released within 24 hours, sometimes the same day. Short term loans are for periods from one month upwards with flexible repayment terms and can either be repaid daily or monthly.
The speed of decision and access to funds does come at a cost in terms of a higher interest rate and fees than you may be used to but these can be offset against the speed of decision and swift access to the funds.
If you’re in need of cash boost and want to know more then get in touch and we can chat through your options.