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Frequently Asked Questions2020-07-06T15:12:46+01:00

What is an unsecured business loan?

It is a business loan that you don’t need to secure against any assets. Many business loans need to be secured against your premises, equipment or home.

This makes things difficult for people with no assets to use as security, for example, if you aren’t a homeowner. Our loans are unsecured, which means they’re available to far more people.

How it works

What can I use my business growth loan for?

(Almost) whatever you need to support your immediate needs or long-term plans. So long as you have a firm plan for how you’ll use the money, we’ll consider your application.

From expanding your services and getting bigger premises, to taking on staff or making a splash with marketing, we’ve got your back.

How can I use it?

What do I need to apply

Unlike most business growth loans, you don’t need to have a lengthy trading history to be considered.

So long as you’ve got one year of accounts, and a plan for how the loan will help you grow, you can apply. Up to £100,000 to help your business grow. Happy days.

Start your application

Is a growth loan right for you?

Financial decisions need due consideration. Browse our FAQs to find out more. Need something that's not listed? Get in touch.

How much can I borrow?2019-11-11T09:44:44+00:00

The most we are able to lend is £250,000, but each individual application may be subject to other, lower, limitations based on your specific circumstances.

What is the interest rate?2019-11-11T09:44:41+00:00

We work with a range of lenders who offer different rates based on your company circumstances. Typically rates will be 5-17% per year, but you should review your loan offers carefully to understand your personalised interest rate.

How long will I have to repay my loan?2019-11-11T09:44:37+00:00

Our loan terms are between one and five years.

Can I choose where the loan is paid?2019-11-11T09:12:29+00:00

The loan will usually be paid in to a business bank account in the name of the applying company.

What is the difference between a secured and unsecured loan?2019-11-11T09:13:02+00:00

A secured loan would require collateral, whereas an unsecured loan does not. Transmit Growth Loans only offers unsecured loans.

What happens if I can’t repay the loan?2019-11-11T09:13:36+00:00

You should contact the product provider immediately to discuss.

Are there any types of business who can’t apply?2019-11-11T09:14:04+00:00

We can only offer loans to limited companies who have already filed at least one set of annual accounts.

Who runs Transmit Growth Loans?2019-11-11T09:14:46+00:00

Transmit Growth Loans is a trading name of Transmit Startups Ltd.

Do I have to pay for my loan?2019-11-11T09:15:15+00:00

Transmit Growth Loans does not charge you for the service we provide - the lender will pay us a fee if your application is successful. Lenders or other intermediaries may charge fees for their services, and this will be clearly illustrated in your offer.

Will the search affect my credit score?2019-11-11T09:15:47+00:00

Yes, credit searches can affect your credit score.

Will the search show on my credit report?2019-11-11T09:16:20+00:00

Yes, applicants will need to have a personal credit search conducted which will show on their credit file.

What credit issues might stop me getting a loan?2019-11-11T09:16:53+00:00

This varies depending on who is providing the product. Transmit Growth Loans work with a very wide group of lenders, including those who can lend responsibly to some who might otherwise find accessing finance hard.

Can I check my own credit report?2019-11-14T10:52:28+00:00

Yes, you can check your own report through a Credit Reference Agency. Please note, some of these companies may charge a small fee for running a report.

There are three Credit Reference Agencies in the UK:

TransUnion
Experian
Equifax

It’s important to remember that Credit Reference Agencies don’t always hold the same information, so you may wish to consult more than one company if you have any concerns about the contents of your personal Credit Report. There are many credit report/score providers who can provide this same information to you, some at no charge.

Can you tell me why my application was declined?2019-11-11T09:24:13+00:00

If your application was declined because of issues with your business performance, we will provide you with some feedback on request. We aren't able to give any feedback on credit related issues, and would always recommend that you access your credit report yourself.

Can you provide debt advice?2019-11-11T09:24:39+00:00

No, this is not a service we provide.

What happens if I go in to default?2019-11-11T09:25:21+00:00

Your product provider will contact you to discuss any issues.

How long does the application process take?2019-11-11T09:25:57+00:00

This varies, depending on the lender and the product, as some applications are more complex than others. We won't be able to process your application fully until we receive all of the documentation we need back from you, so we'll keep pace with how quickly you're able to go. If you have a specific date in mind, please discuss this with your business adviser at your first opportunity.

Do I need a business bank account?2019-11-11T09:27:07+00:00

Yes, you need a business bank account. We will normally need you to provide the last three months of business bank statements as part of your application.

Do you have any templates I can use?2019-11-11T09:28:16+00:00

We have a variety of templates depending on your specific circumstances. Speak to your business adviser for the best ones.

I submitted my application but haven’t heard anything, what should I do?2019-11-11T09:28:51+00:00

If you've already been assigned to a business adviser, contact them directly for an update. If you haven't, you can contact us for help.

How do the loans work?2019-11-11T09:31:29+00:00

Your initial application will allow us to find you the right loan, where we'll work with you on a full application. Once assessed and approved, the funds will be paid directly to you. The loan is then repayable on a monthly basis for the entire term.

What can my loan be used for?2019-11-11T09:32:06+00:00

These are business loans, to be used for business purposes.

What kind of loans do you offer?2019-11-11T09:44:29+00:00

Transmit Growth Loans specialise in offering unsecured loans up to £250,000.

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