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Sole traders can face barriers to finding business loans, so here's some info to help your search
If you're a sole trader, you might come up against a few barriers when finding suitable business funding. So alternative lenders, like Fleximize, might be your solution.
The hardest part of being a sole trader is waiting for your invoices to be paid. Most often, clients you work with pay at the latest possible date, which puts your business at risk. It's been reported that 64% of small business owners suffer from late payments. Therefore, when an unexpected cost appears, you may need to source funds to cover the cost temporarily.
Apply online
Get a decision
Receive your funds
Best loans for sole traders
We offer payment holidays as standard, so you can pause the loan repayment and only pay the interest. This gives you time to get back on track if needed.
Secured and unsecured self-employed loans
Secured and unsecured loans are both possibilities - with the first, you'll need to provide business or personal assets as security. But an unsecured loan is more suitable for short-term fixes, as it could help ease cash flow when you’re waiting for customers to pay invoices. Choosing an unsecured loan is also typically easier to apply for over a secured one.
Can a sole trader get a loan?
All sole traders can apply for funding with Fleximize. You will always be personally liable for your loan, which ultimately means that a lender will base their funding decision on the personal credit history of the business owner. Our expert underwriters will always look at the bigger picture when assessing your application. If you’re demonstrating good past and current business profitability and your funding requirements match your circumstances, then you stand a good chance of getting funding.
Here are our eligibility criteria:
You're applying for a minimum of £25k
You’ve been trading for at least six months.
Your business is based in England, Wales, Northern Ireland and Scotland.
Have a minimum monthly turnover of £12,500.
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How to apply for a sole trader loan
If you're looking for a sole trader loan of more than £25,000, Fleximize might be able to help. You can fill in our short online form or call our experienced team on 0207 100 0110 to learn more about our business loans.
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