If you're looking for answers about our business funding, you've come to the right place. This page contains all of your most commonly asked questions, in four handy sections :
We're always happy to help, so if your question isn't on the list, please get in touch via our contact us page, and we'll back to you with an answer as soon as possible.
Is Fleximize right for my business?
Fleximize is probably better suited to some businesses than others. Most importantly, we're not a distress lender. We like to lend to businesses that are looking to invest in their growth, be that through employing new staff, investing in a new sales channel or purchasing inventory.
What kind of businesses do you fund?
We fund to limited companies and LLPs registered in the UK.
What is the lending criteria?
Our lending criteria varies depending on which product you'd like to apply for. For our main product, the Flexible Business Loan, there are two explicit requirements on the length of trading history and the business’ revenues:
- An applicant business needs to have at least six months’ trading history.
- We lend up to two months' revenue, which must be at least £1,000.
Our Flexible Business Loan is available on an unsecured and secured basis, and criteria will vary for each option. Once your application is submitted, your relationship manager will be able to talk through your options.
Further details on the specific lending criteria for each product can be found on the individual product pages:
Do you lend if I have bad credit?
We take a number of factors into account when assessing the strength of an application. Credit history (of all the directors of the business) makes up part of our analysis, but we also look at a number of other aspects, including the business’ trading history and affordability.
We do try to say "yes" to as many businesses as possible. But as a responsible lender we'll only lend if we believe the business can afford the repayments, and that it'll benefit the business.
Where are you based?
The majority of our team is based up in Ipswich, Suffolk, although we also have a London office.
Applications to Fleximize
What information do you need from me?
For an online application, we'll require some basic information on the business, personal details of all directors and majority shareholders and the applicant’s last three years’ address history for anti-money laundering requirements.
If and when initial credit checks are passed, we'll request some supporting documentation so we can make a final lending decision. The information depends on the business applying and the amount of financing requested. So our requirement will differ for each and every business. Here's the full list of what we could ask you for:
- The purpose of the loan.
- Your and your company's contact information.
- Contact details for any directors or shareholders with at least a 25% share in the business.
- Most recent three months’ bank statements relating to all business accounts.
- A copy of your latest year-end accounts.
- Up-to-date management accounts.
- VAT returns for the last 12 months (if applicable).
- Breakdown of your latest 12 months’ revenue.
Note: The faster we receive the requested documentation, the quicker we can make a lending decision.
I'm not in the UK, can I still apply?
At the moment we can only fund limited companies and LLPs registered in the UK. However, we do have plans to expand to other countries, so keep checking our website for news.
The process starts with a quick application — typically completed in ten minutes or less. Following this, we run a few standard checks on the business and its directors.
Provided that everything checks out, you’ll be contacted by a dedicated relationship manager who'll ask for some supporting documents from you. These will vary from business to business. A full list of documents can be found here.
Once we've received everything, we'll work our magic and get back to you with a final lending decision as quickly as we can. We do what we can to make this process as simple as possible, so we’re always on the lookout for customer feedback to make sure we're meeting customer needs.
How long will the application process take?
We look at each application individually. But that doesn't mean we’re slow.
If you want to expedite your application, make sure all of the required documents are prepared before you make the application so we can work through them swiftly.
We understand that time is money, so we aim to move from application to transferring your loan in as little as 48 hours.
It’s possible that conflicting information is being entered in the application form. If this is the case, our form may not allow you to get through to the next stage. If this happens, give us a call and we’ll sort it out immediately.
What if I don't have the required information?
We're really proud that we provide applicants with dedicated relationship managers, so if you’re worried that we need something you don’t have, simply call a relationship manager on 020 7100 0110 for a chat. They'll be more than happy to help, and always try to find a way to work around your challenges.
What if I haven't filed annual accounts yet?
Businesses that have been trading for less than one year won't have filed their statutory accounts - we get that. If this sounds like you, it’s OK. We use a number of indicators to assess each application, so in your case, this will depend more heavily on other parts of your application.
What paperwork will I need to provide after submitting my application?
The required documents depend on the business, but as a minimum we'll need:
- All business bank statements covering the last three months of trading.
- The most recent set of management accounts.
- A summary of your last 12 months’ revenue, broken down by month.
How it Works
What if I can't borrow the amount I want?
If you're applying for a flexible business loan, our lending amounts are governed by your business' monthly turnover. If you can’t get the full amount for which you applied, we’ll let you know immediately. Depending on your needs, you may be able to take the amount that we offer, and then later on — after a few successful repayments - top up your loan.
Do you offer a top-up service?
Yes, we do! After three successful, on-time repayments, we're able to consider topping up your credit. If you have any questions about this, speak to your relationship manager on 020 7100 0110.
Will I be credit checked?
When making an application to Fleximize we ask your permission to access your credit records at one or more of the UK's credit bureaus. Once the application is submitted, along with your permission, we run credit checks on the business applying for finance, as well as the directors of that business.
How can I check my credit reference details?
If you need to check your credit reference data, you can contact the Credit Reference Agency (CRA) directly. Here are the details of the CRAs we work with:
Experian Landmark House
Experian Way, NG2 Business Park NG80 1ZZ
Equifax Customer Service Centre
PO Box 10036, Leicester, LE3 4FS
Callcredit Information Group
PO Box 491, Leeds LS3 1WZ
Do you require any security?
We usually require a personal guarantee from at least one director or shareholder in the business. The guarantee ensures that you're personally responsible for disclosing your revenues and making correct payments to us, as well as adhering to other terms of the financing, e.g. informing us of any new bank accounts or credit agreements.
How long can I borrow money for?
We'll offer you finance between one month and 48 months. Let us know how long you need the money for, and we’ll try to organize a term that works for you.
How much can I borrow?
We typically lend up to £500,000, however, we do have access to larger capital through our sister company, Alterium Capital, which can accommodate loan requests of up to £1,000,000. Initial lending amounts are capped at a maximum of two months' revenue.
Do you charge any fees?
If you come directly to us, there's absolutely no set-up, application or arrangement fees. You'll simply be charged the interest on your loan.
How do I repay my loan?
That’s up to you, really. You can pay by bank transfer if you’d like, or by debit card. The latter is generally the most hassle-free way to repay. Speak to your relationship manager if you’re unsure how to proceed.
Can I repay early?
Remember, for the Revenue Advance, there's no early or late repayment.
For the Flexiloan, you can repay early, completely penalty-free. In fact, we’ll also recalculate the interest owed to reflect the earlier repayment date.
What will the interest rate be?
The cost of finance will depend on the length of the loan term. We provide a useful quote page to give you an idea of the cost of your finance.