Getting into the Depth Details of Starling Business Loan

Who can benefit from Starling business loan? This type of loan is the unsecured business loan, designed to help limited liability partnerships and companies. They can seriously benefit from the loan, especially because of the flexible amount of loan and the fuss-free practice. If you believe that you are eligible for this kind of loan, read on to find out whether you meet the qualifications or not.

What to Know about Starling Business Loan

The business loan is meant to help businesses, firms, and companies with financial support. The financial assistance can help them invest, grow, and oversee their own cash flow. With it, they can expand operations, hire new employees, and buy new assets. Starling loan for business comes with a range of £25,000 to around £250,000.

Requirements and Application Process

What’s the qualification for the loan? For a start, you need to have a personal guarantee. Moreover, you need to have a fixed payments on a monthly basis. The repayment period lasts from 12 months to 72 months. During drawdown time, you only need to deal with loan arrangement fee, which is only one time, having 4% of the amount of the loan.

Moreover, it’s a must that your business is based within the UK. You also need to do business for 2 years, minimum. You must also pass a fraud check as well as the credit check. How do you deal with the application process? You only need to fill in online form, which you can get from the official website of the company. You should also know that the individual responsible for filling out the form must be the business’ partner or director, or they are legally authorized to represent the business.

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The Benefits

Just like everything in life, nothing is perfect. But if you are looking for some benefits from this loan, you will love them. The things to like about this loan are:

You can get as high as £250,000 for a unsecured loan. This is quite a high amount of money for unsecured debt.
You have one year to 6 years of loan period, which is also a pretty lengthy time.
You won’t have to worry about any early repayment fee because there is no such a thing. It provides a greater flexibility, especially if you can repay your debt before the loan term ends.
Starling has impressive customer service, offering 24/7 impeccable service via app’s live chat, phone support, and email. You can also reach out to them through social media, contacting them through their X or Facebook account.

Conclusion

Think carefully before applying. Weigh in the perks and downsides. Starling business loan can be helpful, but only if you have a solid financial management.