Frequently Asked Questions

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Our lending criteria

Our lending criteria

The minimum eligibility requirements are: Limited company registered in England or Wales; your turnover should be no less than £2,500 per month and you will need to have been in business for at least 3 months.

We do not lend to companies in the following sectors: Gambling and Cryptocurrency; Financial Advisers; Debt & Claims Management; Legal and Accountancy; Hauliers and Logistics. We will consider all other businesses on a case by case basis

Yes, we will take into account more than just your credit score and review if you will be able to afford the repayments. Cubefunder always lends responsibly, and therefore we need to see that your business can afford repayments. We also urge you to seek professional advice before taking on a loan.

Yes, Cubefunder can be a secondary source of financing for a business.

As long as the loan is for a valid business purpose, we will consider the application.

Not every time, but for new customers, we ask you to show the same faith in your business as we have by agreeing to lend to it, and in these cases, we do require a PG from each controlling director.

The Application Process

The Application Process

We will need sight of the last 90 days of business banking transactions. The quickest way to do this is with secure Open Banking technology. We handle this using consents.online and send you a link to securely authorise your bank to supply the transaction data in a few seconds. Only if you are unable to use Open Banking Technology (eg if your bank is not in the scheme), we can accept PDF copies.

We can complete the application and have funds in your business account as fast as 2 working days. The application will be processed quickest if your business bank is eligible for Open banking technology, which virtually all banks are now.

We run a credit check to confirm your company’s financial history. We only do this with your express consent and our searches leave a credit footprint on your company’s credit file, but only leave a ‘soft footprint’ on the company’s directors credit file. This does not negatively affect your credit rating. None of the above will disqualify you for a loan with us, we just want to make sure we have the whole picture of your business. We use Equifax for our credit checks.

We only run a credit check after we have spoken to you, passed the application and have your express consent.

What is consents.online

What is consents.online

consents.online is an FCA authorised Open Banking technology company that provides a secure link so your business bank can send 90 days banking transactions to us, ONLY once you authorise them to do so. We have no sight of any of your login details nor do we have any access to your bank. This service is only available to UK banks which are signed up to the ‘Open Banking’ scheme, which nearly every bank is now.

By giving authorisation to consents.online, we will be permitted ‘read-only’ access. This means we can only see your bank transactions.

We will NOT be able to make any changes or payments using your details.  If you still have any questions or concerns, you can visit their website for more information.

www.consents.online

Open Banking is a government initiative that makes it simple for your bank to safely share your banking transactions with trusted financial service providers such as Cubefunder.

For more details, see our article on What is Open Banking?

consents.online is regulated by the Financial Conduct Authority in the UK.

You can review their FCA status here: consents.online FCA Profile.

Cubefunder loan information

Cubefunder loan information

No. Your revenue is your revenue. We do not require minimum card revenue or take a percentage of your sales.

Minimum: £5,000, Maximum £100,000. The minimum term is 3 months, maximum 12 months for new applicants.

Each loan is priced individually with a fixed cost of credit and a pre-agreed tailor-made repayment plan designed to suit your business’s cash flow variances.

We can give you a quote after we have reviewed your business and determined the level of risk and affordability for your situation.

Not every time, but for new customers, we ask you to show the same faith in your business as we have by agreeing to lend to it, and in these cases, we do require a PG from each controlling director.

Cubefunder repayments info

Cubefunder repayments info

Yes. We have no early repayment charges. You only pay the charges for the time you have had the loan.

The total fixed cost of the loan is divided by the number of working days in the loan term (for example, a 6-month term has 126 working days), then that amount is deducted from your company’s bank account on each of those days.

If you would prefer, we can offer a weekly repayment schedule, whichever is better for you.

Our loans carry a fixed cost of credit, so provided you repay the amount due within the period agreed, there are no additional costs.

If you overrun, as long as this is pre-agreed, we will not charge any late fees.

Just call us to discuss any change in circumstances that you may encounter and we will work with you.

We will set up a direct debit or make a deduction from your business bank using your business debit card. We will discuss the options with you before your business loan is funded.

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