Frequently Asked Questions

Our lending criteria

Q: What is the minimum criteria for a Cubefunder loan?

A: You must meet the following to be eligible for a loan:

  • A limited company registered in Wales or England
  • Trading for at least 3 months
  • At least £4,000 monthly revenue

Q: Can we take out a loan if we have other financings in place.

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

Q: Are any business types excluded from applying?

A: We do not lend to companies in the Gambling and Cryptocurrency sector. We will consider all other businesses on a case by case basis.

Q: Is there any loan purpose excluded?

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

Q: Can I get a loan with a bad credit score?

A: 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 you can afford repayments. We also urge you to seek professional advice before taking on a loan commitment.

Q: Do I need to give a personal guarantee (also known as a PG)?

A: Not every time, however in most cases we do require a PG from each director.

The application process

Q: What documents do I need to provide?

A: We will need the last 3 months of business bank statements. The quickest way to do this is with Open Banking using consents.online.

If you are unable to use Open Banking, we will accept PDF copies.

Q: What credit checks do you carry out?

A: We perform a soft search and review the company and consumer credit information through the main UK credit reference agencies.

We do this to get the full picture of your business and confirm any details discusses on the initial call.

Q: How long will the application process take?

A: We can complete the application and have funds in your account as fast as 2 working days. The application will be processed quickest if your business bank is eligible for Open banking.

Q: Does everyone get a credit check?

A: No. We will only perform a credit check for applications who pass the initial assessment of your business.

Q: Why do you do a credit check?

A: We run a credit check to confirm any information given to us and review things such as your electoral history, homeowner status, any CCJ, or other outstanding debt and your repayment history.

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 will be able to process your application quicker the fewer surprises we get from your credit check.

What is consents.online

Q: What is consents.online?

A: Consents.online is a company is an alternative to sending PDF or paper bank statements.

Consents.online use the government-led Open Banking authority to help you securely share your bank statements online.

Q: Is consents.online regulated?

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

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

Q: What access does consents.online give you?

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. www.consents.online

Q: What is open banking?

A: 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?

the faa

Cubefunder loan information

Q: Do you take control of our card revenue as some other lenders do?

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

Q: Do I need to give a personal guarantee (also known as a PG)?

A: A personal guarantee is not always required. However, in most cases, we do require one from each of the directors.

Q: What’s the minimum and maximum loan and how long can we borrow for?

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

Q: What security do you require?

A: We will review the application on a case by case basis to determine the security that will be required. As above, in general, we will require a PG from each director.

Q: How much does a Cubefunder business loan cost?

A: 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.

Cubefunder repayments info

Q: Can we pay off early?

A: Yes. If you want to repay early, we will recalculate the loan charge to reduce the amount to be repaid. Any unused portion of the interest will be deducted from your total repayment amount.

Q: How do I make repayments?

A: You can either set up a direct debit for the prearranged daily or weekly basis. Alternatively, you can make the repayments with your business debit card.

Q: How are Cubefunder loans repaid?

A: 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.

Q: What happens in the event of late or missed payments?

A: 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.

Apply for a business loan today

A business loan for any business purpose.