Business Overdrafts
Take away the pressure of your short term working capital needs
Overdrafts have long been the lifeblood of business and have helped to fund the working capital needed in many businesses.
An overdraft is a pre agreed limit that you can go ‘overdrawn’ on your bank account. This is how far you balance can go past zero. It has and is still very popular because it is very easy to manage and use the funds however that ease of use has also led to businesses not using the facility properly and bank are now more reluctant to agree large overdrafts and instead try to promote other products. Overdraft are often referred to as revolving credit facilities. When you repay an overdraft, the funds are immediately there for you to use again.
How long can I borrow for?
Overdrafts are typically reviewed on an annual basis. An overdraft is an ‘on demand facility’ meaning they can be withdrawn at any stage and with no or minimal warning.
Will I need to give security?
Up to £10k limit will usually be without any security. Over £10k a minimum of a personal guarantee is needed with larger sums requiring tangible security. Check out our blog on what types of security are used in borrowing
Why work with us?
We work with a multitude of lenders who offer overdrafts, from the high street to stand alone providers. As mainstream lenders shy away from this type of product, we find ourselves sourcing other facilities that can often be put in place without disturbing other you main provider. We also like to keep I touch with our clients, so we’ll agree review periods to make sure that what is in place is fit for purpose and that you are still getting value out of the facility. No more speaking to multiple lenders and changing banks where you don’t need to. Speak to us to see how we can help.
Simplifying access to finance
07360 544082
getintouch@yumo.finance