| What is the qualifying criteria for my client? |
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All applications are subject to the following criteria |
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Client must have been in business for a minimum of 12 months. |
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Trade using a PDQ (credit/debit card machine) |
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Provide the last 12 months card processor statements |
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Average a minimum of £3,500 per month in credit/debit card sales (excluding Amex) |
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Average a minimum of 25 transactions per month |
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A minimum of 1 year must remain on their lease or business mortgage |
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Provide 3 trade references |
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Provide landlord or business mortgage reference |
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Clean credit history preferred and no rent or business mortgage arrears |
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It is required that the customer must operate a Lloyds Cardnet machine, if the customers do
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not use Cardnet then Lloyds will arrange a switch over at either the same cost or better. |
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| What is the Submission Process? |
| Submit an application online using our e-DiP facility and we will take over the process from there, or for a quicker turnaround download our Application Form, have the client sign the
Credit Search Authority and send to us together with the Submission Documents listed on the
Application Form. We will then decide on the most suitable lender to approach. |
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| What are the benefits to my client? |
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There are many benefits to your client over traditional bank funding. These include |
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No application fees or hidden charges |
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Simple application process |
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Each case assessed individually by people, not computers |
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A quote can be provided in as little as 24 hours |
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Cash remitted in as little as 10 days from application |
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No security required |
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No audited accounts or tax returns required |
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No fixed payments or fixed repayment term - excellent for business cashflow |
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No fixed penalties for late payment – it cannot happen |
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Repayment directly linked to the customers turnover |
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Funds can be used for any legal purpose |
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Once 75% of the advance has been repaid, lenders often offer an automatic further advance |
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| How big is the market opportunity? |
| How many traders, businesses or merchants are there within a 20 mile radius of your office or home? That's how big the market is. |
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| How do I get started? |
| Click on our Marketing Toolbox for ideas on how to market this excellent product. |
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