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Established in 2014, Fleximize is a digital business lender that provides small and medium sized enterprises (SMEs) with flexible finance. So far, it has lent more than £550 million to SMEs across the UK.
This review takes a closer look at the types of business loans available from Fleximize.
An overview of Fleximize business loans
Fleximize offers the following types of business loans:
Flexiloans
Fleximize’s main Flexiloan is designed for businesses that have been trading for at least 12 months. It offers secured and unsecured borrowing over a term of between 12 and 60 months. You can use the funds to help pay for refurbishments, buy new equipment or hire staff, for instance.
Fleximize also offers Flexiloan Lite for businesses that have been trading for at least six months. This comes with loan terms of between three and 12 months. You can use the funds to help buy stock, bridge the gap in payment terms or pay tax bills.
Unsecured business loans
Unsecured business loans enable you to borrow a lump sum of cash over a fixed term, without the need to use an asset, such as property, as security. Fleximize offers repayment terms of between one and 42 months, but as the loan is unsecured, you won’t be able to borrow as much as you could with a secured loan.
Also note that Fleximize will ask you to sign a personal guarantee – this makes you personally responsible for repaying the loan if your business can’t.
Secured business loans
Secured business loans enable you to borrow a larger sum of money over a longer period (up to 60 months with Fleximize) and interest rates are typically cheaper compared to unsecured loans.
However, you will need to put up an asset, such as property or equipment, as collateral. Should you fail to repay your loan, the lender can seize this asset and sell it to recoup its money.
Working capital loans
A working capital loan can help you cover everyday business costs such as wages, rent and utility bills. It can give you a vital cash injection and help boost growth. You borrow a lump sum that you then repay in agreed instalments over a period of between three and 60 months.
Cash flow finance
A cash flow loan is designed to help businesses with short-term cash flow needs so that they can buy new stock, pay bills or cover emergency expenses. Funds are usually based on a company’s anticipated future revenue and ability to generate income, rather than its credit score, which means these loans can be quicker to obtain. Cash flow loans can be repaid over a term of between three and 30 months.
Commercial debt consolidation
A debt consolidation loan enables your business to combine multiple existing debts into a single loan from one provider. As well as making this easier to manage, if your new loan comes with a lower interest rate, you could also save money and potentially clear your debts faster.
You can borrow over terms of between three and 60 months with Fleximize.
What is Fleximize’s typical interest rate?
Monthly interest rates start from 0.9%, according to Fleximize. But the exact amount you pay will depend on factors such as the amount you borrow, the length of the term and your business’s credit rating.
Fleximize provides a handy calculator on its website to show you how much interest you could pay each month with a Flexiloan. As an example, if you borrowed £200,000 over a term of 18 months at a monthly rate of 1.70%, you’d pay a total of £33,840.34 in interest.
How much can I borrow with a Fleximize business loan?
The amount you can borrow with a Fleximize business loan depends on the type of loan you’ve applied for. Here’s a quick summary of the borrowing amounts for each loan type:
- Flexiloans: Between £5,000 and £500,000
- Unsecured business loans: Between £10,000 and £250,000
- Secured business loans: Between £10,000 and £500,000
- Working capital loans: Between £10,000 and £500,000
- Cash flow finance: Between £10,000 and £500,000
- Debt consolidation loans: Between £10,000 and £500,000
The loan amount can also depend on factors such as your business’s trading and credit history as well as its annual turnover.
What is the acceptance rate for a Fleximize business loan?
Fleximize doesn’t publish its acceptance rates. But you may find it easier to get accepted for a business loan with Fleximize than with more traditional lenders. Fleximize says it takes a holistic approach to assessing loan applications, so you may still get accepted even if your business has poor credit.
Eligibility criteria and whether you qualify
You can apply for an unsecured business loan if your business is based anywhere in the UK. But Fleximize only offers secured business loans to companies based in England or Wales.
Other eligibility criteria include that your business must have been trading for at least six months (12 months for Flexiloans) and have a minimum monthly turnover of £5,000.
A perfect credit record isn’t essential. If you can show that past debt issues have been addressed and back this up with evidence of consistent revenue growth, you may still be eligible for a secured business loan.
Additional information
When applying for a business loan with Fleximize, be sure to read the small print carefully and pay attention to the following:
Early repayment fees
Fleximize won’t charge an early repayment fee if you choose to pay off your loan before the pre-agreed term ends.
How long does it take to get approved?
You’ll usually receive a decision within 24 hours of submitting your application, provided you’ve supplied the necessary information.
Estimated time to receive funds
Once your application has been approved and you’ve signed the documentation, the funds will typically be transferred the same day.
Can a loan be repaid early?
Yes, you can repay your loan early and unlike many lenders, you won’t need to pay an early repayment charge or exit fee to do this. All business loans also come with the option to top up funds or take a repayment holiday.
Is security required?
That depends on the type of loan you apply for. Secured loans require you to put up an asset such as property or equipment as security and this could be at risk if you fail to repay your loan on time.
Unsecured loans don’t require security, but you may still be asked to sign a personal guarantee.
What documentation is required
When applying for a business loan with Fleximize, you will need to supply certain information and documentation.
Business information
The initial application form will ask you to provide your company name and registration number, and the business type. You may also be asked to provide your company’s monthly turnover and trading history.
Business owner information
You will also need to provide the name and contact details of all business owners.
Funding requirement
You must state how much you wish to borrow, how soon you need the loan, and what you plan you use the funds for.
How to apply for a Fleximize business loan
You can apply for a Fleximize business loan directly online by completing the short application form. This should only take a few minutes. Once you’ve passed the initial checks someone will contact you to talk you through the next steps.
If would prefer to discuss your requirements in more detail before applying, you can phone the company on 0207 100 0110 Monday to Friday.
Is the application process different to other lenders?
The application process with Fleximize is generally faster than many high street lenders can offer. The initial application form takes less than five minutes to complete, and you could receive your decision within 24 hours and your funds soon after.
How to improve your chances of getting funded
The best way to improve your chances of getting funding is to complete the application form honestly and accurately and provide any additional documentation or information as quickly as possible.
Pros & cons of a Fleximize business loan
Make sure you weigh up the pros and cons of a Fleximize business loan before making a decision:
Pros
- Quick application process
- Your business doesn’t need a perfect credit history to apply
- Range of business loan options
- No early repayment fees
Cons
- Businesses in Scotland and Northern Ireland can’t apply for secured loans
- If you choose a secured loan, your assets could be at risk if you fail to repay the loan
- All business loans typically require a personal guarantee
Alternative funding options for different lenders
If you’re not sure whether a business loan from Fleximize is the right choice for your company, there are alternative options to consider from other lenders:
Why use a finance broker?
A finance broker can simplify the process of finding and applying for a business loan. With access to a range of lenders and products, they can help narrow down options that fit your circumstances – particularly if your business is new, has a limited credit history or has previously faced financial difficulties.
A reputable broker will explain any fees upfront and manage the application on your behalf.
However, some brokers charge for their services, either as a fixed fee or a percentage of the amount borrowed, so it’s important to understand the costs before proceeding.
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