Frequently Asked Questions

What financing products does AJL Finance offer?

At AJL Finance, we provide a wide range of different financing products to support businesses. These include Unsecured Loans, Asset Finance, Asset-Based Lending, Bridging Loans, Invoice & Stock Finance and Merchant Cash Advance (MCA).

We also provide Professions Finance tailored for doctors, engineers, hospitality operators, transport companies, accountants, dentists, architects and solicitors.

 

What are unsecured loans?

Unsecured loans are loans that don’t require collateral to guarantee them. The lender examines the borrower’s financial status and credit history instead to determine interest rates and eligibility.

 

What is asset finance?

Asset finance lets businesses obtain or lease essential equipment or vehicles without upfront costs. Borrowers make monthly payments over a fixed period, and the asset acts as collateral for the lease or loan. As a results, businesses get immediate use of the asset but don’t own it until all payments, plus interest, are complete.

 

What is asset-based lending (ABL)?

ABL involves a business receiving a loan using its assets as security. Potential assets can include accounts receivable, real estate, high-value equipment, inventory and sometimes intellectual property (IP). Instead of solely considering company creditworthiness and finances, lenders evaluate the value of their assets to determine eligibility and loan amount.

 

What is a bridging loan?

A short-term lending option, a bridging loan is designed to provide provision for a financial gap before a funds become readily available from another transaction. For example, from a property sale.

 

What is a merchant cash advance (MCA)?

MCAs provide businesses with a lump sum in exchange for a fixed percentage of future credit and debit card sales and a fee. A short-term finance alternative to traditional loans, MCAs don’t require collateral, and offer flexible repayments connected to sales and fast approvals.

 

What is invoice finance?

Invoice finance lets a business borrow against any unpaid invoices it holds. The borrower quickly unlocks a large portion between 80% and 95% of an invoice’s value upfront from a lender.

 

What is stock finance?

Stock finance, or inventory finance, is a form of asset-based lending where a business uses its unsold inventory or stock as collateral to secure a loan or line of credit.

 

How do I know which finance product is right for my business?

Working out the best type of finance product for your specific circumstance isn’t always clear. However, by completing the AJL Finance Eligibility Checker here on our website, you’ll get a professional assessment to guide you.

 

How fast can I access funds once approved?

After you have been approved for the finance product you apply for, you’ll enjoy rapid access to the funds you require. Funds are typically available with 24 hours of approval.

 

Am I eligible for business finance if my company is a start-up?

At AJL Finance we are proud to works with businesses at different stages of development.

 

Do I need to provide a personal guarantee?

If you are applying for certain unsecured loans, you may need to provide a personal guarantee. However, there are other products like Asset Finance and Asset-Based Lending for instance that all businesses to use their assets as security which reduces the need for any personal guarantees.

 

What documents do I need to apply?

To apply for SME business loans and other finance products with AJL Finance, you will need a minimum of six months’ worth of business bank statements and your most recent complete year-end accounts. You will also need to provide details of what the funding is for.

 

How much can I borrow?

The amount that you can borrow is always dependant on the type of finance product that you apply for.

 

How quickly will I get a decision?

As soon as your accounts and bank statements are reviewed, you will receive an eligibility decision swiftly, often within 48 hours.

 

Will applying affect my credit score?

When you use our online Eligibility Checker, your credit score won’t be impacted. It is engineered to offer you an initial indication of success before applying for finance. However, a full application may require a credit check.

 

Do you fund businesses in specific industries only?

No, at AJL Finance we support a wide range of different sectors. These include engineering, retail, hospitality, construction, healthcare and accountancy, among others.