If you still have some questions, you’ve come to the right place. We think it’s really important that you have all the information you need before you make a borrowing decision, so we’ve laid it all out here.

Application Lending Criteria Loan terms & options Partners Repayment Support


What supporting documentation will I need to provide?

Usually we’ll ask you for the following:
• Your latest filed accounts
• Your business’s last 3 months of bank statements
• a passport or driver’s license.

Do you have a team who helps put my application together for the underwriters?

Yes, we have a team led by your own account manager who will manage your application from beginning to end.

Do I need a full business plan?

We will need to see a business plan with financial projections if you are a start-up entity.

Lending Criteria

What is the minimum months / years trading required?

We like to see at least 12 months of trading or more for the businesses we work with.

If I have a CCJ can I apply?

We can still consider you as long as there is a reasonable explanation for this and the previous problems are being/have been dealt with.

If my business isn't profitable, is there a chance that I could still be approved?

We always seek to consider an application responsibly with an eye on the future and can approve an application as long as your business’s cashflow can support future repayments. We’ll talk to you about your business cycles and expectations to make sure you’re in a safe place to set up affordable and realistic repayments.

Can sole traders apply?

We can only consider limited liability business types.

Can I apply if I've been previously rejected by a bank?

It’s certainly worth applying for a business loan with us if you’ve failed to get approved elsewhere. We’ve lent to many businesses who have previously been turned down for a bank loan, and we believe this is down to the fact that we value different criteria when underwriting a loan.

Do you consider start-ups?

We can only consider to businesses that have at least four months’ trading history. Once you’ve been trading for at least 12 months and turning over at least £15,000 per month we’d be delighted to consider your business, so please get in touch.

Will you consider me if I have bad credit?

Generally, if you have significant adverse credit, we won’t be able to consider you. If you have exceptional reasons, we can consider your application. Typically, current CCJs or frequent missed payments makes it unlikely you will be accepted.

Which parts of the UK can you consider?

We consider customers in England, Scotland, Wales and Northern Ireland

Do you consider application from the Channel Islands?

We currently do not consider customers based in the Channel Islands.

Loan terms & options

Will applying affect my credit score?

No it would not. Your credit score is only impacted after we have provided a credit facility and is dependent on your repayment history.

How long will it take to hear if I've been approved?

We turn around applications in under 4 hours providing we’ve receiving all requirements from your business.

How do your loans differ from a CBILS or BBLS loan?

Our loans do not have government backed reliefs on interest rates and guarantees. Our loans are risk based products which are determined by the business’s ability to repay and are ultimately backed up by a guarantor.

What if I need more finance than I originally applied for?

Talk to us about straightforward top-ups available to our existing customers

What is the minimum amount we can borrow?

The minimum you can borrow is £5,000 but we can consider lower credit options under certain circumstances. The best thing is to talk to us today about your requirements and we’ll see how we can tailor to your business goals.

Do you offer loans outside the UK?

At the moment no, but it’s something we’re working on for the future.

Can I renew or top up my current loan facility?

Yes you can. Preference is given to customers who have a flawless payment history with us.

How much can I borrow and over what term?

Our funding options range from £5,000 – £100,000 over a term of 6 – 24 months

What is the difference between an unsecured and secured loan?

A secured loan will require you to put up a property as collateral against the loan. You don’t need to provide such security for an unsecured loan with us, but we will require a personal guarantee from at least one director in the business.


How quickly do I receive my commission?

Commission is usually paid weekly, subject to our broker agreement.

Do you have a broker portal?

We’re working on it! In the mean time you can apply with the required documents at broker@mclfinance.com

How much commission do I earn on renewals?

Commission is based on our arrangement with each broker. Contact us to discuss your options.

Is mcl finance's underwriting automated or is it all human touch?

Our underwriting comprises elements of both sophisticated AI as well as human touch processes.

Why is your pricing higher than some others?

Our interest rates are competitive and vary depending on the risk a customer presents. Lower risk borrowers, such as those with a strong credit rating and solid business accounts/profits, are generally offered the lowest rates.


Can I repay early?

Yes you can repay early and with no early exit charges or hidden fees.

How do I make a loan repayment?

You can make repayments by direct debits. Or if that’s not possible, you can make repayments by standing orders.

What if I can't make a repayment on time?

If you’re struggling, or something comes up which may impact your ability to repay, then make sure to advise us in good time. Once we understand your specific situation we can work to find the best way forward. Late repayments can attract late fee charges, so always talk to us first so we can help.

Can I make overpayments?

Yes you can make overpayments without any early repayment or exit charges

How can I settle my loan in full?

If you want to settle in full before the agreed term, you can call us on 020 3727 2572 or email us at hello@mclfinance.com and we can arrange this for you.

How do I check what I still owe?

You will usually receive reminders prior to your upcoming payment which will confirm your balance. You can also call up or email us at anytime to request an update.


What support are you providing during Covid-19?

While many lenders are taking part in the Bounce Back Loans and CBILS schemes, we’re focused on supporting the 50% of businesses that are unable to access government-backed funding during this time. If you’re in need of working capital or wider business support, we’re ready to help.