Frequently asked questions for borrowers
How is Peer Funding different to other Peer-to-Business (P2B) sites?
Peer Funding is a multi-lending product site unlike most competitor P2B sites who only offer 1 or 2 products. Borrowers can therefore choose the products that best suit their particular requirements, rather than have to trawl around several sites.
What types of lending can I access via your site?
PFL gives you access to Unsecured and Secured Business Loans, Selective Invoice Finance, Selective Debtor Invoice Finance, Property Bridging Loans and Property Development Loans. We believe this is currently the widest choice of funding options available on any single P2B site. See our “Product Overview” pages for more details on each product.
How can I become a borrower?
First you will need to create a borrower account on the Peer Funding Platform. There is more information on our Get Funding page and you can create an account from the home page by clicking on ‘Register Now’ and entering some simple details. Once registered, you will be able to access and complete the simple borrowing request forms.
Who are these Professional Adviser Partners that you will introduce to me?
We have established partnerships with regional firms that specialise in helping businesses access funding that suits their needs. Most are members of the National Association of Commercial Finance Brokers. They will assist you to get your borrowing request presented in the best possible light before it appears on our auction portal, and let you get on with running your business in the meantime.
What types of business can borrow?
Limited companies, LLPs and PLCs with 2+ years trading, with a minimum annual turnover of £100k are the basic entry requirements.
What are the fees and charges I will have to pay?
See our “Rates and Fees” section for full details
How quickly will I get the funds?
Peer Funding will respond to your borrowing application within 2 hours. Once the auction listing your loan is complete, you have confirmed your acceptance of the funding terms and returned your signed loan agreement you can expect to receive your funds into your bank account in one business day.
Can my business pay back early?
Yes. You can repay your outstanding borrowing at any time and you will be charged interest only until the end of that month.
What happens if I cannot repay the funds borrowed on time?
You should inform Peer Funding and your Professional Adviser at the earliest possible time if you are struggling to make repayments. We will discuss options with you to try to overcome the difficulties you are experiencing.
What security do I need to provide in support my funding request?
For Business Loans we normally ask for Personal Guarantees. For Secured Loans we will look for realisable assets to be offered as security for the funding. For Selective Invoice and Selective Debtor Finance we will normally take assignment of invoices and look for verification. For Property Bridging and Property Development Loans we will normally take a first charge over the property/land involved in the transaction.
Can my business have more than one loan?
Yes. Providing your business can prove its ability to meet the repayment commitments.