FAQ

Can I repay my small business loan early?

Yes, and we will never charge you early repayment fees if you choose to do so.

Do you require a credit check?

We do require a credit check. When you first apply, we carry out a soft search to find out basic details regarding the health of your business. This check will never affect your credit score.

Are there tax benefits associated with leasing?

Tax relief will apply to your finance lease rental payments for the entirety of your agreement as leasing is 100% tax-deductible. This is classed as a business expense against your profits and will help to lower your business' overall end-of-year tax bill. Choosing to lease rather than buy allows you to split one significant capital spend into affordable monthly payments. It will enable your company to free up cash within the business while obtaining profit-making equipment. Thus, your company can use its funds to invest back into the business to increase profits rather than using up vital reserves.

Do my payments increase if inflation increases or interest rates rise?

Your payments are fixed and unaffected by interest rate.

Will I need to pay a deposit?

Yes, it is a nominal amount in advance of the lease agreement. It is equivalent to a periodic payment meaning you can start using your equipment straight away. With hire purchase agreements, VAT must also be paid upfront.

Can I lease software?

Yes, we are able to provide finance to acquire software. Leasing software ensures you have the most up-to-date software, meaning you can relax knowing you have the latest software equipment powering your business.

What assets do you finance?

We finance a range of assets, anything that you need for your business. Examples of some of the sectors and assets we finance: construction, agriculture, office equipment, catering equipment. Contact us and one of our account managers will assist you in getting what you need.

Are loans unsecured?

Love Finance only ever provide unsecured loans. The difference between secured and unsecured loans is that with an unsecured loan your capital is never put at risk. With a secured loan, your property and assets can be used against the business. Unsecured loans are quicker to process than secured as there is less to evaluate, resulting in a more straightforward application process.