Questions | FundingHub

Business Finance

The world of small business finance can be complicated. We've tried to make it as simple as possible with some of our most frequently asked questions.

Does my business qualify?

Different types of loans have different qualification criteria.
At minimum, to qualify for any loan your business should meet the following criteria:

Monthly turnover (revenue) in excess of R35 000 per month.
You have been earning revenue for at least 6 months.
You have a registered business (Sole proprietors are accepted).

Do you fund startups?

At this time, unfortunately not. Please see minimum qualifying criteria above.

What type of funding can I get?

There are many different types of funding products. For small businesses, Unsecured Loans, Property Backed Finance, Invoice Discounting or Merchant Cash Advances are always a good option. These have dependancies.

FundingHub also works with more specific funding types like Equipment Finance, Vehicle Finance, Property Development Finance and more.

See the full list of business finance options, here.

What type of lenders do you work with?

FundingHub only works with lenders that we would borrow money from ourselves.
Our suite of lenders is chosen to make sure that we cover the full range of funding types (so we can help majority of business-types), as well as the full range of business maturity (so we can help the majority of businesses, no matter how established or not).

How much does a loan typically cost?

The cost of a loan depends on a few elements, the most important of which are:

The risk factor of your business.
The type of loan.

To this end, interest rates on loans can range from 0.8% per month (7.6% annual interest rate) through to 30% per year.

How long are the loan periods?

Depending on the type of loan, it can be as short as a few days (invoice finance, or revolving credit), or as long as a few years (secured loan or property development finance).
It all comes down to what you need, and the type of loan you're after.

What documents are required for a loan application?

Depending on the type of funding suited to your business, different documentation is required.

For example: If you are applying for a secured loan, the process is quite thorough and you will need documents to prove the value and ownership of the collateral you are providing. In return, you will likely get a cheaper finance product. It is less risky for the lender.

For a quick unsecured loan or merchant cash advance, you might not need as much documentation.

As a bare minimum this is usually what is required from our lenders:
- Director’s ID Documents
- Business Proof of Registration
- Tax Clearance Certificate (or affidavit)
- 6 Months Bank Statements

For higher loan amounts, and more thorough lenders, these additional documents may be required:

- Management accounts
- Annual financial statements
- VAT Registration document (if applicable)

The Application

Interested on finding out more about how the application process works? Here are some of the more frequently asked questions.

Why would I use FundingHub?

Apply in minutes - We understand that your time is precious, so we've kept our application to less than 5 minutes!
Compare all options - FundingHub lets you compare quotes for your business from over 40 different finance providers.
Be in control - You choose when and which lenders to talk to. You're in control of the entire process.
Transparent - Multiple lenders from our panel compete to fund your business.
Simple - You complete one funding request and received multiple quotes.
Independent - FundingHub is totally independent and we merely act as an introducer to lenders

Will there be a credit check?

No, FundingHub will not perform a credit check on you nor any of its directors or shareholders. It is very likely that the lender who you submit a funding request to will perform a credit check, but you will be required to give consent before this happens.

How long does the application process take?

Typically, an application takes 5 minutes. If you have all your information at hand, it can go quicker.
Remember, the more information you provide the better we will be able to help.

How long does it take to be approved?

The approval process depends entirely on documentation.
In an application, you provide information about your business that then needs to be verified by the appropriate documentation.
If you have your documents ready (sometimes all that is required is 6 months bank statements), applications can be approved in as little as 24 hours.

What do you do with my information?

This depends entirely on the type of loan you are looking for.
In general, the loan period for Unsecured loans is short term (less than 2 years).
For secured loans, the repayment period is longer - up to 10 years.

Is my information and data secure?

Absolutely – Security is very important to us. All your information is secure and we only forward the information on to one of our reputable, trusted lenders with your consent. We use the latest security techniques and standards. Please take a look through our terms and conditionsand Privacy Policy.

FundingHub

Want to know a bit more about us? Absolutely! We want to make you feel 100% comfortable with the team that's helping you through your finance application.

Why is FundingHub free to use?

Our service is free to use because we earn revenue from our partners. This allows us to provide a completely free service to our business clients.

Why should I trust FundingHub?

We've been operating in the industry since 2016. We've helped thousands of businesses find and compare finance. We've got over 40 different partnerships in the industry. We've worked with large corporates like Standard Bank, Transunion, Telesure, and others.

How long has FundingHub been operating?

We've been operating for five years, since 2016.

What's the difference between applying through FundingHub vs directly at a lender?

FundingHub helps you find the best finance offer, without the hassle of applying with forty potential financers. We do the comparison part of business finance for you.

Does FundingHub have a referral programme?

Yes!
If you've got a network of businesses who you would like to offer business finance to, you can sign up for our referral programme and earn an income for those referrals.

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