Ok

Frequently asked questions

The facts you need when you are thinking about an Everline loan.

  • What do I need to apply for an Everline loan?

    We accept all types of businesses. If you are a Limited Company, Limited Liability Partnership, or a Sole Trader you are welcomed here.

    Each director or partner of the business needs to be over 18, and a UK resident. Your business also needs to have a business debit card attached to the main business bank account.

    Your business will also need to have been operating and actively trading for at least 12 months in the UK with an annual turnover of at least £100,000.

    In addition we will need you to provide us with one of the following:

    • Business bank account: Either link us up electronically or call us for another option.
    • VAT payment history: Last five quarters of VAT statements uploaded or linked.

    In addition, you will need to provide us with the business or personal debit card. We use this for automatic billing and you will be asked to provide a personal guarantee for the business loan. In some cases where there are multiple owners we may ask for personal guarantees from multiple owners.

    To give your business the best chance of being accepted, make sure you give us as much information as possible and ensure it is accurate when you apply.

  • Do you require a credit check?

    Yes, we carry out a credit check on the business and the owners partners or directors of the business as part of our automated decision making process.

    We are only interested in lending to businesses we believe can comfortably afford to repay according to the billing schedule so make sure an Everline loan is suitable for your business before applying.

    For full details on how we share information with credit reference agencies, please see our privacy policy

  • Is the loan secured?

    We provide an unsecured loan, which means that we don’t require any physical collateral. We don’t ask you to provide an asset as security, but we do ask for a personal guarantee from a majority ownership / directors of the business.

  • How much can my business borrow?

    You can apply for £3,000 – £120,000.

    When you complete your online application we will make you a funding offer by sending you an email. You will receive a link that will direct you to our ‘Get Cash’ page. Here you will see a slider which will let you choose exactly the amount you want up to the amount we offered you.

    You will see a clear repayment schedule which will include your total loan costs as well as monthly amounts due. You are free to pay early anytime as there are no early repayment penalties. This will save you on interest costs.

  • What if the business or I have bad credit?

    We carry out credit checks as part of our decision-making process, so if either the business or you have a very poor credit record it may affect our decision. To give your business the best chance of approval, make sure you give us as much information and link up as many information sources within the application process as possible and ensure accuracy before submitting. Our service isn’t designed to help the business repay or manage existing debt, so please don’t apply for a loan unless you’re sure the business can comfortably make the repayments.

    You should always think carefully before committing to any form of credit.

  • Can my business apply for a loan if it has no assets?

    Yes, we welcome all businesses that meet our application criteria. Our service is not designed to help the business repay or manage existing debt, so please don’t apply for a loan unless you’re sure the business can comfortably make the monthly payments.

    You should always think carefully before committing to any form of credit.

  • How does Everline work?

    We took a fresh look at business loans, and developed our service to make everything simple and transparent. You can use our online sliders to select the amount you need and the period you need it for. You’ll be able to see all the costs upfront and know exactly what you’ll repay.

    Simple to arrange – with all costs shown up front

  • What does an Everline business loan cost?

    Our interest rate varies between 1.6% – 2.50%* per month on the remaining loan balance and we currently offer a 24 month loan term, meaning you will be responsible to pay back your principle in 24 equal monthly repayment, plus interest on the outstanding amount. This equates to a yearly actual interest cost of between 21-34.5%. A one-time set up fee of 3.5-5% is typically charged upon issuance of the loan with the cost distributed across the repayments.

    If the business’s circumstances change and the loan can be repaid earlier than expected, you may be able to save money. The business can repay early in full or in part at any time at no extra charge, and interest will only be charged for the number of days that you borrow the money and only on the remaining principal balance.

    *In certain circumstances businesses with a higher than normal risk profile may be offered an interest rate of up to 5.85% a month and a set up fee up to 7% as an alternative to declining the loan application.

  • What personal information do you need?

    Details like your business name, registered number, your name, address, phone numbers and your bank account details. We need this to determine who’s applying on behalf of the business, to check if our service is suitable for the business, and as part of our validation and collections process.
    To give yourself the best chance of approval, you should always make sure the information you give us is accurate and honest.

    For full details on how we use your personal information, please refer to our privacy policy.

  • If the business is already in debt, can I still apply?

    Our service isn’t designed to help the business repay or manage existing debt or if your business is already in financial difficulty, so please don’t apply for a loan unless you’re sure the business can comfortably make the monthly repayments. You should always think carefully before committing to any form of credit.

  • Do I need to give a reason why the business wants to borrow the money on the application?

    No, although we may ask this for research purposes. Any information you provide would be received in the strictest confidence.

    Our service is not designed to help the business repay or manage existing debt, so please don’t apply for a loan unless you’re sure the business can comfortably make the monthly repayments.

    You should always think carefully before committing to any form of credit

  • How long will it take for the business to get the loan?

    Our decisions are usually made within 1 hour and if approved, once you have signed the electronic loan agreement, we will send the money within 5 minutes. Sometimes it may take longer depending on how long your bank takes to process the transaction. We’ll email you to let you know when the cash is on its way. If you have any questions, please call us on 0203 7693 129.

  • How do I repay?

    Just ensure the required cash is in the main business bank account (or personal bank account for sole traders) on the day the repayment is due.

    Repayments are made once a month by continuous payment authority using your business debit card (or personal debit card in the case of a sole trader).

    If we can’t collect the amount you owe at first, we may make further attempts to collect your repayment using the debit card we have on file for you.

    The business can repay early in full or in part at any time at no extra charge, and interest will only be charged for the days and on the outstanding principal balance when you borrow the money.

    To make early repayments visit your dashboard and follow the instructions

  • Can I repay the loan early?

    Yes, and we encourage you to pay early because you will save on interest costs. We do not charge any early repayment fee so paying early helps you.

  • Do you lend to sole traders?

    Yes we do. We lend to Limited Companies, Limited Liability Partnerships and Sole Traders.

  • My business is starting up and we need funding, can you help?

    At this stage we’re only helping companies that have operated and actively traded in the UK for at least one year.

  • Does my business need a bank account?

    Yes. You need a business bank account, with a business debit card attached.

  • What happens if Everline can’t collect the full amount of a monthly repayment?

    On the monthly promise date:
    We try to collect your monthly payment from your debit card from 8am on each monthly promise date. If we are not able to collect the full amount at this time, we will try to take a partial amount. We will try again the next day at 8am. We will also send you an email and an SMS to inform you that the collection attempt failed. See the “Will Everline charge me?” section below for information on the late payment fees you may be charged.

    On the second day after that promise date:
    Unless you have paid the full monthly repayment due using an alternative payment method, we will try to collect the repayment amount again on the second day after your promise date at 8am and then, if that attempt is unsuccessful, again on the next day at 8am. We will send you an email and SMS to inform you that the collection attempt failed. Again, see the “Will Everline charge me?” section below for information on late payment fees.

    On the next monthly promise date:
    If a monthly repayment remains unpaid on the next promise date, we will attempt to collect the amount due as follows, using CPA:

    • We first collect all payments in arrears and thereafter the payment due on your promise day.
    • If we are successful in collecting all repayment amounts outstanding and due, we will try to collect the amount of any late payment fees along with any other fees outstanding.
      The order of distribution of proceeds from payments is:

      • Fees accumulated to date
      • Interest accumulated to date
      • Principal due

    On subsequent promise dates:
    If any amount remains outstanding, we will continue to try to collect that amount as set out above on a daily basis unless you make alternative arrangements with us.
    If you are experiencing any financial difficulty, you should contact us immediately on 0203 7693 129 so we can discuss your situation, discuss options available and work with you to help find a suitable way forward.

    After 30 days of missed payments:
    If we have not reached an agreement with you and you or your business has not been identified as in hardship or vulnerable, or if we are unable to contact you then we may transfer your account to a debt collection agency. All and any applicable costs as a result of this process may be added to your loan account. Not paying your loan on time may have a negative impact on your business and personal credit rating.

  • Will Everline charge me for missing repayments?

    If we are unable to collect the full amount of the monthly payment within 7 days of the promise date, we may add a late payment fee of £20 to your account.

    If we are still unable to collect the full amount of monthly payment within 14 days of the promise date, we may add another late payment fee of £20 to your account.

  • The business still hasn’t got the cash. What should I do?

    If you’ve received our email to confirm the funds have been sent, the cash has left our account and is on its way. Please note that different banks take different lengths of time to show the cash in your account.

    Whenever possible, we’ll highlight maintenance issues on our homepage so you’re aware of any possible delays before you apply.

    If you have any questions, please call us on 0203 7693 129.

  • Are you a member of any financial bodies?

    Yes, the National Association of Commercial Finance Brokers.

  • Is Everline right for my business?

    Whether your business is looking to expand, manage working capital or deal with a one off or unexpected expense, we may be able to help.

    Our service isn’t designed to help the business repay or manage existing debt, so please don’t apply for a loan unless you’re sure the business can comfortably make the monthly repayments. You should always think carefully before committing to any form of credit.

  • How does Everline collect repayments?

    Using the debit card details you give us when you apply (or when you add a card), we use continuous payment authority (CPA) to collect once per month as per the agreed promise dates. Your promise dates are explained in the pre-contract information and your credit agreement. You need to agree to CPA to get an Everline loan.

  • How do bank holidays and weekends affect the service?

    We are open when banks are closed. We approve loans during the weekends and bank holidays and we fund these loans during these days as well. Please remember that we also take loan repayments on the weekends and also on bank holidays so make sure you have sufficient funds in your business bank account that will be debited before the weekend or holiday.

    It’s also important to remember that different banks take different lengths of time to show the cash in your account.

    We’ll always email you to let you know when the cash is on its way and we will email you a reminder two few days before we are due to debit money from your account for repayments.

    If you have any questions, please call us on 0203 7693 129 or email us at customercare@everline.com.

  • What if I have a complaint?

    Our customers are at the heart of our business and we’re committed to giving them the highest quality service we can. So if you’re not happy with our service, let us know so we can put things right.

    How to contact us to make a complaint

    Please send us your account details, a description of your complaint and how you think we can resolve it, and any other relevant information.

    By email: customercare@everline.com

    By telephone: 0203 7693 129.

    (lines are open between 7:30am and 7pm, Monday-Friday. If you need to contact us outside of these hours, please leave a message and we will call you back as soon as possible)

  • Why can’t I login to My account?

    This could be for a couple of reasons. Firstly the password field is case sensitive so if you used lowercase and capital letters, you need to make sure you retype the password exactly the same when logging in. You can’t cut and paste your password from another document for security reasons, so make sure you type it in.

    Secondly, make sure you’re entering the email address you registered with. For example, if you used a personal email address, you won’t be able to use your work email to login, unless you change it in your account page first. The email field is also case sensitive, so if you used any capital letters when you first entered it, you’ll need to type it the same way every time you login.

  • I can’t remember my password. What should I do?

    Don’t worry, you just need to click on ‘forgot password’ and we’ll email a randomly generated password to you’re the email address you are registered with on our site.

  • I haven’t received my email during application. What should I do?

    It’s probably because your email provider has mistaken our confirmation email as spam (unsolicited junk email). First, check your spam or junk folder to see if it’s in there. If so, it’s a good idea to then make our email address customercare@everline.com an accepted address or simply add it to your contacts. That will make sure your email provider knows messages from us are safe.

  • I haven’t received my PIN via text. What should I do?

    Give it 30 minutes to be sure. If you still haven’t received anything, check you entered the correct mobile number when applying and, if need be, start again with a fresh application. Make sure you enter the number of the mobile phone you have with you.

    If you have any questions, please call us on 0203 7693 129.

  • I can’t find my house or business address. What should I do?

    When you enter your personal or business address we ask that you enter your Post Code and our systems will attempt to look up your exact address. If for any reason it is not being located please contact us

    If you have any questions, please call us on 0203 7693 129.

  • My business loan application has been ‘under review’. What’s happening?

    It’s nothing to worry about. Our team is reviewing your application. During business hours, we strive to give you a funding answer in less than 1 hour. You don’t need to contact us or do anything, so please be patient and look out for an email with our decision. We always aim to get back to you as soon as possible and, if your application has been approved, the funding offer will follow shortly.

  • My business has had an Everline loan before but I’ve just been rejected

    We appreciate that you’ve used our service before and we take a genuine interest in our customers’ ongoing financial health and therefore consider every application on an individual basis. We never guarantee approval based on previous usage alone.

    We examine a wide range of industry data and make a decision based on a combination of factors. Our system is constantly evolving and we sometimes make adjustments to ensure we continue to lend responsibly.

    We understand the disappointment this will cause and apologise for the inconvenience. Being declined once doesn’t mean we won’t be able to help again in the future. Our system is constantly evolving and we may be able to reconsider an application from you at another time.

  • Once I have a loan, can I borrow more funds?

    Yes. Once you borrow from us, if you have paid back over 50% of the amount you originally borrowed you can apply for another loan. You can only have 2 open loans with us at any one time.

    As a responsible lender, we examine a wide range of industry data and make a decision based on a combination of factors and assess each application on its own merits based on the information available at the time of the application. We never guarantee approval based on previous usage alone. So even if your business has a good repayment history with us, we can’t guarantee to accept a future application or promise to lend the same amount as we may have done previously for the same rates.

  • Can I repay an Everline Loan by bank transfer?

    The easiest and most convenient way to repay your loan is with your business debit card (or personal debit card in the case of a sole trader). Please see “How do I repay a loan?” for further details.

    You can also repay by making a bank transfer using the details set out below and make sure you always quote your loan reference number and the full name of your business when making any repayment.

    If you transfer funds directly into our bank account, you must then email us to let us know so that we can allocate the funds to your account. Please note that it can take up to 3 working days for the payment to reach us by funds transfer depending on the type of payment you ask your bank to make although if you use the Faster Payment Service, funds should reach us on the same day.

    Our bank account details are:
    Bank: SVB Bank     Sort code: 62-10-00     Account no: 20115636

  • Why choose Everline?

    Everline specialises in working capital business loans.

    We know that businesses of all kinds need access to working capital funding fast. But many conventional providers expect you to provide masses of paperwork and then wait weeks for a decision and if approved you are then advised of the potential costs.

    We don’t think that’s good enough.

    We offer an alternative credit solution that helps you build a better business for the future. It’s all online and allows you to get a rapid decision on your loan application. We don’t make you wait for weeks or months. We don’t need meetings and there’s no need for paperwork.

    That means, if your application is approved, we’ll send the money your business needs in as little as 5 minutes. It takes less than 10 minutes to apply and there is no obligation to take the offer we provide.

European Union supported under COSMEEuropean Investment Fund

Everline provide financing that benefits from the support of the European Union under the Loan Guarantee Facility established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020). The Loan Guarantee Facility is managed and implemented by the European Investment Fund (EIF). Find out more.