SimplyFunded: products, terms and eligibility

SimplyFunded is a UK provider of unsecured business loans. The legal entity named on its site is Morley Capital Limited, company number 14566089. It is based in Houghton-le-Spring.

SimplyFunded is a trading name of Morley Capital Limited (company number 14566089), based in Houghton-le-Spring. Its site does not publish a founding date or ownership details.

Everything on this page comes from what SimplyFunded publishes itself. We show the date we last checked it, and we do not rate or rank lenders.

SimplyFunded publishes one product for UK businesses. The table above gives the amounts and terms as it states them.

• Unsecured business loan: Weekly or monthly automated repayments aligned to revenue.

Unsecured business loan

Unsecured loans of £5,000 to £500,000 over fixed terms of up to 26 weeks, with weekly or monthly automated repayments aligned to revenue. No property security is required. The business applies online and shares bank data through Open Banking, and SimplyFunded reviews real-time trading metrics. It says initial eligibility checks use a soft credit search.

SimplyFunded says its finance is used for:

• Quarterly tax and VAT payments
• Bulk stock purchases
• Payroll during revenue fluctuations
• Upgrading facilities
• Funding larger commercial contracts
• Opening new locations

Sectors and business types it says it funds:

• UK SMEs, start-ups, early-stage traders, limited companies and sole traders

SimplyFunded publishes these criteria. Meeting them does not mean an application will be accepted: every lender makes its own decision.

• Trading history of at least 6 months.
• Registered UK business (limited company, LLP or sole trader).
• Minimum £5,000 average monthly revenue.
• Director or owner holds at least 25% ownership.

SimplyFunded describes its process like this:

1. Complete the online application with basic business details.
2. Connect business bank data through Open Banking.
3. SimplyFunded reviews trading data.
4. If approved and accepted, funds are sent to the business account.

Information it says it asks for:

• Basic business details
• Open Banking access to business bank data

Every application is subject to status and the lender’s own criteria at the time.

An unsecured business loan is a fixed sum repaid in instalments over an agreed term, without a charge over a specific asset. Most lenders still ask the directors for a personal guarantee, which makes them personally liable if the company cannot repay.

Lenders price each loan on the business’s trading history, turnover and credit profile, so the offer you receive can differ from the published range. Compare the total cost in pounds and the repayment pattern, not only the headline rate: our guide on how to compare business loan lenders shows how.

Points SimplyFunded publishes that are worth knowing:

• Loans are described as fully unsecured; no property security required.
• Initial eligibility checks use a soft credit search.
• Says fees are stated before an offer is accepted.
• Footer lists ICO registration only; no FCA wording published.

Security and guarantees

Loans are described as unsecured, with no property security required. The site does not state whether a personal guarantee is needed.

SimplyFunded’s site states: “SimplyFunded is a trading name of Morley Capital Limited, registered in England & Wales (Company No: 14566089). ICO Registration: ZB499041”

Protections differ by borrower type and loan size. Most lending to limited companies is not regulated consumer credit, so read the agreement and ask the lender what applies to you.

Other providers of unsecured business loans with profiles here include STAX, Swiftfund and Swishfund. Each profile uses that lender’s own published terms.

The full list, grouped by product type, is in our directory of UK business lenders.

Capzy is a credit broker, not a lender, and gets paid by the lender. One application lets your business compare options across lenders, so you can weigh this kind of facility against the alternatives. You can check your funding options with a soft search that does not affect your credit score. A full application to a lender may involve a hard search, and any offer is subject to status and lender criteria.