365 Finance, operating as 365 Business Finance Limited and headquartered in London, specialises in providing revenue-based finance, commonly known as merchant cash advances, to UK SMEs that take card payments. Established in 2012, this FCA-authorised lender offers unsecured funding linked to card sales, which may appeal to established retail, hospitality, and service businesses looking for flexible repayment tied to actual revenue rather than fixed monthly fees. However, it is not suited for start-ups, B2B firms without card sales, or those seeking long-term, lower-cost lending. For a general introduction to similar products, see cash advance and quick business finance.
Key Features of 365 Finance
Several practical aspects define 365 Finance's approach, designed for speed and adaptability in managing business cash flow through revenue-based finance.
- Online applications with decisions often within 24 hours and funding in 48 hours, consistent with MCA loans processes.
- Flexible repayments that fluctuate with daily card sales help ease pressure during slower periods, a feature linked to their API integration with card acquirers, part of the application service provider ecosystem.
- No arrangement or early repayment fees, only a single fixed cost agreed upfront, making cost visibility clearer than some other merchant cash advance products.
- Dedicated UK-based account management and support, differentiating it from many generic online lending platforms.
- Renewals or top-ups possible once 60-70% of the original advance is repaid, allowing ongoing access to working capital.
Funding Eligibility Requirements
You may qualify for 365 Finance funding if you have at least six months of trading history and a minimum monthly card turnover of £10,000, reflecting eligibility standards discussed in how to qualify for a business loan. The lender caters to UK-registered SMEs across England, Scotland, Wales, and Northern Ireland but excludes start-ups and sectors like gambling or payday lending.
Personal guarantees are usually required for limited companies, a key consideration outlined in guides on guarantor and understanding personal guarantees. Applicants should have a clean credit record, as poor card processing history or excessive chargebacks may result in declined applications. More on credit score implications is available at credit score.
Loan Options at 365 Finance
365 Finance offers primarily one product type geared to their niche: merchant cash advances, which are a form of revenue-based finance.
- Merchant Cash Advance available from £10,000 to £400,000 with no fixed term; repayment typically occurs within 4 to 12 months depending on sales volume. Factor rates range from 1.10 to 1.40, equating to approximately 15% to 60% APR. Terms exclude traditional interest and fees but include a single fixed cost. Details can be found under MCA loans.
How to Apply at 365 Finance
The application process is fully digital, emphasising speed and simplicity. Expect to submit key documents like merchant card processing statements for verification, similar to requirements described in application forms and supported by the lender’s electronic contract signing.
- Complete an online application form with assistance available by phone if needed, aligned with standard online application procedures.
- Provide recent card processing statements (usually 4-6 months), photo ID for directors or owners, and proof of a UK business bank account, consistent with typical document requirements.
- Receive a quick decision, often within 24 hours after submission of required documents, with funds paid into the business’s bank account within 48 hours of approval, comparable to timelines detailed in loan approval timelines.
Funding Agent's View on 365 Finance
365 Finance occupies a focused position within the UK’s alternative lending market, offering flexible, unsecured merchant cash advance finance for card-taking SMEs that prioritise swift access and flexible repayments over low cost. It suits established retailers, hospitality venues, and service businesses with steady card turnover but is less suitable for start-ups, traditional B2B models without card revenue, or those needing larger, long-term funding. For further evaluation or comparison, see our business loans page and try the MCA loan calculator to estimate costs. Checking your eligibility beforehand can be aided by tools and guides at how to qualify for a business loan.
