QUAY FAQ
We answered all the frequently asked questions for you:
Will applying for a business loan affect my credit score?
Submitting an application will not affect your credit score. We conduct soft inquiries and evaluate the application criteria, which do not impact your credit score.
Yes, you have the option to make early repayments, and we won’t charge any additional fees.
How are you different from a bank?
As an independent lender, we base our decisions on the criteria in the application form. Although we can offer funds more swiftly than traditional banks, collateral, guarantees, or security will be required for a loan.
How long does the process take?
Applying for our small business loans takes just 5 minutes, and in most cases, you'll receive a decision within 24 hours. Once approved, we aim to deposit the funds into your bank account within 48 hours.
What can I use my loan for?
You can use your loan to expand your business, including increasing your inventory, renovating your premises, hiring additional staff, investing in marketing and sales initiatives, or improving your overall cash flow to strengthen your business operations.
What if I require further funds?
If you need additional funds,
we can explore the option of increasing your loan. We typically consider this once a portion of your existing loan has been repaid. A secondary application and assessment will be required.
Apart from the interest will there be any additional fees?
For simple loans, usually not. However, if the security requirements are complicated, there may be some legal or administrative fees, but we will inform you about these in advance.
Please note, that there are
no application fees.
Is a personal guarantee required?
Depending on the business turnover and specific circumstances, a personal guarantee may be required.
How is the weekly repayment calculated?
It is determined by the desired loan amount and the chosen repayment period in weeks, calculated at a rate we'll confirm. We make necessary adjustments to accurately calculate your fee over the specified period. The interest rates may change. The loan calculator and final decision will reflect updated rates upon the full submission of an application.