Fast business loans glossary

The words you'll hear from lenders and brokers, explained in a sentence or two.

Factor rate: A multiplier that sets the total repayable, for example 1.2 times the amount advanced.
Merchant cash advance: Funding repaid as a fixed percentage of your card takings.
Open banking: A secure way to share read-only bank data with a lender, with your permission.
Soft credit search: A credit check that doesn't affect your credit score.
Time to Pay arrangement: An agreement with HMRC to pay a tax bill in instalments.