Fleximize Review

Looking for a business loan from Fleximize? Learn about this independent lender to see how they may fit with your business with our handy overview. 

Fleximize is a leading growth finance lender specialising in business loans for small businesses. Offering both secured and unsecured lending options, the lender’s main point of difference is in its promised flexibility for loan features such as payment holidays and early-repayment options. 

Founded in the UK in 2014, Fleximize has loaned over £100m to businesses nationwide. The lender operates with a straightforward online portal, which is designed to make applications simple for all businesses that may be eligible. 

If you’re interested in getting finance from Fleximize, or you’ve already applied in the past and been turned down, you should speak to our team here at Rangewell. We’re experts in finance and can help you improve your application’s chances of success or direct you to a more appropriate lender, all at no cost to you. 

With vast experience across the lender’s market, we’ve compiled a quick overview of Fleximize to help you learn more about the lender. Read on to discover eligibility criteria, rates and terms, fees and more.

What is Fleximize? 

Fleximize is an independent lender founded in 2014, offering business loans to UK SMEs, with a focus on England. Flexibility is a key part of the Fleximize offer, which is represented by top-up and repayment holiday options as standard in each loan. 

Like other independent lenders, Fleximize has specific expectations for its borrowers, expecting you to operate a limited company or LLP with at least six months of trading history. Unlike many other UK lenders, the options are limited if you’re not located in England or Wales. Borrowers in Scotland or Northern Ireland can only access an unsecured Flexiloan Lite of up to £250,000.

What types of loans does Fleximize offer?

Fleximize focuses on flexible business loans designed for SMEs. With that in mind, they split the offering between two product types. 

• Flexiloan (£5000 - 500,000): this flagship loan is designed for businesses with more than 12 months of trading history. It is a tailor-made loan built around your requirements, offering finance with terms as long as four years. As a general-purpose loan, it can be used for all manner of applications such as refurbishment, recruitment, marketing costs etc. 
• Flexiloan lite (£5000-500,000): this is a pared-back version of the loan above, focused more on small businesses that are only recently established and need cash to plug gaps in working capital. Terms are limited to 12 months, but decisions are made rapidly, and interest rates are relatively low. 

Which loan is right for you? The answer depends on your business, requirements and circumstances – all of which impact the chances of success when applying for either type of loan. The general Flexiloan is the more ubiquitous product, but it is only offered to businesses with longer trading histories, so you may not be eligible. 

Whichever type of loan you think you may need, talk to Rangewell early on in your financing journey. We’ll help you understand the considerations for each type of product and offer free, impartial guidance over the best route for your business – no obligations, costs or catches involved. 

Are you eligible for a loan from Fleximize?

Whilst Fleximize is not a standard bank and is not as bound by the same restrictions as one, it must still impose certain eligibility criteria on applicants. Whilst the brand is flexible by nature, some things are rigid – you must run a UK-based limited company or LLP and have more than six months of trading history. Furthermore, you are expected to demonstrate a monthly turnover of £5000.

As with other independent lenders, Fleximize may be able to offer you a loan even if you’ve been rejected by a bank since their eligibility criteria are less strict. 

What information do you need to provide? 

Like many lenders, there are certain documents you’ll be asked to provide when you’re making your application. Having these to hand ahead of applying will help save time. Fleximize asks for:

• Bank statements covering three months of trading
• Your most recent management accounts
• A summary of your last 12 months of revenue, displayed month-by-month

When you’re applying for a loan with Fleximize, you can also share Open Banking permissions and allow the lender to view your bank account history. This will speed up the application, circumventing the historic application process, which involved uploading copies of your bank statements.

Does Fleximize offer secured or unsecured lending?

Fleximize offers both secured and unsecured loans, depending on your needs and your circumstances. Neither of their loan products dictates whether your loan will be secured or unsecured – this is instead based on the nature of your loan application. 

If, for example, you want to borrow a high amount spread across a long term, the lender may ask you to provide security through a secured loan. Shorter loans tend to be unsecured. 

What are the rates and terms? 

The rates and terms you’re offered will depend on the cash amount you’re asking for and your business’s financial situation. The specific rates are bracketed based on the loan product on offer, split as follows:

• Flexiloan: 0.9-2.9% per month for between 12-48 months, though rates may vary based on the Bank of England base rate and/or Standard Overnight Index Average (SONIA). 
• Flexiloan lite: 1.9-2.9% for between 3-12 months, with the same caveats as above. 

Want better rates or different terms? 

If the rates offered by Fleximize don’t appeal to you, why not get in touch with Rangewell? We work across the whole lender’s market – so we can provide an agnostic approach that guides you to the best lender for your specific business. 

What are the fees and charges?

Fleximize offers a penalty-free promise that means you won’t be penalised for repaying your loan early. There are no early repayment fees, and you won’t still be charged interest for the full term length. 

The brand also states that it doesn’t charge any set-up fees, though we’d always recommend reviewing your offer letter to make sure that is the case. 

How do I apply?

As with many other independent lenders, applications are much more straightforward than traditional loan forms. Visit Fleximize’s website and click ‘apply now’, then fill out the form fields – including how much you want to borrow and how long you’d like to borrow for. 

The application page claims decisions are made within 24 hours, though you may be asked for more information if the lender needs it, which will delay the process. 

What if you are rejected by Fleximize? 

Fleximize might turn you down if you fail to meet their expectations or eligibility requirements – but that’s not the end of your finance journey. Contact Rangewell, and we can help you understand why you may have been rejected, what other options are available to you and whether this lender is right for you. 

What to do if your Fleximize loan is coming to an end

Fleximize prides itself on customer ratings and encourages businesses to return for future finance agreements when your loan term is coming to an end. Whilst this may be a great idea if you’re familiar with the lender, it’s always better to explore your options. 

Talk to Rangewell today to discuss your current loan and your future goals. We’ll give you free advice on which direction is best for you and your business. 

Need more funding? 

Rangewell is an independent finance expert, working between every lender in the market to offer borrowers a helping hand when looking for business finance of all types. If you’re considering a Fleximize loan or you want to borrow more than the £500,000 limit, get in touch and see how we can help.