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Frequently Asked Questions


  1. What is a Bloom Advance?
  2. What is the APR?
  3. Is there an application fee?
  4. How does the Bloom Advance differ from a traditional loan?
  5. Is this a new concept?
  6. Will I qualify?
  7. What does my business need to qualify?
  8. How quickly can my business be funded?
  9. How soon after funding can I get another Bloom Advance?
  10. Do I need to process credit or debit card transactions?
  11. Will I need to change my payment processor?
  12. What credit checks do you perform and will they impact my credit score?
  13. How much does it cost?
  14. How is my unique business quote calculated?
  15. Do you take any security or collateral? Is my home or property at risk?
  16. What happens if I change my mind after having received funding?
  17. How long do I have to pay back?
  18. Are there fixed monthly payments?
  19. What can I spend the money on?

 

Q1. What is a Bloom Advance?

The Bloom advance is a simple solution based on advancing your future customer credit and debit card payments. It enables you to access between EUR 5,000 and EUR 300,000, which you only repay as your customers pay you.

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Q2. What is the APR?

The Bloom Advance is not a loan but an advance against a business asset - your future customer credit and debit card payments. So, there isn’t any principal or interest charge. Instead, the cost of advance is a set fee based on risk factors.

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Q3. Is there an application fee?

No. There are no fees for applying for a Bloom Advance. We are committed to 100% transparent pricing?

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Q4. How does the Bloom Advance differ from a traditional loan?

The Bloom Advance is the purchase of your business’s future credit card receivables at a discount. There is no interest charged and there is no fixed payback period. The Bloom Advance is paid back daily with a percentage of each credit card sale going to pay the advance. We work with your business cash flow needs in mind. If your business has a slow season or a slower month, you still pay a percentage of your credit card sales, in this case, a smaller amount as a result of lower sales. Because a percentage is automatically paid daily there are no due dates to remember and you can go do what you do best which is run a successful business.

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Q5. Is this a new concept?

The concept has been pioneered by Amazon, PayPal and Square. Bloom are the first company to bring the product to mainland Europe.

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Q6. Will I qualify?

We typically approve 80% of applications in 24 hours or less.  At a minimum, we ask that a business has been operational for at least one year and the monthly revenue is greater than EUR 5,000 (or equivalent). 

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Q7. What does my business need to qualify?

  1. No open bankruptcies
  2. Processing credit cards for at least one year
  3. Processing a minimum of EUR 5,000 a month of credit or debit card transactions
  4. No other cash flow based lending products

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Q8. How much will my business qualify for?

A business will typically receive up to 100-200% of their monthly credit and debit card turnover. At times, for existing customers, we can work with you to increase your lending line as required. 

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Q9. How quickly can my business be funded?

The approval process is very fast. A great benefit of a Bloom Advance is how quickly we can underwrite and provide you with finance. When all required paperwork is received in a timely manner, you can be approved in 24 hours and funded within 5 days.

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Q10. How soon after funding can I get another Bloom Advance?

A business is typically eligible for additional finance once 50% of the initial advance amount has been paid. Approximately 80% of our businesses return for additional finance as they see the benefit in the Bloom Advance.

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Q11. Do I need to process credit or debit card transactions?

Yes. The Bloom advance provides finance that is based on your future credit and debit card sales, so the card terminal or payment gateway (for online businesses) is needed for you to pay back the money. Together, we will agree on a percentage of repayment upfront, and you’ll pay it back automatically - keeping the majority of your earnings, but sending a small percentage of the funds our way. Don’ forget, you keep 100% of your cash sales!

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Q12. Will I need to change my payment processor?

Generally no, we work with all major payment processors. 

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Q13. What credit checks do you perform and will they impact my credit score?

We will use a number of sources of information to help us understand your business, including 3rd party credit bureau checks and OpenBanking data. We carry out both company and consumer credit bureau searches, which will leave a record of this search on both credit files, visible to other finance providers - however, neither credit score will be impacted.

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Q14. How much does it cost?

The Bloom Advance comes without any APR or setup/activation fees and we believe in being upfront with the costs and providing certainty to our customers (check out our core values). It comes at one fixed cost, with no penalties or additional fees ever added to your balance. We understand that no business is the same, so our pricing is unique to each account too.

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Q15. How is my quote calculated?

We use information from your business and credit history, and your future business potential to tailor the price to your individual circumstances. Our smart pricing technology means that we can adjust our rates to suit customers who have previously had a smooth ride with credit and those whose history may have had a few bumps along the way. 

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Q16. Do you take any security or collateral? Is my home or property at risk?

Our Bloom Advance is an unsecured way of accessing finance. This means your home and property is not at risk. 

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Q17. What happens if I change my mind after having received funding?

We offer a peace of mind guarantee that means you can change your mind within 7 days of receiving the funding with no charge.

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Q18. What happens if I can’t pay back my Bloom Advance?

Sometimes our customers find their situation changes or they need some help in paying back. The most important thing is to speak to us straight away, we have an excellent track record of working with customers.  We aim to focus on a long term partnership and find solutions that are right for your business.

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Q19. How long do I have to pay back?

Our Bloom Advance has been designed to be paid back between 4-13 months, but the exact time it takes is down to how your business performs. Compared to a business loan, we don’t have interest rates; the total cost is fixed and you only pay back as you earn.

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Q20. Are there fixed monthly payments?

No. There’s no APR and no fixed term. We only ever take payments as a fixed percentage of your credit and debit card sales - and there are no other fees, penalty charges or hidden costs either.  We take the agreed percentage of your credit card transaction and nothing more. 

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Q21. What can I spend the money on?

The Bloom Advance is suitable for any business need. 

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There's a better way to fund your business

There’s a new way to fund your business

Accessing small business funding shouldn’t be complicated or time-consuming, so Bloom developed a simple way for businesses to secure up to €300,000 instantly.

Payback is simple.

Your finance is repaid using an agreed percentage of your daily credit and debit card sales. We recognise that some days you’re busy and some days you're not.

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This request is non binding and does not a binding offer. Finance will be subject to eligibility criteria and terms and conditions