Business Loans

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Loan amount
£3,000 - £500,000
Loan term
1 - 24 months
OPTIOSCORE
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We don't have any reviews for Boost Capital Business Loans.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good , Fair

Top choice for

  • Simple application process
  • Quick access to funds if approved
  • Minimal paperwork required
  • You do not need to supply a business plan
  • Less than perfect credit is considered
  • Repayments are customised to each business

Watch out for

  • You must have been in business for at least 9 months
  • Your company must have a positive daily bank balanace
  • You must not have excessive tax liens, open judgments or bankruptcies

Fees & charges

  • Maximum APR 0%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£5,000 - £1,000,000
Loan term
12 - 60 months
OPTIOSCORE
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We don't have any reviews for Funding Circle Business Loans.
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0 out of 5
Key Facts
  • Credit profile: Good , Fair , Poor

Top choice for

  • If approved you can typically get access to the funds within 1 week
  • No early repayment fee
  • Simple application process

Watch out for

  • Your business must be based in the UK (excluding the Channel Islands and Isle of Man)
  • Your business must have a valid UK bank account/building society
  • Your business must have 2 years filed accounts

Fees & charges

  • Maximum APR 8.4%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£25,000 - £250,000
Loan term
3 - 12 months
OPTIOSCORE
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We don't have any reviews for YesGrowth Business Loans.
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0 out of 5
Key Facts
  • Credit profile: Good , Fair , Poor

Top choice for

  • Simple, Quick application process
  • Funds are available within a week if you are successful
  • No company security is required

Watch out for

  • You must have your account documents filed with Companies House
  • You must have no CCJs in the past 3 years
  • You must have an annual turnover of £200,000+
  • You must be trading more than 2 years

Fees & charges

  • Maximum APR 24%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£2,500 - £300,000
Loan term
4 - 12 months
OPTIOSCORE
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We don't have any reviews for Liberis Business Loans.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good

Top choice for

  • Average turnaround in 20 business hours
  • UK’s 1st – and largest – provider of Business Cash Advance
  • Over £120m provided to SME’s in the UK
  • Dedicated Account Manager for every customer

Watch out for

  • You must have been trading with a merchant account for a minimum of 4 months
  • You must process a minimum of £2,500 per month via the merchant account

Fees & charges

  • Maximum APR 0%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£999 - £100,000
Loan term
1 - 12 months
OPTIOSCORE
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We don't have any reviews for Ezbob.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good , Fair

Top choice for

  • No paperwork required
  • They are available 24/7 via email or phone
  • Top-up facility offered
  • Unsecured loans
  • There are no early repayment fees

Watch out for

  • You must be over 18 years of age
  • You must be a UK registered company or sole trader
  • You must have a valid business debit card
  • You must have at least 12 months trading history
  • You must be a director/owner/partner of the company

Fees & charges

  • Maximum APR 38.9%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£1,500 - £150,000
Loan term
1 - 24 months
OPTIOSCORE
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We don't have any reviews for Fleximize.
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Key Facts
  • APR range: 18.0% - 48.0%
  • Credit profile: Good , Fair

Top choice for

  • You get a dedicated relationship manager
  • If accepted you can get access to funds in 24-48 hours
  • Penalty-free early repayments
  • Top-ups available
  • Repayment holidays are available

Watch out for

  • You must have a minimum of 6 months trading history
  • Your monthly revenue must be equal to or greater than the application amount
  • The applicant must be a director of the business

Fees & charges

  • Maximum APR 48%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£25,000 - £1,000,000
Loan term
6 - 60 months
OPTIOSCORE
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We don't have any reviews for FundingKnight.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good

Top choice for

  • For companies with a minimum 2 years trading (with min one set of filed accounts)
  • For companies with an annual turnover over £100,000

Watch out for

  • Only for companies operating in the UK
  • You must be profitable at the time of the loan
  • For their full range of loans you must must have a minimum net worth of £50,ooo
  • For their shorter term range of loans you must must have a minimum net worth of £20,ooo

Fees & charges

  • Maximum APR 0%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£500 - £100,000
Loan term
0 - 120 months
OPTIOSCORE
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We don't have any reviews for Investly.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good , Fair

Top choice for

  • No reserves
  • Finance invoices on demand
  • Quick application process
  • No hidden fees

Watch out for

  • You must have been trading for at least 6 months

Fees & charges

  • Maximum APR 12%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£5,000 - £3,000,000
Loan term
1 - 4 months
OPTIOSCORE
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We don't have any reviews for Market Invoice.
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Average customer rating
0 out of 5
Key Facts
  • APR range: 20.0% - 30.0%
  • Credit profile: Good , Fair

Top choice for

  • Funding in as quick as 24 hours
  • No contracts
  • No hidden fees

Watch out for

  • You must have a minimum of 6 months trading history
  • You must have a minimum turnover of £10,000 per year
  • You must be a UK based business and have UK based directors

Fees & charges

  • Maximum APR 30%
  • Arrangement fee: £3
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£1,000 - £50,000
Loan term
0 - 6 months
OPTIOSCORE
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We don't have any reviews for iwoca.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good , Fair

Top choice for

  • You can top up the loan easily
  • Simple and fast application process
  • No fees for early repayments
  • Flexible repayment options

Watch out for

  • You must have a minimum 3 months trading history
  • you must have a minimum turnover of £10,000 per year
  • You must be a UK based business and directors

Fees & charges

  • Maximum APR 0%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0
Loan amount
£5,000 - £150,000
Loan term
3 - 60 months
OPTIOSCORE
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We don't have any reviews for LDF.
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Average customer rating
0 out of 5
Key Facts
  • Credit profile: Good

Top choice for

  • You get a dedicated Account Manager
  • Long term funding solution for SMEs

Watch out for

  • You must be a UK resident
  • You will need 1 years prepared financial statements
  • If you own the business, you must be a homeowner
  • You will need 1 years prepared financial statements

Fees & charges

  • Maximum APR 12%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment penalties: £0

Setting up a new business or expanding a current business can be expensive and you may not always have the finances in place to fund it yourself. A business loan can be a suitable solution to support and drive your company's financial future, whilst keeping control and not resorting to investors.  

Types of business loan

When looking for a business loan your first stop should be to check whether your business is eligible for a grant. This could be either from the government, local authorities or even the EU. There are normally pretty specific terms that restrict what you can do with the money but if you’re eligible it’s definitely worth applying as it is a free form of finance that could offer a helping hand.

If you’re not eligible for a grant then there are a number of business loan options available, each tailored to a specific set of requirements or circumstances.

Unsecured business loans

Unsecured business loans are loans offered by the banks, building societies and peer to peer lenders. Lenders rely purely on your promise to meet the repayments and do not require assets or property to be secured against the loan. This trust will be reflected in the interest rates offered, these are specific to each business and will be primarily decided on the creditworthiness of you and your business. Unsecured business loans are normally offered up to the value of £25,000.

Peer to Peer business loans

Peer to Peer business loans are independent of the banks and are arranged privately. They work by borrowing from businesses or individuals that are managed across a network. Applying for a peer-to-peer loan will require a good credit history and you will have to provide evidence of a business plan and all past financial performance. In return you can benefit from lower rates and readily available credit.

Bad credit business loans

If yourself or business has a history of bad credit then there are specific options that can be considered. Some banks will offer products for businesses with bad credit, however, before lending to you, your finances and predicted future income will be put under heavy scrutiny. There are some non-bank lenders that specialise in bad credit business loans however these will be offered at very high rates . Before committing to a bad credit business loan, compare alternative options first as if you cannot meet the repayments of a bad credit business loan you and your business can quickly take a plunge into financial difficulty.

Secured business loans

Secured business loans allow businesses to apply for larger amounts by securing the loan against their property or assets. Securing items against a loan comes with the obvious risks, but can provide a more accessible option for those struggling to find finance. It also can provide access to cheaper rates in comparison to those offered with unsecured business loans.

Acceptance criteria

Any company can apply for a business loan regardless of size, however, the acceptance criteria will differ from lender to lender. Some lenders will only offer loans to those that have been trading for a number of years, some will require a minimum annual turnover and others will solely be aimed at new businesses. In almost all cases you will need to be VAT registered and be able to show either past accounts or future financial forecasts, so be prepared.  

As part of the application process credit checks for both yourself and the business will be undertaken. Before applying for a business loan make sure you are aware of the credit status of your company as this will determine the best way progress with your loan search. If your company does have bad credit there are specialist options out there as highlighted above.

Things to watch out for

All business loans are tailored specifically to each individual business that applies. Interest rates will be calculated on a number of factors such as the company's credit history, the loan term and the amount being borrowed. Business Loans are generally offered at a fixed rate and paid back in monthly repayments. By paying back over a longer term you will have lower monthly payments.

Final word

If you’re looking to start a new business or expand a current business and need some additional finance then a business loan is a suitable option worth considering. However, with a number of different products available, each designed for varying requirements it’s key to compare your options so that you choose a solution that’s aligned with your specific business needs and provides the flexibility and affordability to drive your company forward.