Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Representative Example: On an assumed loan amount of £750 over 12 months. Rate of interest 292% (fixed). Representative 171%APR. Total repayment amount £1351.20 and total interest is £601.20. 12 monthly payment of £112.60.** We do not know how many customers take out a loan or the APR, this calculation is based on the mean APR of the lenders we work with
Business loans can provide an important injection of cash for a business of any size, whether it is for maintaining cash flow, growing a business or starting a business in the first place. My Financial Broker works with the whole of the market, allowing you to get rates from the best business loan companies in the UK and find the best terms to suit your company’s requirements. More and more companies and entrepreneurs are moving away from traditional bank finance and the process of going to your bank manager and asking for a loan. Today, there are a number of online business loan providers allowing you to access finance at lower interest rates, flexible repayment terms and receive funds within a few days of approval. You can start by getting an online quote today in less than 5 minutes. Simply click on apply now and enter some basic details including the amount you would like to borrow, how long for, your company name and turnover and we will provide you with a list of quotes allowing you to compare business loans fast and effectively.
Our customers can borrow from £1,000 to £1 million with the option to repay over 1 to 15 years in monthly instalments. You can typically borrow around 25% of your company’s annual revenue, although this may vary between lenders. To maximise your chances of approval, it helps if you have been trading for at least 24 months.
An unsecured business loan means that the loan is not secured against any form of collateral or valuable assets such as your office, stock, inventory or equipment. Most business loans fall under this category and your eligibility for a loan is based on your company’s revenue figures and the applicant’s business credit score. The rates for this type of loan may be a little higher since the lender has no collateral which they could potentially claim and sell if you are unable to keep up with your loan repayments.
A secured business loan is when the loan is secured against something valuable such as your office premises, equipment, items or goods – and therefore the amount you can borrow is based on the value of this collateral. However, if you cannot keep up with your loan repayments, you run the risk of the business lender repossessing these items or office space in order to recover the funds that they have lent out to you. Business loans are no guarantor loans, so you do not require any other individuals to co-sign your loan agreement. However, you can opt for a secured business loan if you would like to secure your loan against some valuable property or items in order to maximise the amount you can borrow.
Many small and large businesses in the UK are faced with ongoing cash flow issues, since they have regular overheads such as rent, staff costs and equipment but there can be a delay to receive income through sales or outstanding invoices. This is particularly common for industries where products or services are ordered in advance and the businesses need cash upfront to pay for staff and stock. Examples include food products, fashion items, electronic goods, caterers and building jobs. My Financial Broker works with a number of business loan companies that can help with cash flow, offering products such as invoice factoring and revolving credit facilities to help you stay on top of your finances at low rates of interest.
Peer to peer lenders can offer up to £35,000 which is a lot more than other payday lenders or guarantor lenders. This can be very useful if you are looking to consolidate debts, do home improvements, purchase a new car or use the funds for business purposes.
Banks and financial institutions have become much stricter with who they lend to over the years, but specialist business loans from providers such as Iwoca and Funding Circle have much high approval rates and can cater for the self-employed and those with bad credit histories.
Some businesses rely heavily on invoices to be paid over 30, 60 or 90 day periods and struggle to maintain their cash flow each month. A business loan can provide a low cost injection of cash to help you stay on top of your finances and allow your business to run successfully.
For those businesses looking to start up or scale up, a business loan can be funded on your terms, so you can choose how much you want to borrow and how long for, without giving up any equity or shares in your business. The rates charged for business loans are usually very low and far more competitive than getting funding through investors or venture capital.
Many business owners and entrepreneurs today are interested in applying with alternatives to bank funding such as specialist finance companies, online lenders and challenger banks. The process is usually online, much quicker and has higher approval rates.
The loan application from My Financial Broker takes only a few minutes to be completed and will ask some basic information including proof of trading history, turnover and profit and filed accounts.
Your business will typically have a credit score and this information may or may not be assessed by some of the lenders we work with, otherwise the director’s individual credit score will be taken into consideration.
The company director is required to apply for the business loan (and some lenders may accept multiple directors). It is the director’s credit score that will be assessed during the application stage and this may be their individual credit score and/or their business credit score. If you plan on applying for a new mortgage in the near future, having a business loan will not affect this in anyway as they are seen as separate things.Apply Now