If your business needs additional capital, often the first question we are asked is, how much can I borrow? We work with over 30 lenders who can provide anything from £1,000 to £20,000,000. So in almost every situation we can provide the loan amount you require.
Whether you need to borrow a small amount over a short-term period, or a large commercial mortgage to cover the cost of expanding the business into new premises, we can help.
This guide will take you through the various options available from some of lenders, which are known for their competitive and flexible terms.
Iwoca are a popular lender for many businesses thanks to their provision of flexible loans, ranging from £1,000 to £150,000. They provide loans to every business type from sole traders through to limited liability partnerships. With repayment terms set to under 12 months. There are no additional charges or fees and their competitive interest rate of between 2% and 6%, makes iwoca an ideal lender for many businesses.
If your business is just starting, or does not have the financial stability to meet the criteria of traditional lenders, Funding Circle are the ideal option. They are alternative lenders which provide peer to peer business loans which are financed by a panel of investors. Their loans are available for anything from £10,000 to £1,000,000. With repayments set to between 6 months and 5 years. Their commitment to providing quick and simple loans. Means you could have the capital in your account within just 5 hours, with interest rates starting at just 1.9%.
Metro Bank are a high street bank who are known for their fresh and innovative approach to traditional lending. If your business has a turnover of more than £2 million you could apply for almost any amount, with repayment terms available up to a maximum of 30 years. The more you borrow, the less you will be charged. So, if your loan is for an amount above £25,000, you will benefit from low interest rates and arrangement fees of just 1.75%.
Fleximize specialise in providing loans to limited companies, up to a maximum amount of £500,000. Although the amount you are able to borrow will depend on your average monthly revenue, as they will only lend a maximum of two months revenue, which also relies on you having a monthly turnover of at least £5,000. They are one of the most flexible providers of short-term loans, so you can choose a repayment term of between 1 and 24 months.
If you would like to find out more about how much you could borrow, our finance finder tool is designed to help you compare lenders and their available loans. To find out more, please contact our team who will be able to guide you through the comparison and application process.