Business Loans Guide
Best Business Loans UK
The Best Business Loans
Searching for the best business loans can seem like a daunting task, especially if you are unsure which company loans are available to you and how they work.
What types of company loans are available?
There are a wide variety of company loans available, which are designed to suit a range of business requirements. The key to finding the best business loans for your company is to find a product which meets your needs both now and in the future.
Almost every business will need financial assistance at some point, whether it is a one-off loan for a new project, or short-term company loans to improve cash flow. The specific circumstances and trading patterns of your company will determine what the best business loans are for you.
There are a wide range of lenders in the company loans market, which will take a number of factors in account when lending to you. This could include; the annual turnover, filed accounts, the repayment period, the purpose of the loan and how long you have been trading for.
Business loans work in a similar way to personal loans, with some lenders providing short-term loans and others providing larger sums over a longer period.
How do I find the best business loans?
There are many types of company loans available, but our quick and easy to use comparison tool will make finding the best business loans very simple. There is no single loan available which fits every business, but we work with a variety of lenders who provide the best business loans available on the market so will be able to find a match for you.
Our comparison tool will ask you a few key questions about your business and its current trading pattern. We will then search our panel of lenders, which includes everything from high street banks to peer to peer lenders. Borrowing for your business is very different from the lender market 10 years ago. Today your business has options available beyond traditional banks, which can make finding a lender which suits your specific requirements much easier.
Instead of spending hours searching interest rates, fees and repayment periods, our simple tool will compare the best business loan rates to give you a list of the most suitable options for your company.
We understand exactly what makes a loan great for your business, so our tool will provide a list of suitable lenders with competitive terms. We will make the search for a loan as quick as possible, so that you get access to the funds you need with minimal hassle.
The options available for company loans
We understand the wide range of reasons why businesses require company loans; whether you require unsecured company loans, short-term loans, invoice finance, or merchant cash advances, we can help.
The lenders we work with can provide finance from £1,000 through to £20,000,000 for businesses of all sizes. Whether you own a small start-up or a large business which has been trading for many years, we can find the best business loans available on the market.
We know that the best business loans are the ones which are flexible enough to meet with the fluctuations of your business. By working with a large panel of lenders we can provide you with a great choice of available loans.
What are the interest rates and fees available?
The interest rates and fees you are charged will be determined based on a variety of factors including the loan amount, repayment length, age of your business, profitability and the credit rating of you and the business.
The best business loans will be those which provide a competitive APR and an affordable repayment plan. In most situations, if your business is seen as low risk the cost of borrowing will be lower. If any of the factors above mean that you pose a higher risk to the lender, this risk will be passed on to you with a higher interest rate or personal guarantee.
When you compare company loans with us, we also look at factors such as arrangement fees, early termination charges and penalties for missed or late payments. By considering every aspect of the loan, we are confident that we can provide you with a list of the best business loans available.
What is the difference between an unsecured and secured loan?
When you take out a business loan it will be either secured or unsecured. A secured business loan will use assets of the business as security against the loan value such as, vehicles, stock, machinery or property. An unsecured business loan will not use assets as security, but a registered business director may need to provide a personal guarantee.
Whether you take out a secured or unsecured loan will depend on the assets which your business owns and the repayment terms you require. Generally, a secured loan will offer a lower rate of interest as it poses less risk to the lender.
Am I eligible for any of the company loans?
As there are so many company loans available, there are no set criteria which a business must meet to enable them to borrow. It will make the application process easier if you have all the information required such as the financial accounts, business bank statements, trading history and your personal details.
The amount you are able to borrow will depend on factors such as the loan amount, your turnover, whether there are any credit rating issues and what the loan will be used for. The lender will be looking to build up a clear picture of your business, so will need to understand the intricacies of your finances and how you will be able to repay the loan.
How can I improve my chances of getting a business loan?
To improve your chances of being approved for a loan there are some key steps to take. The first is to check both your personal and business credit score. This will help you find any mistakes or missed payments on the report, so that these can be rectified before your loan application.
The second step is to make sure your business finances are well prepared. Pull together the required documentation ahead of the application, so that it is easy for the lender to gain a clear financial picture of your business. By showing the lender that you understand the finances of your business, it will help them build trust in both you and the company.
Some lenders will want to see a business plan, as it will give a clear idea of how the business plans to progress. Try to put together a business plan which shows how the loan will be used, based on the amount you are looking to borrow.
Our Finance Finder tool will help you find the best business loans for your specific requirements. By asking you details which determine the likelihood of your business being accepted for a loan, it will mean you are not submitting wasted applications to lenders which will not loan to you.
We are always available to discuss the details of the loan and can help you decide which option is a great fit for your business. To find out which loans are available today, complete our simple online form for a no-obligation quote.