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Finding the Best Business Loan

If you're considering a business loan and find the choices available to you overwhelming or the financial jargon confusing, we're here to help. With various loans available to suit different business needs, we can match your business with the finance solution that fulfils your requirements.

Most businesses need a financial boost at some point and often find that business loans help to alleviate cash flow issues or make a new idea a reality. Whether you're a start-up business looking to get off the ground or established and looking to expand, a business loan can provide the funding needed to develop and grow.

Your circumstances and requirements determine the best type of finance for your business. At BusinessComparison, we assess your circumstances and requirements to connect you with the right lender before you apply.

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What You Need to Apply for a Business Loan

Lenders consider several factors to find the most suitable loan for your business needs. When you apply, having the following information ready is helpful:

• The amount you want to borrow.

• When your business began trading.

• Your annual turnover.

• Whether you have filed accounts.

• The purpose of your loan.

• When you want to repay your loan.

The amount you need to borrow will make a difference between which lenders will offer you finance, as will your business credit score. Some business loan providers provide access to short-term loans, typically for less than a year. Others can arrange lending over an extended period, allowing you to borrow more substantial sums.

Why Compare Business Loans?

By comparing business loans online with us, you can rest assured that we'll help you find the best business funding solution.

There's no one-size-fits-all business loan. Each business is unique, so it makes sense to find the loan that best suits your individual business funding requirements.

We've made it easier to compare Business Loans by only comparing loan providers based on critical questions about your company and its requirements.

We compare various Business Loan providers, from high street and challenger banks to online lenders and alternative finance houses.

By comparing business loan rates and lender fees in one place, you can save time and make your search quick and hassle-free.

Our business loan comparison service allows you to find the right finance solution while focusing on what matters: growing your business.

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Only the Best Business Loans from our Partners

We help you find the best Business Loans from a carefully selected panel of lenders.

Finding the best business loans can be challenging, with navigating various lenders feeling like a minefield. We understand business needs and lender requirements, allowing us to match lenders and borrowers effectively.

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Business Finance Options

We can help you find the right finance option for your business, whether you want an unsecured loan, short-term finance, a tax loan, an invoice finance solution, asset finance, a loan for bad credit businesses, or something else.

Our business finance options make borrowing funds from £1,000 to £20,000,000 easier. Funding options are available for all kinds of businesses, including Start Up Business Loans, Small Business Loans and loans for large businesses.

Flexible repayment terms and options are available. You can choose your finance agreement length depending on the type of finance you decide to go forward with.

The loans our partners offer have different repayment options, so you can choose the best route for your business.

Equally, a business loan empowers your business to spread an investment cost across more manageable repayments.

Business Loan Rates and Fees

Interest rates and fees will vary depending upon the lender and factors such as the amount you borrow, how long you want to repay and ultimately, your business credit rating.

What will the lender take into account when calculating business loan interest rates?

• Business credit rating

• Loan amount

• Repayment term

• Business age

• Profitability

Each lender has rates and fees associated with each of their lending products. Generally, the higher the risk a lender deems your business to be, the higher the cost of your loan.

Your business credit rating is a crucial factor lenders consider when assessing your lending risk.

If your business credit rating is poor, the lender may see you as a higher risk and will pass on some of that risk to you through higher interest rates or less favourable borrowing terms. In some circumstances, a lender may request a personal guarantee.

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Eligibility and criteria for business loans

There are no set standard eligibility criteria across lenders, as there are so many business finance options available. Ensure you have the following information to hand:

• Annual business turnover and profit

• Filed accounts with Companies House

• Business bank statements

• Trading history

• Credit rating issue, such as late payments and CCJs

• Loan amount vs turnover

• Purpose of loan

• Personal details

You want to be able to help the lender build up a picture of your business. They need to understand the purpose of the loan and your ability to repay in order to provide you with the best loan.

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Loan Securities and Guarantees

There are two loan categories when looking at business loans: unsecured and secured.

Secured Business Loans

A secured business loan will require you to use assets as security against the amount you borrow. Potential assets the lender may use include commercial property, vehicles, stock, plant and machinery.

Unsecured Business Loans

While an unsecured business loan does not require security against assessment, a registered business director may be required to sign a personal guarantee. It’s essential you understand the implications of agreeing to a personal guarantee.

Which is the Best Business Loan?

Deciding whether you require a secured loan vs an unsecured loan will depend on whether you have assets that the lender can use as security. If you’re unsure which loan is right, don’t worry; you can discuss your finance options in further detail.

Find the Best Loan for Your Business

Whether you need finance for a limited company or a sole trader loan, we can help you compare and find business loans online. Tell us about your business and what you need, and we'll work out the best business loans for your requirements from our panel of lenders and, ultimately, help you get a loan for your business.

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Business Loans FAQs

How can I Get the Best Business Loan Rates?

It probably comes as no surprise, but when obtaining a business loan, the simplest way to access the best rate is to compare your options. This can be time-consuming, but there is a way to speed up this process. Using a comparison service allows you to quickly and easily get a clear understanding of the best company loan interest rates available.

What is a Good Business Loan interest rate?

Business Loan interest rates differ depending on your circumstances. Businesses with great credit scores are more likely to gain access to better business loan interest rates, whereas those with bad credit might not be able to take advantage of the best rates on the market.

Can I get a loan to buy a business?

As long as you meet the requirements of the lender and have a solid business plan, you should be able to get a loan to buy a business.

Where can I find fast Business Loans?

As long as you have the relevant information to hand, accessing fast business loans should be easy. Using a comparison service such as the one we offer at BusinessComparison can help, as you won't have to spend time checking what's available from multiple lenders. You can get a quick quote with access to your funds in as little as 48 hours.

Is it possible to get a cash flow loan?

Yes, you can get a cash flow loan. However, you may find that a traditional Business Loan isn't the best solution to improving your cash flow. If you're a B2B business, you may find that an Invoice Finance solution is a better option.

Can I Get a Low Credit Business Loan?

Yes. Although you can get a Low Credit Business Loan, it's important to be aware that you'll gain access to more favourable loan rates and terms by improving your business credit score.

Do you Offer Small Business Loans?

Yes, we do work with many Small Business Loan lenders to help you secure an SME loan. Typically, businesses with a higher turnover can access better rates, loan amounts and terms, but if your business's credit score is good, you should still be able to access a great loan offer.

Do you Offer Start Up Business Loans?

Yes, some of our partners do offer business loans for start ups. However, because business loan eligibility is based on the circumstances of your business, including your business's credit score, you may find that Start Up Business Loans don't include the same rates and terms available to businesses with a more established operating history.

Do you Offer Self Employed Loans?

Yes, some of our partners do offer Self Employed Loans, also known as Sole Trader Loans. Like Business Loans, as a sole trader, it's important to have a clear understanding of your business and a clear purpose for your loan. It's also helpful to have a good business credit score to ensure you can access more favourable rates.

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