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Business Loans Guide

How to get a Business Loan

A guide to helping you understand how to get a business loan online

How to get a business loan

If you are wondering how to get a business loan, the first step to finding the ideal business loan is to establish how much you need to borrow and what the funds will be used for. Once you understand your requirements it will be possible to find a business loan which suits your needs. We work with a variety of lenders who provide a range of loan options, simply enter your details into our simple loan comparison tool.

Our quick tool will ask you a series of questions which are designed to find out what type of loan you need and whether your business qualifies. The final stage in the process is selecting a lender and providing the required documents, such as financial accounts and a business plan. Our panel of lenders are able to provide loans in as little as 24 hours, so you could soon have the funds your business requires.

How to get a business loan for a new business

If you are wondering how to get a business loan for a new company, there are many options available to you. Our panel of lenders include both traditional lenders such as high street banks and alternative providers of peer to peer loans. The wide availability of business loans for new businesses means you could soon have the financial assistance you need to get your business off the ground.

There will be a variety of unsecured and secured loans available, which can be repaid over a period of months or years. As a new business you may not have the financial history or assets required to meet some lenders strict criteria, although a personal guarantee will increase your chances of approval. If your new business already owns some assets such as stock and machinery, it may be possible to borrow based on the value of the assets.

To find out which loans are available for your new business, enter your details into our quick loan comparison tool.

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How to get a business loan to start a business

We work with a variety of lenders which specialise in providing business loans to start a business. The best way to improve your chances of being accepted is to prepare as much information in advance of the application. The first step will be to develop a detailed business plan, which explains exactly how you plan to use the funds to start your new business. The lender will also want to see clear financial projections and cash flow forecasts.

It is important to show that you are professional and committed to making the business a success. By including research on similar businesses and details of your own background it will help the lenders understand the industry and your own capabilities. The loans available to you will be largely based on your own credit history and financial commitments, so it is important to spend some time correcting any negative aspects.

Once you are ready to complete your loan application our useful comparison tool will put you in touch with a variety of compatible lenders.

How to get a business loan to buy a business

Have you seen an amazing business opportunity, but are struggling to raise the capital? Our panel of lenders could provide you with the loan you need to buy a business, whatever your circumstances. The lender will want to see that you have the experience and knowledge to run the business, while also ensuring that the business is capable of providing the income needed to keep up with repayments.

The lender will want to see both your personal credit score and the credit score of the business you are looking to purchase. A strong credit score will provide reassurance that you will be committed and able to repay your debts. The cash flow forecast and other financial accounts will be particularly useful to the lender as they will be quickly able to assess whether the business is in a strong financial position.

Once you have the required details our team can guide you through the process of applying for a loan, they will then put you in touch with a range of suitable lenders.

How to get a business loan with bad credit?

Having a poor business or personal credit history can often hinder the success of business loan applications, especially if you apply through the traditional lenders. This can be frustrating, but we are committed to helping you find the finance you need with our panel of flexible lenders. Rather than assessing your application quickly our lenders will get to know your business and its potential.

The ability to access a business loan will largely depend on the individual circumstances of your business and your personal willingness to provide security on the loan. For example, lenders will be looking for businesses with a strong turnover, valuable assets, or a director which is willing to offer a personal guarantee.

To find out which bad credit business loans are available to you simply enter your details into our useful loan comparison tool. We will then search our panel of lenders and provide you with a list of possible loan providers.

How to apply for a small business loan?

Almost every business asks us how to get a small business loan, but the process is actually very simple thanks to our loan comparison tool. There are a variety of lenders on our panel which can provide competitive loans with flexible terms to small businesses, including high street banks, online lenders and peer to peer platforms.

It is very common for small businesses to require financial support, whether it is to improve short-term cash flow or to take advantage of expansion opportunities. There are a number of steps you will have to follow to find the ideal lender, with the first being to identify how much you need to borrow and what for. Once the lender knows how much you require, they will then decide whether you can afford the repayments by looking at your credit history and financial accounts.

During the application it is likely that you will be required to show a business plan. This is your chance to show exactly how you plan to invest the loan and the ability your business has to meet the repayments. Whatever your situation, we have a variety of flexible lending solutions to suit small businesses.

What are the differences between unsecured business loans and secured business loans?

If your business is looking for a loan it will be either secured or unsecured, with each type offering its own advantages and disadvantages. A secured loan will require you to provide collateral to the lender which will be used to cover any missed loan repayments. These business assets include the commercial property, stock, vehicles and fittings, anything which can be liquidated will be considered a valuable asset in the loan application.

These loans are considered to be a lower risk, so they are easy to access and usually benefit from lower business loan interest rates. However, if your business falls into arrears it is important to remember that you will lose these assets.

Unsecured loans involve no security in the form of assets, so the lender will usually want to see the loan repaid in a shorter amount of time with a higher rate of interest. Established businesses with a good credit rating and strong financial records are most likely to be accepted for an unsecured business loan.

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