A secured business loan means you need to provide assets as security to cover the amount being borrowed. Assets can include property or company shares.
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Business loans at a glance
A business loan means you can borrow a specific sum of money and pay it back, with interest, over a defined period of time.
The loan must be used for business purposes, for example paying for stock, hiring employees or marketing.
To be eligible for a loan, you'll need to be 18 or over, a UK resident with a UK registered business and able to pass relevant credit checks.
How to apply for a business loan
Before choosing your business loan, consider the following steps:
Research the type of loan you need
It’s important to know which type of loan is best suited for your business, so always explore the options available to you before making a decision.
Decide how much you would like to borrow
You’ll need to work out how much money you need to ensure the loan can fund your business’ goals. It’s also essential to know how long you’ll need to repay the loan.
Check any conditions attached to the loan
Lenders will have different criteria depending on the loan, so make sure that you can adhere to the conditions and repay the money when needed.
Apply for a business loan
Once you’ve followed these steps you’ll be ready to fill out an application with your financial details.
Why choose money.co.uk?
Free to use
Our platform is completely free to use and we can help you find the right loan for your business just by answering few questions.
Competitive rates
We work with some of the biggest brands that offer business loans at competitive rates.
Experts in finance
We’ve been around for nearly two decades and a lot has happened during that time, but our commitment to supporting businesses hasn't changed.
Get approved quickly
We understand that you might need a business loan quickly, so we work with partners that can help you to get approved in as little as 24 hours.
Government-backed start-up loans
The Start Up Loan scheme from the government aims to help small businesses via a loan of £500 to £25,000. This is not a traditional business loan as it is a unsecured personal loan that requires a credit check.
However, there's no application fee and no early repayment fee, and you can repay the loan over a period of time up to five years with a fixed interest rate of 6% per year. The government also offers free suport and guidance for your business and there's an opportunity for a year of free mentoring.
To apply for this type of loan you'll need to live in the UK, be over 18, and either have a UK-based business or plan to start one.
Start Up Loans charge a fixed interest rate (per year) of
6%
Other types of business loans available
Secured business loan
A secured business loan means you need to provide assets as security to cover the amount being borrowed. Assets can include property or company shares.
Startup business loan
A startup loan works in the same way as a business loan but is specifically for funding a new business or one that has been trading for less than 36 months.
Business vehicle finance
Business vehicle finance helps you borrow money to purchase new vehicles for your company, turning what would be an up-front cost into a monthly cost.
Invoice finance
Invoice finance helps your business maintain a healthy cash flow, allowing you to access money which is owed by your customers without waiting for the payment to arrive.
Asset finance
Asset financing allows your business to purchase, or hire, assets such as equipment, vehicles, or machinery. You pay for the asset through instalments without investing large amounts of cash up front. The finance your borrow is often secured against the asset itself.
Unsecured business loan
A loan of this type makes it possible for your business to borrow money without having to offer any assets (including real estate) as security.
The Growth Guarantee Scheme
Formerly the Recovery Loan Scheme, the Growth Guarantee Scheme comes with the same terms. It allows lenders to provide loans that are partially government backed to struggling businesses. If your business meets the relevant criteria you could borrow between £25,001 and £2m in the UK to help with rising cost pressures.
Other types of business loans available
Secured business loan
Startup business loan
A startup loan works in the same way as a business loan but is specifically for funding a new business or one that has been trading for less than 36 months.
Business vehicle finance
Business vehicle finance helps you borrow money to purchase new vehicles for your company, turning what would be an up-front cost into a monthly cost.
Invoice finance
Invoice finance helps your business maintain a healthy cash flow, allowing you to access money which is owed by your customers without waiting for the payment to arrive.
Asset finance
Asset financing allows your business to purchase, or hire, assets such as equipment, vehicles, or machinery. You pay for the asset through instalments without investing large amounts of cash up front. The finance your borrow is often secured against the asset itself.
Unsecured business loan
A loan of this type makes it possible for your business to borrow money without having to offer any assets (including real estate) as security.
The Growth Guarantee Scheme
Formerly the Recovery Loan Scheme, the Growth Guarantee Scheme comes with the same terms. It allows lenders to provide loans that are partially government backed to struggling businesses. If your business meets the relevant criteria you could borrow between £25,001 and £2m in the UK to help with rising cost pressures.
FAQs
Do I need a business account for a business loan?
Whether you need a business account for a business loan depends on the lender and the type of loan. Some banks may require you to have a business current account with them before they approve your loan application. However, certain loan programs, such as the government-backed Start Up Loan, may allow the loan to be deposited directly into your personal bank account instead. Always check the specific requirements of your lender to understand their policy on business accounts.
Do I need to be the owner of a company to get a loan?
No, you don't need to be the owner of a company to get a loan. Registered company directors can apply for most business loans.
Can my small business get a loan?
Yes, small businesses can get loans, but you may be offered different ones depending on your firm's size and revenue. For instance, only businesses that are less than three years old can get a government Start Up Loan.
Does my business have a credit record?
Yes, your business does have a credit record and it may affect whether or not your loan application will be accepted. You can find the credit score for your business through credit referencing agencies such as Experian.
How long does it take to be approved?
The length of time to be approved for a business loan depends on the provider, the checks they carry out, the information they need to see and how quickly you're able to provide it. It also depends on the type of loan. For example, secured loans can have longer approval times.
Can I get a business loan if I have bad credit?
Yes, it is possible to get a business loan with bad credit, but it can be more challenging. Lenders typically look at your business’s financial health, cash flow, and overall stability, rather than just your personal credit score. However, you may face higher interest rates or stricter terms if you have bad credit.
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