Compare revolving business credit facilities

A revolving business credit facility could offer your company a way to borrow as and when you need.

  • View terms and repayments
  • Compare revolving business credit facilities from leading providers
  • Our service is easy to use, fast service is offered at no charge

Compare revolving business credit facilities from leading providers

Looking through a range of options gives you more chance of securing a great deal. You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.

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How to compare revolving business credit facilities

1

Prepare a business plan

Decide why you are comparing deals for revolving business credit facilities and why you want to borrow the money. They can be a more flexible option when you need to borrow money for the business working similar to a business overdraft though without being tied to a bank account. Once you have decided that it's the right option try to find the cheapest revolving business credit facility

2

Compare your options

Visit as many lenders as possible to find the most competitive options. Terms and repayments can vary between providers with some requiring the facility to be secured against assets so check any conditions attached to the loan then pick a deal that offers the cheapest revolving business credit facility for your business.

3

Apply for the loan

Revolving credit facilities can offer flexibility. While there are commercial finance options offered by banks etc. some lenders and brokers only ever operate digitally, so to make sure you find the best revolving credit facility deals comparing quotes on the internet is a must. Once you've decided on the provider you want, simply apply.

Revolving business credit facilities deals

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What is a revolving credit facility?

A line of credit (or revolving business credit) facility is a flexible way for your business to borrow money.

Your business can draw on your revolving credit account when you need extra funds and choose how long you need to pay back what you borrow.

How does a business line of credit work?

They work in a similar way to a business overdraft, but are not directly linked to a business bank account.

You are given a credit limit, can choose to drawdown what you want to borrow when your business needs it, and only pay interest on what you withdraw.

You could use a commercial line of credit to pay for:

  • Wages

  • Rent

  • Tax

  • Other bills and expenses

If you need to borrow a fixed amount you could consider a standard business loan instead, rather than a revolving credit agreement.

Find out how other types of business loans work here

How long do they last?

Usually up to 12 months, but sometimes longer.

You can usually pay off what you owe earlier to save money on interest.

How do credit limits work?

The credit limit is the maximum amount you can borrow using the credit facility, but the limit your business will get depends on factors like your:

  • Annual turnover

  • Business assets

  • Credit record

Revolving business credit pros and cons

Pros

  • Flexible borrowing
  • Only pay interest on drawdown
  • Quicker than other finance
  • Bad credit applicants considered

Cons

  • Interest rates can be higher
  • Some require an asset as security
  • Usually only last 1-2 years at a time
  • May need to submit documents to withdraw

How to get a business line of credit

To set up a flexible line of credit for your business you need to know:

  • How long you need the credit facility for

  • What credit limit you need

Some lenders offer unsecured business line of credit facilities, but others require you to use business assets as a guarantee, so check this before you apply.

What are secured and unsecured loans?

Revolving credit FAQs

About our revolving credit comparison

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Why compare loan deals with money.co.uk?

Comparing business loans could save you money. Our multiple award-winning comparison service makes sure you get the lowest rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.

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Last updated: 4 March, 2022

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