More from business loans
You apply for money to help support your business financially, without securing the debt to your business.
When you apply, you are assessed on your business' finances and credit record. You do not need to declare any business assets, like office equipment, as collateral.
If you miss or stop repaying your loan, your credit record will be damaged and you may face large interest fines. Only borrow what you know you can afford to repay.
The best unsecured business loan will cost you the least to repay, while still being affordable each month. To find the cheapest business loan, you need to:
Choose how much you need to borrow
Know how much you could afford to repay each month
The longer the term, the smaller your monthly repayments will be. You can save on interest if you choose a shorter term, but only do this if you can afford the monthly repayments.
It depends on your Annual Percentage Rate (APR), e.g. a lower APR will charge you less in interest. The more you borrow, the bigger the impact the APR has on your repayments.
You can use this comparison to check the representative APR offered by each lender, this is the amount of interest you could pay on their loans.
The rate you get could differ when you apply, but the advertised rate above can give you an idea of how competitive a lender is.
You have to declare if you have any other borrowing against your business when you apply for a loan, it is the lender who will decide if you can do this.
A loan charges you interest whether you use the money or not, so only apply for small business financing if you need the cash.
It depends on the lender you choose. Ask before you apply, as some may only credit check you, your business or both.
The representative APR is the rate a lender must offer at least 51% of applicants, which means you are not guaranteed to get the rate shown.
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.