If you have a business and you are looking for a business loan in the UK to expand and grow your business, you can get fast loans through business loan brokers. Business loan brokers partner with different lenders from different sectors to avail funding to businesses. If your business has been in existence for over 1 year and has an annual turnover of at least 50,000, you can easily get a business loan. You can get a wide variety of business loans for your startup.
Types of Business Loans
Most business loan brokers in the UK give three types of business loans. They include:
- Unsecured business loans. You don’t have to provide an asset as collateral for the loan.
- Secured business loans. For this loan, a business has to give an asset as collateral for the loan.
- Peer-to-peer business loans. It is a kind of loan you borrow money from an individual through P2P lending platforms and marketplaces such as Funding Circle.
List of Small Business Lenders in the UK
SME Loans
SME Loans is a loan broker that connects businesses in the UK to lenders who offer startup business loans, Islamic Finance, limited company loans, self-employed loans, small business loans and unsecured business loans. Your can get business loans up to £500,000 with a repayment period of between 1 and 3 years.
How to Qualify for SME Loans
The following are the criteria for you to be eligible for SME Loans:
- Your business is registered in the UK
- You have been actively trading for at least 6 months
- Your business uses a card terminal to process customer card transactions
- Your business does not fall under the following prohibited industries: gambling, drugs, weapons, chemical manufacture, pornography, banking and money transfer services
SME Loans Fees
SME Loans do not charge any application fees or monthly fees for their services. The company is not a direct lender, therefore you get a quote free of charge. SME Loans only receives a commission or finder’s fee when it successfully introduces you to a lender.
Puzzle Funding
Puzzle Funding is a business loan broker in the UK. It offers unsecured business loans to small businesses. You can apply for a business loan within 3 minutes and have it approved within one hour. Puzzle Funding has a high acceptance rate.
Puzzle Funding has partnered with over 100 lenders from whom you can get a business loan. You can get a business loan of between £1,000 and £15,000,000 for a period of 1 month and 25 years.
How to Qualify for Puzzle Funding Loan
To qualify for the loan, your business must meet the following conditions:
- Limited Companies only with a minimum turnover of £50,000 annually.
- Must be trading in the UK.
- Must have been trading for at least 12 months.
- Defaults and CCJs (a court order directing someone to repay an outstanding debt) are not accepted.
Puzzle Funding Fees
Puzzle Funding does not charge any fees to companies applying for business loans through them. However, they get commissions from lenders.
Fluidly Business Loan
Fluidly is also a great business credit broker in the UK. It offers unsecured business loans to small businesses. You can access a business loan of between £15,000 and £500,000 for a period of between 6 months and 60 months.
How to Qualify for Fluidly Business Loan
To qualify for Fluidly business loan, your business must:
- Have been in operation for the last 2 years.
- Have a minimum annual turnover of £100,000.
- Pass any lender affordability checks.
Fluidly Business Loan Fees
Being a loan broker, Fluidly loan application is completely free. The company makes money from lenders it works with. The commission or fees it gets from lenders does not affect your loan conditions. The business loan rate is 7.9% fixed.
Funding Circle
Funding Circle is one of the leading business loan brokers in the UK. It is a peer-to-peer lending platform and connects investors with SMEs looking for business loans. It offers unsecured business loans, self-employed business loans. You can borrow amounts between £10,000 and £500,000 with a loan term of between 2 to 6 years.
How to Qualify for Funding Cirle Loans
To be eligible to apply for a loan with Funding Cirle, you need to:
- Have a minimum of 2 years’ trading history.
To receive a loan through the Government’s Recovery Loan Scheme (RLS), you need to meet the scheme’s criteria:
- Business has been impacted by coronavirus.
- Business is trading in the UK.
- Loan is for business purposes (working capital or investment, and to support trading in the UK).
Funding Cirle Fees
Funding Circle charges a one-time origination fees ranging between 3.49% and 6.99% of the approved loan amount. Funding Circle charges interest rates ranging between 2.9% and 12.1% annually.
Funding Xchange
Funding Xchange is an excellent business loan broker in the UK. Funding Xchange partners with over 70 lenders such as MarketFinance, Fleximize, Iwoca, and Funding Circle, giving you a chance to borrow from reliable lenders. It uses RLS options that make it easy for you to compare loans between different lenders.
Applying for a business loan will not impact your credit score. You can borrow amounts between £1,000 and £500,000, while the loan term is 3 months to 5 years.
How to Qualify for Funding Xchange Business Loan
To qualify for the loan, your business needs to meet the following criteria:
- Your business must have been trading for a minimum of 2 years.
- Your business must have an annual turnover of at least £100,000.
Funding Xchange Fees
Funding Xchange is a business loan broker, not a direct lender. Therefore, the company does not charge a fee for businesses to use their services
EJ Finance
EJ Finance is a small business loans broker in the UK. It partners with over 200 lenders in all sectors to help businesses access cheaper loans. Your application is processed in less than 24 hours. EJ Finance will contact you within 3 minutes after making an application for a business loan.
Making an application does not affect your credit score, while the acceptance rate is usually high. EJ Finance gives unsecured loan amounts between 10,000 and 10,000,000 with an APR of 6.99%. The loan duration is between 1 month and 10 years.
How to Qualify for EJ Finance Loans
To qualify for the loan, you need to meet these conditions:
- Your business minimum turnover should be £50,000 annually.
- You must be a homeowner.
EJ Finance Fees
There are no fees for using EJ Finance services. The company, however, receives a commission or finder’s fee for from lenders it connects you to.
Think Business Loans
Think Business is a business credit broker in the UK that matches you with the best lender. It has partnered with over 100 lenders and offers a wide variety of finance products. You can borrow an amount of between 25,000 and 5,000,000 and the repayment period is between 3 months and 72 months.
How to Qualify for Think Business Loans
To qualify for Think Business Loans, the requirements vary based on the type of loan. Common requirements include:
- Your business must have been in operation for the last 1 year.
- You must have a minimum turnover of £200,000.
- Own hard and soft assets.
- No CCJs or adverse credit ratings.
Think Business Loans Fees
It is free to use Think Business Loans services to apply for a loan. The company is a loan broker, it does not offer loan directly but connects you to business loan providers.
Swoop Funding
Swoop Funding is a business credit broker in the UK that is simple, secure and fast when it comes to funding businesses. Swoop partners with over 1,000 lenders, giving you a chance to choose the most convenient loan for your business.
It offers a wide range of credit such as the Recovery loan scheme. You can access a loan of between 1,000 and 10,000,000 with a loan repayment duration of 3 months to 6 years.
How to Qualify for Swoop Funding Loans
The conditions required to qualify for Swoop Funding loans are:
- Your business must have been in operation for the last 1 year .
- You must have a minimum annual turnover of 100,000.
Other essential things their lenders usually look at include credit scores, your business plan and collateral.
Swoop Funding Fees
Swoop Funding services are free of charge to your business. The company makes money from commission paid by the lending companies they work with. The payment it gets will never make any difference to how much you pay towards your loan.
Portman Asset Finance
Portman Asset Finance is a business finance broker in the UK that offers fast and flexible business financing. Portman Asset Finance partners with over 40 UK lenders to ensure that SMEs can access business loans. You can get business funding of between 1,000 and 10,000,000 with a repayment period of up to 5 years.
How to Qualify for Portman Asset Finance
Portman Asset Finance does not consider your business turnover to determine if your business can get funding. You will be asked to supply information on you, your business, and the type of finance you are interested in. Later on, you may be asked for more details and documents such as your accounts or bank statements.
Portman Asset Finance Fees
The company operates like many other brokers. There are no costs associated with using their service to obtain a loan. The company makes money from the lenders it works with.
Conclusion
If you have a business registered in the UK and you are looking for a business loan, you can use the above credit loan brokers to access a loan from lenders. You can get a wide variety of funding like unsecured business loans, secured business loans and peer-to-peer funding. Most of the credit brokers will require your business to have been trading for at least 1 year and have a minimum annual turnover.
