Applying for a business loan online is a quick and convenient way of borrowing money. With a streamlined application process, you can apply and receive your new business loan within minutes. Whether it’s a pay day loan for a quick cash injection to keep your business afloat, or you need a new business loan as a short term solution to help you get started, we offer allow you to choose how much you want to borrow and how long for. With business loans in the UK available up to £1500 and flexible repayment terms between 2 and 12 months, you can find the appropriate solution for you by clicking apply now.
What Are Business Loans?
Guarantor loans are a type of loan that is catered specifically to lenders with a poor credit score. Often a guarantor loan is taken out by individuals who would be unable to access additional funds in a conventional manner due to their poor credit, which therefore requires them to provide an extra level of security. This can be done in the form of a guarantor, and guarantor loans in the UK involve the co-signing of the loan agreement, meaning it becomes the responsibility of this guarantor to repay the debt if the person taking out the loan is unable to. Debtors unable to payback their guarantor loan themselves can result on the debt falling upon the guarantor for a number of reasons, which can include illness or lack of funds.
Guarantor loans in the UK are also often used as an alternative when the person taking out the loan may struggle to be approved for a regular loan, due to a bad credit score, limited credit history, or other reasons surrounding the uncertainty of their financial situation. A guarantor loan can be used for a variety of payments, whether it is for an emergency situation, a payday loan or any other kind of short term debt situation. By applying for a guarantor loan online, you may be able to resolve your current financial situation with a trusted provider.
Why Might I Need Business Loans?
Our customers come to us for new business loans for a variety of reasons. A business loan can be a great short term solution to resolving your immediate business problem, but should not be used for any persisting, long term financial issues you might be facing. If you are not sure that you will be able to pay the money back according to the agreed schedule or feel that your finances are insecure, perhaps a business loan isn’t the best option for you. Benefits of a business loan in the UK can include:
– You keep full control of your business when you take out a business loan.
– Business loans can help you to shore up cash flow, purchase expensive equipment and pursue growth.
– Business loans tend to be cheaper to get than credit cards. They also don’t require you to give up a piece of your business to an investor.
– Business loans are easy to obtain, even if your credit score isn’t perfect.
– Funding is fast, compared to raising capital via venture capitalists or other investors. This process can take up to 12 months, compared to a same day business loan.
Why Choose LoanPig For a Business Loan?
Business loans in the UK can be sourced for a variety of reasons. Once you secure your business loan, you can use it however you please, covering any emergency costs for your business or even helping you get started.
As responsible lenders, we have to ensure that your motivation for a business loan can be supported by your finances. As we work to FCA guidelines, along with our panel of business loan lenders we can connect you with, your application will be subject to a full credit check and careful assessment of your finances. As part of our commitment to transparency with your application, we work to several rules:
– LoanPig charges a maximum interest of 0.8% per day.
– LoanPig can only charge a one-time late penalty fee of £15.
– LoanPig ensures that customer will never pay more than double the amount they borrowed.
If we can approve your new business loan application, you can expect a quick pay out and the exact financial support you need on the very same day.
How Much Would You Like? ... Representative example: Borrow £300 over 3 months @ 292% pa (fixed) Total repayment:
£457.95 in 3 monthly payments of £152.65. Representative 1261% APR.
How Much Would You Like?
Am I Eligible For A Business Loan In The UK?
All applicants who desire a new business loan will need to be able to prove their affordability through an income assessment and credit check. If you are approved, you’ll either complete your application with us, or through one of our lending partners’ own website. To be eligible to apply for a business loan, you will need to:
– Be a current UK resident.
– Be at least 18-years-old.
– Have an active bank account and valid debit card.
– Either be in permanent employment or receiving some form of disability/living allowance or a pension.
If you meet the above criteria, a business loan might just be the right loan for you. As a broker, LoanPig uses a panel of lenders, who are often prepared to lend to clients who have a low credit score. With business loans in the UK, all loan applications are subject to a full credit check, but your credit score is not the only criteria used for consideration. If you have any further concerns regarding prior financial difficulties, you have a bad credit rating or have never borrowed before, you don’t need to worry, we will be assessing your current affordability, rather than focusing on your financial past. Business loans can provide a lot of flexibility when it comes to what loan amount you wish to borrow. Allowing up to £1500 for a maximum of 12 months, this can vary between lenders, which is why when you apply, we’ll match you to the best offers for business loans straight away.
Business Loan Stages
Step 1 – Application
The first step to borrowing a business loan in the UK begins with the application process. We provide an easy to use online application form where you can let us know how much you intend to borrow and over what period of time. Some further details about yourself and your current financial situation will also need to be included and taken into account.
Step 2 – Decision Process
Once you have submitted your initial information, you will receive a reply from us with out decision on the very same day. When we provide you with our decision regarding your business loan, we will also give you several options for your business loan, so you can choose the plan best suited to you. This quick and easy process can allow you to immediately relive any financial difficulties you may be experiencing.
Step 3 – Payment
The final stage will involve payment of funds directly into your bank account. You must first agree and sign all of the attached conditions of the business loan, involving the amount borrowed and payback period. The length of time the money takes to reach your account can differ, but often you will have received your business loan within 10 minutes of signing the final agreement.
Business Loans FAQs
What’s the Maximum I Can Borrow New Business Loans For?
All loans at LoanPig, including our new business loans, are available up to £1500. You will be required to select the amount you wish to borrow, along with the repayment term up to 12 months maximum. Whenever any of our potential customers are considering taking out a business loan in the UK, we will always recommend customers do not take out any form of borrowing for any longer than necessary. If you are able to pay off your loan quicker, then look to apply for a shorter repayment term. The amount of money you take out for a business loan must also align with your affordability, so you do not face any difficulties in maintaining the business loan repayments.
What Happens if I Can’t Make Repayments on Business Loans in the UK?
We seriously advise you to not take out any form of loan if you are unable to keep up with the payments. However, if for some reason you cannot make your scheduled repayment, please contact the lender directly. We are happy to discuss your current situation and can advise you appropriately. If you find yourself in financial difficulty during the business loan term, we highly recommend seeking independent financial advice.
Can I Get A New Business Loan With Bad Credit?
Bad credit can be an issue with some lenders of unsecured loans in the UK. At LoanPig, we don’t penalise you based on your prior financial history. We know this does not define you and does not necessarily represent your current financial situation. If you have enough current affordability to make repayments over the time span you have requested, we will happily approve your application. When you take out a new business loan with LoanPig, we will assess your credit history to see if you have received regular income within the last few months, as well as analysing any outgoing payments. These could be as simple as rent, bills, and mortgage payments.