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We are a credit broker and not a lender and Frequently asked questionsį Comparison UK Limited (company number: 10482489) isĪuthorised and regulated by the Financial Conduct Authority (firm Once you’ve made your application, the provider will run a credit check to assess your creditworthiness and whether they are willing to lend to you. In addition, you will usually need to provide proof of ID and address. You may also need to provide details of any existing personal loans, overdrafts, mortgages or credit card repayments as well as any existing business loans or overdraft repayments.
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You will typically need to provide details such as your business turnover in the past 12 months, your projected turnover for the next 12 months, your net profit, the date your business started trading and your address history for the past 3 years. You can usually apply for your chosen business loan online. It may even be possible to use your own home as security, but remember that if you are unable to keep up with your loan repayments, your home will be at risk.īecause lenders have this added security, you will usually be able to borrow a larger amount of money with a secured loan compared to an unsecured loan.
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Secured business loans require you to use an asset from your balance sheet as security, usually property. The better your credit rating, the more you’re likely to be able to borrow and the more competitive the interest rate will be. The amount you can borrow and the interest rate charged will depend on the creditworthiness of you and your business. Unsecured business loans allow you to borrow funds without needing to secure them against any business assets such as property or equipment. There are 2 main types of business loans: unsecured and secured. Depending on the type of loan you take out, your interest rate will be fixed or variable. What is a business loan?Ī business loan is a way of borrowing money from a lender that can then be used to fund start-up costs or help your business to grow.Ī business loan works in the same way as any other loan – you borrow a fixed lump sum and then repay it, plus interest, over a set number of years (known as the “term”). Our business loans calculator works out how much your business will repay each month and your overall loan cost. Input your loan amount, how long you have left to repay your loan, or if a new loan, the initial terms and what your interest rate is. Use the fields above to calculate the cost of your business loan. Debit cards with low foreign transaction fees.