Whether you need a lump sum of £5,000 as soon as possible, or simply want the financial breathing room to allow you to focus on growth, there’s a range of business finance products that could help. This guide will help you explore your options, and the benefits and disadvantages of each.
Here is a non-exhaustive list of popular business loan and revolving business credit products that you could consider:
If you’re looking for ongoing access to business credit, consider the following options:
If you need the lump sum upfront, but still like the idea of ongoing, flexible credit, consider these options:
Many of these products are available for businesses with bad credit, especially for amounts as low as £5,000, although you may be charged a higher interest rate.
Business loans for bad credit.
| 6% p.a. interest | 12% p.a. interest | 20% p.a. interest | |
|---|---|---|---|
| 1-year term | £430 | £444 | £473 |
| 2-year term | £222 | £235 | £264 |
| 3-year term | £152 | £166 | £196 |
| 6% p.a. interest | 12% p.a. interest | 20% p.a. interest | |
|---|---|---|---|
| 1-year term | £5,164 | £5,331 | £5,674 |
| 2-year term | £5,318 | £5,649 | £6,345 |
| 3-year term | £5,476 | £5,979 | £7,062 |
Brokers and matching services allow you to instantly check which lenders would offer you a £5,000 loan, saving you time and preventing you from damaging your credit score via multiple failed loan applications.
Many of them are free because they make money via referral fees from lenders. However, a great deal of free business loan brokers don’t have access to the whole market, meaning you may not be recommended the very best deal.
You’ll find star ratings on some of our business loan provider reviews. Here’s how our business loan experts came up with them.
Find out if a business loan is considered income and what you can claim as a tax deduction when taking out a loan.
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