- Get cashback on eligible spending
- Credit facilities up to £150,000
- Free treats on your business spending
Compare business loans for £15,000
If you don't have £15,000 lying around to grow your business, there are various ways you could access finance.
Comparison of lenders
A sum of £15,000 can make a big difference to a growing business, but there are different ways to get your hands on it. This guide will unpack the options available to help you choose appropriate finance for your unique situation.
Business loan and revolving business credit options
When it comes to borrowing a lump sum upfront for your business, options include (but aren’t limited to):
If you’re looking for ongoing access to business credit, you could consider the following options:
What if I have bad credit?
There are some lenders who specialise in offering business loans in spite of bad credit. However, it could be tough to be approved for sums as large as £15,000 without offering some form of security. If you are approved, you may need to settle for higher interest rates than those available with traditional loans.
Loan security and personal guarantees
For a loan of £15,000, you may be expected to provide security in some form using a business or personal asset as collateral. This is known as a secured loan.
In this case, if you fail to repay the loan, the lender can sell the asset to recoup its losses. This mitigates some of the risk for the lender, improving your chances of being approved for a loan and in some cases meaning better rates.
Secured loans usually take longer to fund, because the lender needs to verify the value of the asset that you put forward.
Lenders may additionally seek to reduce the level of risk they are exposed to by asking you for a personal guarantee. This is a contract which states you’ll be personally responsible for debts that the business is unable to repay. These tend to be compulsory for larger loans, whether secured or unsecured.
How much does it cost to repay a £15,000 business loan?
|Interest rate of 5% fixed p.a.
|Interest rate of 10% fixed p.a.
|Interest rate of 20% fixed p.a.
|2 year loan
|3 year loan
|4 year loan
What about a broker or matching service?
Brokers and matching services can hold your hand through the tricky job of finding the best business finance product for you.
A good matching service can instantly check which lenders would offer you a £15,000 loan, saving you time and stopping you from damaging your credit score via multiple loan applications.
These services usually get a referral fee from the lender you end up choosing, meaning it won’t cost your firm a penny.
The downside? These services rarely have access to the full market. Instead, they’ll refer you to lenders from their panel of partners. That means you’re not guaranteed to be offered the very best deal you’re eligible for.
Frequently asked questions
More guides on Finder
Women in business statistics: 2024
Explore the latest statistics on women in business, including the number of businesses owned by women and access to funding and loans.
Business loans for female entrepreneurs
Discover the best finance options available for female entrepreneurs.
Methodology for rating business loans
You’ll find star ratings on some of our business loan provider reviews. Here’s how our business loan experts came up with them.
Ecommerce business loans
Discover more about the different ways to fund your ecommerce business.
Business loan calculator UK
Use our business loan calculator to find out your monthly cost and total repayable amount.
Compare working capital finance options for your small business
What’s working capital finance? How does it work? Which type is right for your business? Our guide unpacks them to help you navigate cash flow ups and downs.
How a personal guarantee on a business loan works
If you run a small business and need to borrow money, you may be asked to give a personal guarantee. We’ve looked at how it works and what risks it carries.
Compare the best invoice financing options
Invoice finance means getting paid right after you’ve issued an invoice, but it can be expensive. We look at the pros and cons, eligibility and alternatives.
Compare business credit lines
Cashflows can be irregular and hard to predict. Access credit for your SME when you need it with a flexible line of credit.
Can you use a personal loan for your small business?
Although you may be able to get a personal loan to start or grow a small business, most lenders state that their personal loans cannot be used for this purpose.