Funding Options business loan matching service review January 2023

Funding Options is a broker (not a direct lender) that uses innovative technology to match your business’s needs with one of its approved lenders in just a few minutes. Depending on your circumstances, it can find competitive deals on peer-to-peer loans, invoice finance deals, growth funding, equipment leases or commercial mortgages – or help you choose between them if you’re not sure.

You can apply online with no obligation and an adviser is on hand to give you advice both throughout the application process and even after you have the money.

As Funding Options is a broker and not a direct lender, it’s crucial that you check the terms and conditions of the company you are borrowing from before you agree to a business loan. Additionally, it’s worth remembering that there could be better deals available outside of its panel of partners.

Whether you want to take your small business to the next level or are in urgent need of funding, Funding Options could help by matching you with one of its approved lenders. It’s quick and straightforward to apply on the Funding Options website.

Tide Start-up Loan

• £500 to £100,000
• 12 to 60 months
• Cashflow forecasting through Tide Connect

Get quotes
More Info

Key features of Funding Options business loans

• Borrow up to 30% of your turnover. The amount you can borrow will depend on the performance and creditworthiness of your business.
• Search the market in seconds. Funding Options will search its panel of more than 50 approved lenders to find the most competitive credit it can offer you.
• Choose a funding option to suit you. If you’re unsure which type of loan you need, Funding Options can match you with the best type of credit for your circumstances.
• Fast decision. Most lenders will give you a decision on a loan within a few days.
• Customer service. A customer adviser can help you with your application, guide you through your options and provide advice even after you get the money.

The interest rates you are offered will vary between lenders, and will often depend on factors like the performance of your business, how long it has been trading and the loan amount and term you apply for.

Am I eligible for a Funding Options business loan?

You should only apply for a business loan through Funding Options if you’re certain you can meet the repayment terms. Eligibility requirements will vary between lenders, but generally:

• The loan amount you apply for should be less than 30% of your annual turnover.
• Your business must be profitable.
• You will need more than 24 months trading history.
• You should have no outstanding CCJs or late payments.
• It should be a UK-based business.
• You must be aged over 18.

Loan options

Funding Options can help you decide which type of loan best suits the individual needs of your business. This could be a traditional business loan, a commercial mortgage, invoice financing, asset leasing, growth finance or something else.

You will be provided with a list of all the relevant funding options, which will be ranked by “match score” to help you choose. As such, Funding Options could help you when you’re not sure what type of financing you need, or when you may even need a mix of different options.

How can I apply?

1. Fill out the online form to tell Funding Options a bit about your business, how much you need to borrow and what it’s for.
2. Your requirements will be matched against more than 50 loan providers.
3. Once you have chosen the best lender for your circumstances, you will apply directly with them.

In an initial application with a Funding Options lender, you can expect to be asked for:

• Basic information about yourself and your business
• Turnover and profit
• Bank statements
• Filed accounts
• Loan amount vs turnover
• Trading history
• Payment history (e.g. CCJs, late payments)

Funding Options customer reviews

Funding Options has received highly positive reviews from its customers, according to customer review site TrustPilot.

It currently has a TrustPilot rating of 4.8 out of 5, based on 919 reviews (updated 18 May 2022). 90% of reviewers dubbed Funding Options as “Excellent”, rating the lender the full 5 stars. Some of their comments mentioned the smoothness of the service, commenting that “it was easy and relatively quick”, others praised the efforts of the Funding Options’s customer service team. Those who rated Funding Options less than “Excellent” stated that they had issues with the registration documents or found that the associates were ill-advised.

The bottom line

If you’re looking for a business loan broker that uses innovative technology to match your business’s needs with a panel of approved lenders, Funding Options could be a good option for you. With its customers raving about the smoothness of the process, Funding Options offers a quick and pain-free service as long as you are equipped with the relevant documents. However, if you are in need of a loan larger than 30% of your annual turnover, there might be other brokers on the market with more favourable loan options.

How can we help?

Compare loan rates

Get live, personalised quotes on unsecured or secured loans from a large panel of lenders through our partner Love Finance.

Get quotes

Invoice financing

Unlock the value in your invoices today to access the funding your business needs to move forward.

Learn more

Asset financing

Borrow against equipment or property to accelerate your company’s growth.

Learn more

Frequently asked questions

• How fast can I get a business loan?

  Most lenders will reply to your application quickly (within 24 hours), and you will be given an account manager by Funding Options who can help you keep things moving. If you’ve got all the documentation ready, it’s possible to get the deal done within a day or two.

• How much can I borrow?

  There are many different factors that determine how much credit you can get approved for, and each provider has its own process for determining eligibility. The most important factor for all lenders is how much you can afford to pay back. Most lenders will consider up to about 10%-30% of your annual turnover.

• Can I repay early?

  The terms for repayment depend on the lender. Always check this before you agree to a loan. Some lenders will give you a repayment schedule with fixed monthly instalments, while others might be more flexible and accept early repayments. It is important to check if you will be charged for early repayments.

• Will the search harm my credit score?

  Signing up on the Funding Options website, viewing your credit options and talking to an adviser won’t effect your credit score. Funding Options does not perform a credit search itself, but many of the lenders it works with will require a credit check as part of the application process.

  Funding Options may ask for your “permission to search” to pass on to a lender (passing on the permission, not any search). This will speed up your application and make the process as simple as possible. The full credit search performed by the lender will leave a record on your credit file that can be viewed by other financial institutions.

• Will I need to offer a personal guarantee?

  Some of the lenders that Funding Options works with will require a personal guarantee for specific finance products.