LendingCrowd business loans

LendingCrowd is a peer-to-peer (P2P) platform that matches small- to medium-sized enterprises (SMEs) in need of affordable finance with private investors who want a competitive return on their money.

The LendingCrowd platform, launched in 2014, aims to get you the most competitive rate on a business loan of £5,000 to £500,000 by connecting you with private lenders who are looking to invest in SMEs.

Peer-to-peer investors are asked to bid on your loan target in an auction, with the most competitive bid winning. Once you’ve accepted the loan and completed the paperwork, you can expect the money in your account on the same day.

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Key features of a LendingCrowd business loan

• Borrow £5,000 to £500,000. Choose a loan target that matches your business requirements and performance.
• Repay over 6 months to 5 years. Choose a repayment term that is affordable for your business.
• Fast payment. Once your loan has been funded and you have completed all the paperwork, you should have the money in your account on the same day.
• Competitive rates. Your loan is put to auction, where lenders compete to fund it. The more bids you get, the better your interest rate.
• Simple fees. You pay LendingCrowd a percentage of your loan amount, based on how much you borrow and how long for.
• No early repayment penalty. LendingCrowd will not charge you for repaying your loan early. This is advised if you can afford to do so as it will save you money in interest.

The interest rate you’re offered will depend on how many peer-to-peer lenders bid on your loan. Always check the total amount payable before you agree to a loan.

How does it work?

1. Complete the simple online application, which should take around 15 minutes.
2. Your application is assessed on an individual basis by LendingCrowd and you can expect a response within 24 hours.
3. Once approved, LendingCrowd sets a minimum rate, which is dependent on your credit record, then puts your loan out to auction.
4. Investors place bids to fill your loan target and only the lowest interest rates are accepted.
5. Ensure you’ve read and fully understood the loan terms. Once you have completed the paperwork and the loan has been funded by the lender, the money could be in your account the same working day.

Am I eligible for a LendingCrowd business loan?

You should only apply for a LendingCrowd business loan if you’re certain you can meet the repayment terms. You must also:

• Be aged 18 or over
• Be based in the UK
• Have been trading for at least two years
• Have an annual turnover of at least £100,000

How do I apply?

You’ll need the following information at hand to complete the loan application on the LendingCrowd website:

• Names, addresses and telephone numbers for the business and all directors
• VAT registration number, if registered
• Type and ownership of the business
• Number of years trading
• Number of employees
• New loan details – purpose, amount and term
• Details of any outstanding loans, overdrafts or other credit
• Details of your business bank account – sort code and account number

Frequently asked questions

• Can I repay my loan early?

  Yes. LendingCrowd won’t charge you a fee if you decide to repay your loan early. This is encouraged if you can afford to do so as it will save you money in interest.

• Are there any fees?

  You pay LendingCrowd a percentage of the money you borrow. This will vary depending on how much you borrow and over what term. If you’re late making repayments, LendingCrowd may charge an additional one-off fee.

• What does LendingCrowd look for in an application?

  LendingCrowd will look at the individual potential of your business. Those most likely to be approved for a loan have good cash flow, proven management ability, a strong and considered business plan and positive business and industry indicators. All applications accepted by LendingCrowd go on to be funded.

• How much can I borrow?

  A limited company or a limited liability partnership is eligibility to borrow from £5,000 to £500,000. A sole trader or partnership can borrow from £25,001 to £500,000.

Chris Lilly

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Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.