Lloyds Bank business loans review
Lloyds Bank has a broad range of business loans that are worth exploring. Discover all the deals currently available.
Lloyds Bank was founded in Birmingham, England, in the 18th century. It is a retail and commercial bank with branches across England and Wales. The bank has a long history of providing funding to businesses, with a wide range of products available to help corporations at various stages of development get to the next level.
If you’re looking for a cash injection for your business, consider applying to Lloyds Bank for one of its business loans. Below, we list their different loans with the key information on each.
Check your eligibility with a range of lenders in minutes
- Apply online within 5 minutes
- Includes government-backed schemes and other finance
- Free and simple quotes with no effect on your credit score
Overview of Lloyds Bank business loan options
- Base Rate Loan. This comes with no arrangement fees for small loans and no early repayment costs. Loans are available on a secured or unsecured basis.
- Fixed Rate Loan. This comes with fixed monthly repayments so you know what you’ll be paying. It is available on either a secured or unsecured basis.
- Commercial Fixed Rate Loan. This allows you to borrow large sums of money on payment terms that stretch from 1 year to 25 years.
- Capped Base Rate Loan. This allows you to borrow very large sums of money. It also comes with capital repayment holidays and allows you to borrow on a secured or unsecured basis.
Key features of Lloyds Bank business loans at a glance
- Loan duration. The various loans come with payment terms that can span anywhere from 1 year to 25 years.
- Security. The bank offers both secured and unsecured business loans. However, if you use your home as collateral for a loan, it will be repossessed in the event that you can’t make your repayments.
- Fixed monthly repayments. With the Fixed Rate Loans and Commercial Fixed Rate Loans, you’ll always know how much you’ll be repaying.
- Option to take a repayment holiday. This is possible, although you will still be accruing interest during this period. Nevertheless, it is a good way to allow you to start seeing a monetary return on your investments and build cash flow, before finishing your repayments.
- No penalties for paying early. This applies to the Fixed Rate Loans and Base Rate Loans. But all other loans come with financial penalties for repaying early.
Depending on the business loan in question, Lloyds Bank offers fixed interest rate deals or variable interest rate deals.
Am I eligible for a Lloyds Bank business loan?
You should only apply for a Lloyds Bank business loan if you’re certain you can meet the repayment terms, and your company can meet the following criteria:
- Be a private limited company that was incorporated in the UK (excluding Northern Ireland, the Channel Islands and the Isle of Man)
- Have been trading for at least one year
- UK resident (excluding Northern Ireland, the Channel Islands and the Isle of Man)
- Need the loan for business use
- Be a sole trader, partner or director of your company
- Be over 18 years of age
- Be an authorised signatory on the company’s bank account
- Not have been bankrupt within the previous six years
- Have had no court judgements or decrees for the previous three years
You may still be accepted with a poor credit history, although it’s likely you’ll be charged a higher rate of interest as a result.
You will be asked:
- How much money you want to borrow
- The specific business function that it will help you to perform
- The period of time over which you’d like to make your payments
Get tailored loan quotes
More guides on Finder
Lloyds Bank Platinum 28 Month Balance Transfer Credit Card review
Clear existing card debt faster with Lloyds Bank’s longest 0% balance transfer deal.
Lloyds Bank Platinum Low Rate Credit Card review 2021
See how this straightforward credit card with ongoing low rates across the board compares to the rest of the market.
Lloyds Bank Platinum Low Fee 0% Balance Transfer Mastercard review 2021
Find out when you might choose this particular balance transfer deal over Lloyds’ many others, and compare live rates, fees and terms against alternative cards.
Lloyds Bank Platinum 0% Purchase and Balance Transfer Mastercard review 2021
Discover how this all-round credit card compares to others on the market.
Lloyds Bank Classic Credit Card review
Learn more about this all-rounder with 0% introductory deals on both purchases and balance transfers, and no annual fee attached.
Lloyds Bank Platinum No Fee 0% Balance Transfer Mastercard Review
Discover how this balance-transfer credit card compares to other deals currently available.
Lloyds loan calculator
Considering a Lloyds personal loan? Use our calculator to work out how much you’ll pay back. Not only that, you can see how Lloyds stacks up against the competition and make sure you’re getting the best deal.