If you’re looking to borrow money as a business, you might be considering a business loan. Business loans typically enable you to borrow a sum of money that you then repay, plus interest, in regular instalments over a set term.
Business loans are a popular way to borrow as you can use the funds for whatever you need, whether that’s to pay for equipment or cover unexpected bills.
This review looks at the business loans on offer from Lovey.
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To make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyTo make comparing even easier we came up with the Finder Score. Costs, speeds and features across 50+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyFounded in 2012, Lovey is a financial company based in Birmingham. It works with a range of lenders with the aim of helping UK businesses find the right type of loan or finance option for them.
| Minimum trading period | 3 months |
|---|---|
| Loan terms | Terms not specified |
| Loan amounts | From £1,000 to £750,000 |
| Minimum turnover | £50,000 (subject to loan type) |
Lovey offers a variety of different loans and you can check your eligibility for each one on the Lovey website. This won’t affect your credit score.
| Loan type | Fixed rate loan |
|---|---|
| Credit limits | £1,000 to £750,000 |
| Loan rate type | Fixed |
| Funding speed | Receive funds in 24 hours |
| Personal guarantee | Personal guarantee not required |
| Repayment holiday | |
| Arrangement fee | |
| Early repayment fee |
Small business loans can be used for any commercial purpose, such as startup costs and equipment purchases, with interest rates starting from 2.9%. You’ll typically be able to borrow up to £250,000, with same-day funding available.
With an unsecured business loan, you do not need to put up any collateral which means there’s no risk that you will lose your home or personal belongings if you cannot repay the loan.
Unsecured loans usually have higher rates than secured loans, but can be used for a range of business purposes. You’ll typically be able to borrow up to £500,000 and get funds within 24 hours.
Instant business loans enable you to borrow up to £500,000, with same-day funding available in as little as 4 hours. This type of loan could be handy for unexpected expenses such as repairs or renovations. Interest rates start from 2.9%.
Limited company loans are specifically designed for limited companies and enable them to borrow up to £500,000. Lovey limited company loans are always unsecured, so you do not need to use an asset as collateral.
However, limited company loans often have higher interest rates and stricter repayment terms than other types of business loans. You will also need to have a business account to get a limited company loan with Lovey.
A VAT loan is a type of tax loan that can be used to help businesses with their VAT payments. They are typically short-term loans that are repaid over 3–12 months. VAT loans can be useful for businesses struggling to pay their VAT bill on time, but they can also be used to finance other business expenses.
With Lovey, you can borrow up to £250,000, but as VAT loans are short-term loans, the amount borrowed is usually lower. Interest rates can be competitive compared to other types of loan.
A merchant cash advance works differently to a traditional business loan. They are often used by businesses that need quick access to cash and they are repaid through a percentage of future credit card sales. This means they don’t require monthly loan repayments and can be a good option for businesses that have fluctuating income. With Lovey, you can borrow up to £250,000.
As well as the above loans, Lovey also offers van finance and asset finance.
Exact eligibility requirements will depend on the type of business loan you’re applying for. But you’re more likely to be accepted if you have been trading for at least 12 months and you have good credit with no county court judgement.
There is usually a minimum turnover requirement too, but this will vary depending on the loan. For example, with a small business loan, you need to have a turnover of at least £50,000 a year. With an unsecured business loan, you need a turnover of more than £10,000 a month.
To apply for a Lovey business loan, you’ll need to first get a quote on the website – this won’t affect your credit score. You will need to enter a few details about the amount you want to borrow and the type of business you have. You will also need to show proof of income and expenditure and perform some ID verifications.
Once your loan has been accepted you’ll need to sign some documents and the funds will then be transferred.
Our 2025 Finder customer satisfaction survey found that an impressive 100% of Lovey business loan customers would recommend the company to a friend. Several respondents commented that the brand was reliable and provided customers with an overall good experience. One respondent commented that “the loan conditions are straightforward, with no hidden fees”, while another said “it provides personalized financing solutions for a variety of company needs”.
Lovey is rated “Excellent” on Trustpilot, with a score of 4.9 out of 5 stars based on over 640 reviews (updated October 2024). Positive feedback posted there highlights a quick and easy application process, helpful customer service and excellent communication.
Lovey doesn’t currently have any user feedback on the community forum Reddit.
To contact the Lovey customer support team, you can fill out an online form on the website, email them at support@lovefinance.co.uk, or call them on 0800 086 9404.
If you’re not sure whether a business loan is right for you, there are other options to consider, including:
A business credit card is a flexible way of borrowing funds and can be a useful way to manage cash flow.
With asset finance, you can access business equipment, machinery and vehicles without the need to pay for them upfront.
Invoice financing enables you to borrow money based on what customers owe you, which means you’ll get paid faster.
You can read more about these options in our guide.
Find out how a loan could help you to buy an existing business.
Revenue-based finance can offer more flexibility than other funding options. We explain how it works.
Learn more about the alternatives to a traditional business loan.
See how to get a business loan as a limited company in the UK, and how much you can borrow.
Find out how to get a loan if you work for yourself, including which lenders offer business loans for sole traders.
Peer-to-peer business loans aim to offer cheaper rates and an easier application process than more traditional lenders.
Sometimes an unexpected opportunity presents itself or a piece of equipment can break. We look at what you can do if you need money for your business as soon as possible.
Merchant cash advances allow you to get a loan and only pay it back when your business actually makes money. Find out how they work and compare providers.
We explain the various types of asset financing available to help you choose a competitive deal for your SME.
Discover how to find the best short term loan for your business.
