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Starling Bank business loans review 2020
The pioneering digital bank now offers loans for UK businesses up to £250,000, but currently only as part of the BBLS and CBILS.
Starling Bank coronavirus business loans
As of 11 April 2020, Starling Bank became an accredited lender as part of the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loan Scheme (BBLS). Starling will not currently be accepting new business loan or overdraft customers outside of the BBLS and CBILS.
Starling Bank business loans comparison
What's in this review?
Starling Bank business loan overview
Starling is one of the UK’s most popular challenger banks, offering digital-only banking products for individuals and businesses, as well as money transfers, business overdrafts and personal and business loans.
Businesses looking to borrow from Starling can apply for loans between £5,000 and £250,000, with loans up to £25,000 available with a representative APR of 7%.
Am I eligible for a Starling Bank business loan?
| Minimum trading requirement | 18 months |
|---|---|
| Business types | Limited Company,Limited Liability Partnership |
| Additional eligibility info | You must have a good credit history (your business and all directors/partners) - no arrears or defaults |
| More Info |
How can we help?
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Invoice financing
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Pros and cons
Pros
- Competitive rates
- Flexible repayment options
- Easy to apply
- No hidden fees
Cons
- Online-only
- Requires Starling business account
- Rates will vary
How can I apply?
You can apply for a Starling Bank business loan by completing an application form on the Starling website. You’ll need to provide the following information as part of your initial application:
- Business name
- Bank account details
- Contact details
- Number of employees
- Profit after tax
- Turnover
- Recent and current debts
You’ll also need to specify the terms of your loan, including:
- How much you want to borrow
- Loan term
- Purpose of the loan
Verdict
Starling Bank business loans may be suitable for smaller, flexible businesses looking to secure additional finance to grow or support their business. As with its other products, Starling Bank business loans are digital-only, which means they offer the same kind of accessibility, simplicity and ease of use, but therefore lack the potential advantages of a brick-and-mortar lender.
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Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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