97% of Tide customers would recommend it to a friend
Does not offer loans for charities
Tide business loans review
Tide uses open banking to offer business loans between £500 to £20,000,000 between 1 and 72 months.
Tide business loans comparison
Tide business loans
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Tide business loans overview
Founded in 2015, Tide is predominantly a business banking app designed to help small to medium sized businesses save time and money. However, Tide also offers business loans and other finance options from more than 120 lenders.
Tide has a platform called Cashflow Insights, which you can connect your business bank account to. If you’re in the market for a business loan or other funding solutions, Tide’s Cashflow Insights tool uses open banking to assess your finances and will show you how much you could borrow and what options are available to you.
Quick overview of Tide business loans
| Minimum trading period | Not specified |
|---|---|
| Loan terms | From 1 to 72 months |
| Loan amounts | From £500 to £20,000,000 |
| Minimum turnover | N/A |
What business loans does Tide offer?
Tide offers a range of options, including:
- Business loans. Tide offers unsecured and short-term business loans with a range of flexible repayment options.
- Start-up loans. For startups, Tide offers UK Government-backed personal loans of up to £25,000 per business owner, up to a maximum of £100,000.
- Merchant cash advances. For a boost of short-term funding, Tide offers merchant cash advances. With this option, you repay the loan through a percentage of your card transaction sales, plus fees.
Other types of business finance available through Tide:
- Invoice finance.
- Asset finance.
- Property finance.
- Business credit card.
These products are offered by Tide’s financial partners through the Cashflow Insights platform, and you’ll be told how much you need to pay back and when, if you decide to take out one of these credit solutions.
Key features of Tide business loan
| Loan type | Fixed or variable rate Asset finance loan |
|---|---|
| Credit limits | £1,000 to £20,000,000 |
| Loan terms | 1 month to 72 months |
| Loan rate type | Fixed or variable |
| Personal guarantee | A personal guarantee may be required |
| More Info |
Pros and cons of Tide business loans
Pros
- Easy onboarding and account management
- Cashflow Insights tool
- Flexible plans available
- 24/7 customer support
- FCA and FSCS protected
Cons
- Does not offer loans for charities
- Larger businesses must be registered
- You might need to use an asset as collateral
- Subject to credit checks
Tide application process
To apply for a Tide business loan, all you need to do is connect your business bank account to Tide. Tide will then use open banking as a pre-eligibility check to see what loans you are eligible for. This will not have an impact on your credit score.
You can tell Tide how much you want to borrow and what it’s for, and you’ll be able to see the credit options that suit you. You can then go ahead and apply. It is always wise to compare all the options available to you before you sign the dotted line.
Note that if you already bank with Tide, you can simply apply through the app.
What do I need to apply for a loan with Tide?
Typically to apply for a business loan, you must be at least 18 years old, a UK resident and have a UK based business and UK bank account. You will also need to provide:
- Your personal and business details
- The length of time you’ve been trading for
- Your annual revenue, including net operating income
- Details of potential collateral
- Personal debt-to-income ratio information
- Bank statements covering the past year
You’ll also need to undergo a credit check.
Once you’ve applied and been approved, you’ll receive a quote from the lender you’re matched with and you could receive the funds within 24 hours.
Before applying for any kind of business finance, it’s crucial to check that your repayments will be affordable. Failing to repay your debt on time can damage your business credit score, you could lose any asset you’ve used as security or you could be personally liable for repaying the debt.”
Tide customer reviews
Tide was highly commended in the business loans category of the Finder Customer Satisfaction Awards 2024. An impressive 97% of customers in our survey said they’d recommend the brand to a friend.
One said: “I have never had an issue with them for the 2 years I have been a client and they always have a helpdesk open whenever I need them.”
Another said: “Can’t fault the service, it does what we need (and probably more). Charges could be lower, though.”
Tide, as a whole, has a rating of 4.8 from more than 69,000 reviews in the App Store, while over on Google Play it has a score of 3.6 from more than 18,600 reviews (updated June 2024).
On consumer review platform Trustpilot, Tide has recorded 4.1 out of 5 stars and a rating of “Great”, based on over 19,900 reviews (updated June 2024). Many of Tide’s users cited its quick and simple service in their feedback on Trustpilot, although some complained about slow response times when contacting customer support.
Customer support information
You can contact Tide’s customer service team via the Tide app where they’ll answer your question as soon as possible. If you don’t have the app, you can email hello@tide.co with any queries.
Our verdict
Tide could be a great option for small to medium sized businesses looking to take out a loan. Tide offers flexible plans and has an easy-to-use website where businesses can keep track of their repayments.
The main downside with Tide is that it doesn’t currently offer business loans to charities.
As with other business loan providers, making the commitment to get a loan is a big responsibility so it’s best to do some research before deciding which loan is best for you. Luckily, Tide has plenty of options to choose from.
Frequently asked questions
Business loans ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Finder scores, in blue, are based on our expert analysis. We also show reviews from users, where we've received more than 10, with a score in yellow. We gather more reviews from customers every year in Finder's customer satisfaction survey.
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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
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