Tide

Tide business loans review

Tide uses open banking to offer business loans up to £15,000,000.

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What is Tide?

Founded in 2015, Tide is predominantly a business banking app aimed at small to medium businesses to help manage time and money. However, Tide also offers a variety of business loans and cashflow tools to its customers.

Tide has a platform called Cashflow Insights, which allows you to 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.

What business loans does Tide offer?

If you have a business banking account with Tide and are looking for

By using its open banking tool, Tide will then offer you tailored credit options, such as:

  • Business loans. Tide offers longer-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 and access finance of up to £100,000 per business.
  • Business cash advances. For a boost of short-term funding, Tide offers business cash advances.
  • The Recovery Loan Scheme. Even if you’ve received Bounce Back/Coronavirus Business Interruption Loans, you could access a business loan of up to £350,000 with Tide.
Other types of business loans Tide offers
  • Revenue-based finance loans.
  • Equity finance.
  • Grant funding opportunities.

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 typeloan
Loan amounts£500 to £15,000,000
Loan terms1 month to 6 years
Personal guaranteeA personal guarantee may be required
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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.

Once you are connected, you will be able to see your credit options and you can apply. It is always wise to compare all the options available to you before you sign the dotted line.

Typically to apply for a business loan, you will need:

  • Your credit score in order to check your credit worthiness
  • General information about your business e.g. minimum trading
  • Annual revenue, including net operating income
  • Potential collateral
  • Personal debt-to-credit-ratio
  • Tide customer reviews

    Tide, as a whole, has a rating of 4.8 from more than 59,000 reviews in the App Store, while over on Google Play it has a score of 4.0 from around 13,300 reviews (updated September 2022).

    On consumer review platform Trustpilot, Tide has recorded 4.3 out of 5 stars and a rating of Great, based on over 12,255 reviews (updated September 2022). Many of Tide’s users promoted its quick and simple service when providing feedback on Trustpilot, although some complained about slow response times when contacting customer support.

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