Business Loans

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Business Loans

Whether you are seeking to purchase equipment, expand operations, purchase a commercial property or increase working capital, a business loan offered at competitive rates can help you achieve this.

Securing a business loan

When it comes to securing a business loan, there are many considerations you need to bear in mind. With a vast range of loans on the market and numerous products it is hard to know where to start. There are also many different lenders on the market – you can get a business loan from high-street banks, challenger banks, peer-to-peer and alternative lenders.

However, the good news is that regardless of the size of your business, there will be a loan out there which meets your needs. Your first step is to decide exactly what it is you are looking for. What may be suitable for a well-established company needing a large amount of money to fund an ambitious growth project will be completely different to that required by a start-up looking for finance to purchase stock.

With that in mind, you should know how much money you will be looking to borrow, how much you can afford to repay on a monthly basis, and how long you will need the loan to run for. Once you are clear on these factors, you can start narrowing down the potential options. 

Type of Loan Options

  • Secured loans – where you put up collateral to underpin the borrowing. Essentially, this means that if you default on your repayments the lender can take hold of the asset you have put up as security and use the proceeds from this to cover the balance of the loan. As the lender has this security, you may find it easier to obtain a loan and it is often the case that the interest rate offered is more competitive than you would be able to obtain on an unsecured loan where the risk to the lender is substantially greater.
  • Unsecured loans – with an unsecured loan, the money is lent to you and you sign a contract promising to pay this back through a series of monthly instalments. Should you default on the loan the lender is not able to sequester your property or assets as recompense for the missed payments. This adds a considerable element of risk to the lender and the loan may have a higher rate of interest as a result.
  • Short-term loans – it may be the case that you need to borrow money only for the short term. It could be that you know you will be coming into an amount of money in the near future with which you will be able to pay off the loan, or you perhaps you only need to obtain a relatively small amount of funding which you will easily be able to clear in a couple of years. If this is the case, there are specialised loans that are designed exactly for this purpose. A short-term loan is usually defined as borrowing with a term of less than two years.

It is imperative that you obtain expert advice before going ahead and this is where Real Business Finance can assist. Our specialists have a huge amount of experience when it comes to commercial borrowing, and we can help you understand your options and ensure you are making the right decision for you and your business. Call our team of finance professionals today to start the process.

Neil Jeeves

Partner

0800 182 2358

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