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Regardless of your business’s financial needs, there are small business loans in London that can help. Find the right type of financing, from the right lender, by perusing the table below.
Or, if you’re not sure what will work best for you, pre-apply with Smarter Loans, and we’ll match you with the best financing solution for your situation.
How easy it is for your business to access commercial financing in London depends on its situation. Businesses with excellent credit, valuable assets that can be used as collateral, high income and a longstanding history qualify for many different types of loans from many different lenders, and will find obtaining business loan approval in London quite easy. But the lower your business’s credit score, the lower its income, and the shorter its operational history, the harder it becomes to qualify for financing. This means businesses in these positions may have to shop around more, or consider alternative lenders and non-traditional private business loans in London. Crucially though, whether you’re applying for a standard loan or something more bespoke, and whether you’re applying to a mainstream lender or an alternative financing company, you will be able to apply online, simply by completing a loan application form.
Pre-applying for a business loan in London is the best way to determine how much your business can borrow; this is because, whilst every lender advertises the borrowing range for their loans, this range demonstrates just the minimum and maximum possible amount. Every business is assessed individually to determine how much the lender is willing to lend to it. The reality therefore is that your loan could sit anywhere in the lender’s possible range. As little as $500, or as much as $1 million may be possible; and up to $500,000 is available with fast business loans in London.
As mentioned above, all small business loans in London are available online, so it’s incredibly easy to shop around. But before you can select a lender to apply to, you need to know how to compare your options. All small business lenders have slightly different characteristics, and what’s best for you might not be the same as what’s best for another business. So when considering a lender, you need to look at their:
These elements, when put in the context of your business’s requirements, will allow you to compare lenders and find the best business financing in London.
Almost all commercial loans in London are available online, which means that business loan rates in London are also all listed online. This makes finding and comparing rates very easy; all you need to do is look at lenders’ websites, or use a third party site that compares many loans at once. It’s important to know what you’re looking for when you do this though; interest rates for business loans in London can be expressed in different ways, but the APR (annual percentage rate) is the true measure of a loan’s cost. Shop around to find the lowest APR.
In order to access any type of business finance in London, you’ll need to complete and submit a loan application form. These application forms are available from each individual lender, most easily on their websites; this is also where you will find the requirements to get a business loan in London. You need to check these, and the application’s demands, before you apply for a business loan in London from any lender. There is no point in spending time on an application if you can’t complete it, or if you don’t meet the lender’s loan approval criteria.
Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.
Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.
