Commonly asked questions about business loans
For more information about business loans, check out our list of frequently asked questions:
Will a business loan affect my credit score?
Submitting a loan application through a broker like Norton Finance may not require a check on your personal credit rating. If you apply through an established business with a proven track record, it might be possible to obtain the funds you want without impacting your personal credit score.
What do I need to apply for a business loan?
Applying for a loan online is easy with Norton Finance. All you need to get started are a few simple details, including:
- Name and address
- Details of your earnings and staff on payroll (if applicable)
Once we receive this information, we’ll contact you to discuss your business loan requirements in more detail. It’s a good idea to have information to hand regarding what you need the loan for, as well as details of any other loans you have.
Further discussions around your loan application are likely to focus on your company, and things like:
- Profitability and turnover
- Trading history
- Loan amount as a proportion of turnover
- Payment history
Provide prospective lenders with as much information about your company as possible, as this will help aid their decision. If you give thorough background information, your lender will be more confident that the amount you are borrowing can be comfortably repaid.
Business loan details
How much can I borrow?
With a loan from Norton Finance, you may be eligible to borrow between £3,000 and £500,000, depending on your circumstances.
How long are the repayment terms?
Our repayment terms can be anything from one to 30 years, depending on how much you want to borrow, and what you can afford to repay.
What are the interest rates?
The rate of interest will vary based on your current circumstances and financial history. Loan interest rates for business owners start from 6.7%.
Are there any loan fees?
As we help you find the ideal loan for your business, we receive commission from the lender after a loan application has been completed. We may also charge a broker fee of up to 12.5% on any secured loan amount borrowed. There are no broker fees on unsecured loans.
Can I pay off a loan early?
You can pay off a loan early. However, there may be an early repayment fee for doing so. This will allow for a substantial rebate of interest that would have been paid had the loan reached the end of its agreed term. This could make early repayment an attractive option, but it’s always best to make sure you understand the terms and conditions of the loan and are confident you can repay it.