Commonly asked questions about business loans
For more information about business loans, check our list of questions customers often ask below:
Will a business loan affect my credit score?
An application through a broker like Norton Finance for a typical small business loan may not require a check on your personal credit rating. You may be able to apply for the loan through an established business with a proven track record, making it possible to obtain the funds you want without risking it impacting on 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:
- Personal financial details
- Details of your earnings and staff on payroll (if applicable)
Once we receive this information, we’ll contact you to discuss your 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
It’s important that you are planning to borrow what you can afford, so it helps to give prospective lenders as much background as you can in advance of a loan decision.
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 homeowners start from 3.37%.
Are there any loan fees?
As we’re a broker, not a bank, 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. The fee varies from lender to lender . 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.