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Business Loans
Fast. Free. No impact on credit score.This won’t affect your credit score
Access the funding you need to help your company prosper. There are many different types of business loan, depending on:
You may be offered either a Secured loan or an Unsecured loan
Before you apply for a loan for your business, there are a few things you may want to consider.
A loan can help your business take its first steps, turning your creative spark into a successful venture, or helping a growing company to scale up with demand. Compared to other types of credit, such as personal loans or credit cards, business loans can offer more flexibility.
If you can show a lender your business is brimming with potential, and you can afford to repay the loan, you’re already on the right track.
Read our guide to financing a new business to find out more about accessing funds.
A lender will ask about your income and regular outgoings to help them assess your personal circumstances. This helps them decide whether you’re a suitable applicant.
Lenders look at your credit report to help them assess whether you will be able to keep up with repayments and loan terms. You don’t need a perfect credit score to get a rate you’re happy with, but lenders will usually want to check your general situation – including any CCJs - before they decide.
How you plan to spend the money you’re applying for is the basis of your loan application. Lenders will be keen to see proposals, pitches, and plans for your investment so they can get a better understanding of how the money will help your business grow.
See our guide to business loans for more information.
Not every situation requires the same kind of loan. There are two types of loans available, each with unique features to suit different circumstances.
A secured loan is where you borrow money secured against an asset –usually your home. If you don’t keep up with your repayments, you may lose the asset you used to secure the loan.
With an unsecured loan, sometimes known as a personal loan, the money you can borrow is determined by your credit score. It won’t be secured to any of your assets in the way a secured loan is.
To apply for a loan, you must start with the purpose. Lenders will want to know what you plan to spend the money on, how it will impact your business plan, and the expected results.
If you’re successful in applying for a business loan, you’ll typically receive the funds within a week or two. You’ll then repay the loan, including accrued interest, at the agreed rate each month, until the debt is settled.
You may also be able to pay off your loan early, but there could be a charge for doing so. Check the terms of any loan you’re offered to find out more about the cost of early repayment.
Get started by selecting the loan amount and length of time you wish to apply for on our business loan repayment calculator at the top of the page.
You can use personal unsecured loans for any purpose, but your lender might want to know what your intentions are. People tend to apply with a specific, large project in mind, such as:
Borrow to raise the funds for the materials you need to redecorate, or build an extension.
Car purchase loans can be cheaper than dealership finance plans, with rates available to suit your requirements.
Save on fees and hassle by clearing other existing debts, in favour of a single monthly repayment, with a debt consolidation loan.
Give your start-up a boost or grow your customer base. Business loans can help give you the edge over your competitors.
Before applying for a business loan, it’s worth understanding what lenders look for. These factors affect how much you can borrow and whether your application is approved.
Lenders will assess your income and outgoings to ensure you can afford the monthly repayments. They may also ask about any existing debts.
Lenders will use your credit report to determine your suitability for a loan. For this reason, it’s important to make sure your report is accurate. Any errors in the information you provide such as your address or income could affect the chances of your application’s success.
You don’t need perfect credit, but lenders will check your history, including any missed payments or CCJs. A stronger credit profile could help you access more competitive deals.
It’s also helpful to have a clear loan purpose in mind, as some lenders have restrictions on what their secured loans can be used for.
Every lender has their own criteria, including your income, credit score, equity, and loan amount. For more details, visit our guide to loan eligibility.
Applying for a loan with Norton Finance is easy and hassle-free. Simply:
At Norton Finance, we can help find a loan that suits your needs as compare hundreds of loan options, not just one like a bank or building society.
You could borrow between £3,000 and £500,000, over 1 to 30 years, depending on what works best for you. Unsure of how much you can afford to borrow? Try our secured loan calculator.
You can get a decision in principle within 24 hours and if approved, the money is usually paid within 14 days.
Click apply for a loan to start your journey
Fill out our online form for your personalised rates
Get the loan that best suits your circumstances
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.
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:
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.
Doctors, dentists, and healthcare professionals might use a loan to grow their customer base. This could be by investing in CRM (Customer Relationship Management) software to manage patient files more effectively, or market research to track feedback, improve customer service, and increase the level of interaction with patients.
Whatever the aim, a loan could help your healthcare business build a greater reputation, attract more patients, and ultimately become more profitable.
The UK has a booming population of self-starters and small retailers, who are increasingly harnessing the power of digital media to market their goods and services. A business loan could help fund professional digital marketing and social media management to keep you one step ahead of the competition.
With the help of a loan, restaurants, cafes, and hotels could transform their services from shabby to chic, improving their appeal. You could use the loan to invest in advertising to get your business’ voice heard or improve accommodation and facilities.