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Business Loans
A simple sum of money borrowed from a lender, paid back over a set period, with interest.
1. Complete applications with lenders that are right for your business, and are likely to approve you.
2. Once approved, drawdown funds and use them however needed for your business.
3. Repay the loan with interest, over the agreed period.
Get the best rates and fast funding for your business, with NorthFunding.
Unsecured Business Loans
An unsecured business loan is a lump sum borrowed without any security against your assets.
These loans are riskier for lenders as they rely on your business' financials and creditworthiness.
Typical funding amounts?
£1,000 - £2,000,000
Repayments & Fees?
Monthly.
APRs vary but are typically higher than secured loans.
Eligibility & Security?
Great for businesses without significant assets, but with good turnover, credit history, and financial stability.
Director guarantees would be required.
Secured Business Loans
A secured business loan is a lump sum secured against fixed assets, usually commercial property or equipment.
These loans are more risk-averse for lenders as they have tangible security against the money borrowed, but this obviously means that the borrower might lose the assets should the loan fail to be repaid.
Typical funding amounts?
£10,000 - £50,000,000
Repayments & Fees?
Monthly.
APRs vary but are typically more competitive than unsecured funding.
Eligibility?
Great for businesses with significant assets, but lenders will also be looking for a positive track record, with turnover, credit history, and financial stability.
Director guarantees are occasionally required, but a company debenture (a charge over the businesses assets) is always needed.