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The different types of business loans
Whether you’re looking to borrow to grow your business, access short-term finance, or to get immediate working capital to cover costs, we have the right option for you.
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Open banking technology
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We will analyse your information, and match you with banks who are happy to lend to you in minutes.
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If you have any questions, one of our experts will be available to speak with you via our app, or on the phone.
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Personalised and flexible options to help you grow your business, consolidate debt, smooth cashflow, or buy new stock and equipment.
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- Flexible borrowing with no early repayment fees
FAQs
binq specialises in business loans from £1,000 to £1 million. How much you can borrow will depend on things like your turnover, credit history, and how long you’ve been trading for.
Usually, business owners use loans to buy new stock and equipment, manage cash flow, cover unexpected expenses, expand premises, and marketing. But you can use it for any legitimate business purpose, and the interest may be tax-deductible.
Most online lenders will give you decision within hours or days, whereas high street banks might take several weeks. By getting all your documents and relevant information ready, you can put yourself in the best position to getting accepted quickly.
Typically, you'll need at least one year of financial statements, your VAT returns, and details of any outstanding invoices or money you owe. You’ll also need to provide 12 months of banks statements, which is done with open banking technology.
This depends on what the most suitable type of loan is for your business. Secured loans might give you access to larger borrowing and at better rates, but your assets will be at risk.
Rates vary depending on your business profile, and the kind of loan you’re applying for. So, it’s best to shop around and research all your options.
How long you have will depend on how much you’re borrowing and the terms of the agreement. Short-term loans can be 3-18 months, but with a long-term loan, you could have up to 10 years to repay.
Longer-term loans usually mean lower monthly payments, but you could find yourself paying more over the duration of the agreement.
Depending on the type of loan and your business, lenders might run a check against your company, or yourself. It’s worth remembering that applying for a loan for your business won’t automatically affect your credit score, but it could show up on your report.
In some cases, you can, but it’s likely that you’ll only be able to borrow lower amounts, and at higher rates. There are some lenders who specialise in bad credit loans, so always shop around.
If you're struggling to keep up, then contact your lender immediately. They might offer you different terms to give you extra breathing space, so you can stay on track.
Missing payments can impact your credit score, result in legal action, or lead to your assets being seized.
Using open banking technology and AI, we assess your business information, and match you with the specialist and traditional lenders to find you your best options.