With an unsecured business loan, your property & assets are not at risk.
Our automated software allows you to get your loan quoted & paid quickly with no hassle.
Get a free quote for up to £500,000, with money available in under 24 hours.
Funds up to £500,000
Rates from 5.5%
See the business loan offers you are eligible to receive.
This will not impact your credit score.
We'll give you a fair credit decision
Upload documents instantly to support your business loan application
Perform easy ID verifications in seconds using our quick business loan app
Access free chat support for any help you might need during your business loan process
You can apply for a loan at whatever time of day or night.
Complete our short online form - get your fair credit decision.
Flexible repayment terms up to 5 years. Never any hidden fees.
We're automated, but it's always nice to know there's a real person behind the scenes to support your funding needs, so if you have any questions regarding business loan cost, how to best get a business loan, or about business lending in general, please don't hesitate to contact us before you apply for a business loan.
Call 0800 086 9404 or fill in the simple form above
Office Hours are Monday - Friday, 9:00 am - 5:30 pm
There's no need to feel discouraged if you've been unsuccessful in applying for an unsecured business loan. At Love Finance we have options for small businesses that have not been approved previously. As we only perform soft searches early on, your credit score won't be impacted by applying with us so there is no risk in seeing how we could help.
Trading 12+ months
Minimum monthly turnover: £10,000
Has clean credit & no CCJs
Positive business growth
Owns a physical store or website
The above criteria are not an absolute necessity, we will always do our best to source you the funding you need for your business.
By meeting these requirements, you are more likely to be approved for an unsecured business loan.
We're automated but it's always nice to know there's a real person behind the scenes to support you, so if you have any questions regarding unsecured business funding, or you're looking to enquire please don't hesitate to contact us.
Unlike a secured loan, unsecured business loans are a great way to get funding for your business without having to put up any collateral. This means that business owners won't have to worry about losing their homes or personal belongings if they can't repay the loan.
Unsecured business loans tend to have a slightly higher interest rate than secured loans. Unsecured business loans can be used for a variety of purposes, including start-up costs, working capital, and expansion. So if you're looking for a flexible and low-risk way to finance your business, an unsecured business loan may be the right choice for you. Love Finance only offer business loans, we cannot provide unsecured personal loans
To qualify for an unsecured business loan with Love Finance, you must be:
- Trading for at least 3+ months
- UK-based business
At Love Finance, we are proud to offer unsecured business loans to a wide range of businesses. Whether you're a start-up or an established business, we may be able to help you secure the funding you need. So, what do you need to qualify for one of our unsecured business loans?
Your business must be based in the UK. We also require that you have been trading for at least 3 months and it helps if you have a good personal credit history. In addition, we will need to see proof of your income and expenditure. Once we have all of this information, we will be able to make a decision on your loan application.
When it comes to business loans, there are two main types: secured and unsecured loans. As the names suggest, the key difference between these two loan types is whether or not collateral is required.
Secured business loans
A secured loan is one where the borrower puts up some form of collateral - typically property or equipment - as security for the loan. If the borrower defaults on the loan, the lender can seize the collateral and use it to repay the loan.
Unsecured business loans
An unsecured loan, on the other hand, does not require collateral. This makes them a riskier proposition for lenders, and as a result, they tend to come with slightly higher interest rates than secured loans. Unsecured loans are also typically smaller in size than secured loans.
Lenders may be reluctant to hand out large amounts of money to small businesses, but legally, there is no limit on the size of an unsecured business loan. Depending on the thing you want to finance, whether it is a piece of machinery, new land, a commercial vehicle, or just a general business loan to protect your cash flow; the amount of money you will want to loan (and you will receive) will be different. The size of the loan will depend on the amount of security you can put up against it. Love Finance's unsecured business loans can be anywhere from £5,000 to £250,000, which can be used to fund anything you want to help your business grow.
Love Finance wants to make the borrowing and lending process as simple as possible for our customers. We don't want you to deal with tons of red tape and lengthy application forms; instead, we look for a compelling business model and confident leadership. That's why we want to bring our speed to the forefront. It's what sets us apart from our competitors. We don't ask you to fill in loads of paperwork, favouring a speedy yet personal service. While we appreciate the recent, significant developments in cutting-edge technology (we use it too), we know it comes with limitations. So, unlike other lenders, we don't use algorithms to make our decisions. We genuinely believe that our process successfully brings you fast, fair, and flexible approvals.
Parliament sets specific legal requirements in order to protect business owners who want to take out a loan. We must ensure that our clients comply with these requirements to protect themselves and us. We recommend that you have proof of regularly filed accounts and knowledge of your credit ratings or any CCJs (county court judgments) you might have. There are also requirements that lenders enforce to ensure that we are only ever supplying loans to people that can repay them. We never want to put you in a difficult position. All unsecured business loans are for UK-based businesses only.
Secured vs unsecured business loan: secured loans use your assets as collateral, meaning that they could be at risk if you default on the loan. Unsecured loans do not require collateral so your property and assets won't be seized by the lender. If you choose to get a small business loan through Love Finance, we always offer quick unsecured loans with instant decisions.
If you choose to do so, you can. Depending on the lender you may be able to pay less interest by paying your unsecured business loan off early. At Love Finance we never charge early repayment fees.
Unfortunately, we currently cannot provide loans to any businesses trading for under 12 months. If you want an unsecured business loan for your start-up, we can point you in the direction of Transmit. They specialise in start-up loans. They'll know we have referred you if you write 'LOVE' in the referral box.
Numerous varying factors can impact your credit score. The most crucial factor is that you have quickly paid any previous credit off. The best thing you can do for your credit is to ensure that you always pay off credit on time. Additionally, make sure that you are entering into arrears on any other current lines of credit. It may make it harder to get an unsecured business loan if you have bad credit, as the lender has to trust that you will repay - whereas if it was secured, they know that you will repay to avoid the seizure of your assets. Generally speaking, unsecured business loans are easier to qualify for than secured loans because they don't require collateral. However, lenders will still consider your credit history when making their decision.
Having bad credit can make it more difficult to get approved for an unsecured business loan in the UK, but it's not impossible. There are a number of factors that lenders will take into account, including your overall financial situation and the amount of time you've been in business. If you have bad credit but are otherwise a strong candidate for an unsecured business loan, there are a few options available to you. You may be able to get a co-signer or apply for a loan with a higher interest rate. Ultimately, the best way to improve your chances of getting approved is to work on building up your credit score before you apply. We will always be happy to look into your situation and work to find you alternative funding options.
The lender may ask for your personal guarantee, which is a promise that you will repay the loan if the business is unable to. This type of loan is often used by small businesses that do not have the collateral to secure a loan. Unsecured small business loans can be more difficult to obtain than secured loans, but they can be a great option for businesses that do not have the assets to put up as collateral. If you are considering an unsecured business loan, be sure to understand the terms of the personal guarantee.
If you're looking to improve your credit rating, there are a few things you can do. Unsecured business loans don't require any collateral, so they're less risky for lenders. As a result, they can help you build up your credit score. Another option is to get an unsecured business loan from a lender that reports to the credit bureaus. This can also help improve your credit rating. Finally, if you have any outstanding debt, make sure to pay it off as soon as possible. This will help improve your credit utilisation ratio, which is another factor that impacts your credit score. By taking these steps, you can start to improve your credit rating and get on the path to financial success.
We finance a wide variety of different business assets. An unsecured small business loan can be used for virtually anything. Whether you want to purchase some new machinery, extend your offices, give your staff a pay rise, buy a fleet of commercial vehicles, or just want a simple cash injection into your business - we can help you with unsecured business finance. You could also use the loan to help you fund your VAT bill by bridging the gap between your working capital and what you owe HMRC.
We can support businesses that haven't yet applied for the Recovery loan scheme. Simply request a quote and if eligible we will get you funded.
Our unsecured loans come with instant decisions. Once you've applied online using our 2-minute form, we will email you with your instant decision. Once you have been approved, funds can be in your account in as little as 4 hours.
Before applying for a business unsecured loan, you should do your research. Ensure that you choose the right option, finding the correct repayment terms, amount, use, etc. Consider whether you want the unsecured business loan long-term or short-term, as different lenders will provide different options.
If you don't pay your unsecured business loan, the lender may take legal action against you. This could result in a judgment being entered against you, which would damage your credit rating and make it difficult to obtain future financing. The lender could also seize your assets. As a result, it's important to take measures to ensure that you can repay your unsecured business loan on time. If you're unsure about whether you can afford it, consider discussing your options with the lender. They may be willing to work with you to find an unsecured business loan payment plan that fits your budget.
Yes, our unsecured business loans are also term loans, which means that a business owner will make fixed monthly payments, without any risk to their personal assets. However, failure to make repayments can leave the business owner personally liable. When you apply, consider the unsecured business loan cost each month. Poor credit history or being a sole trader rather than a limited company may result in higher fixed monthly payments. However, at Love Finance we may be able to offer you monthly or quarterly instalments over a fixed time frame to make loan repayments more manageable.
Defaulting on a loan can have serious consequences. Not only will it damage your credit score, but you may also be liable for late fees and other penalties. If you're struggling to make your payments, there are a few things you can do to avoid defaulting on your loan. First, talk to your lender. They may be willing to work with you to create a new payment plan that fits your budget. Second, consider consolidating your debt. This can help to lower your monthly repayments and make them more manageable. Finally, make sure to stay current on all of your other financial obligations. Defaulting on a loan is a serious matter, but by taking proactive steps, you can avoid this outcome.
Unsecured business loans can be a great way to finance your business, but how easy is it to get approved? In the UK, unsecured business loans are usually available from a variety of lenders, including banks, building societies, and specialist lenders. However, the approval process can vary depending on the lender. Some institutions may require a detailed business plan and financial projections, while others may only require basic information about your business. In general, though, UK unsecured business loans tend to be easier to obtain than secured loans because they typically involve less paperwork and lower borrowing costs. If you're thinking about applying for an unsecured business loan, reach out to talk to one of our account managers and they can help you out with any queries you may have.
Your unsecured business loan will cost you the amount of the loan, plus interest. The interest rate will depend on your business' health and how long you have chosen to pay the loan over. Interest rates for unsecured business loans with Love Finance start at 2.9% and we never charge any hidden fees. You can get an idea of what your repayments will look like by using our UK unsecured business loans calculator.
One option is to look into government funding programs. These programs typically have less stringent requirements than traditional loans, and they can often be used for a wider range of purposes. Another possibility is to seek out private investors. This can be a great option if you have a solid business plan and are confident in your ability to repay the loan. Finally, don't forget about personal loans from friends or family members.
If you need any help regarding unsecured business loans, or you're looking to enquire please don't hesitate to contact us.