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Apply for an Unsecured Business Loan to Grow your Business  

 

With an unsecured business loan, your personal and business assets won't ever be at risk. 

Our automated technology lets us get your business financed quicker than any other broker in the UK. Unsecured business loans get processed faster as valuations aren't required.

We supply unsecured business loans for any purpose to thousands of small businesses.

Apply for a quick decision unsecured business loan and borrow up to £250,000, and get funds in 24 hours.

 

Check whether you'll be accepted for an unsecured business loan

Simply click 'get a quote' to see what unsecured business loan offers you are eligible to receive

unsecured business funding

Credit never impacted

unsecured business finance

Funds up to £250,000

unsecured business loan

Interest rates from 2.9%

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unsecured loans for business

We've lent small business owners over £30m.

 

 

How Unsecured Business Loans Work

 

 

  • step 1
  • Apply

    Our online form only takes a few mins.

  • step 2
  • Approve

    We'll give you a fair credit decision.

  • step 3
  • Sign

    Sign the docs from any device.

  • step 4
  • Receive

    Funds can be in your account same-day.

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Find out how much you can borrow

How much would you like?

 

Why Apply for An Unsecured Business Loan with Us

 

fast unsecured business loans

 

Available 24/7

You can apply for a loan whatever time of day or night.

unsecured business loans uk

 

Completely Automated

Complete our short online form - get your fair credit decision. 

unsecured small business loan

 

What Suits You

Flexible repayment terms up to 5 years. Never any hidden fees.

 

 

What Are the Benefits of an Unsecured Business Loan?

Unsecured business loans are a great way to get funding for your business without having to put up any collateral. This means that you won't have to worry about losing your home or personal belongings if you can't repay the loan. Unsecured business loans also tend to have lower interest rates than secured loans, so you'll save money on interest payments over the life of the loan. 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 affordable way to finance your business, an unsecured business loan may be the right choice for you. 

 

What Is a Personal Guarantee on an Unsecured Business Loan?

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.

 

Does My Business Qualify for an Unsecured Business Loan?

To qualify for an unsecured business loan with Love Finance, you must be: trading for at least 3+ months minimum, a 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 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.

 

Unsecured Loans Compared to Term Loans

An unsecured loan is not attached to any of your business assets, which means that you don't have to put up collateral in order to qualify. This can be a good option if you don't have any valuable assets or if you're not comfortable putting them at risk. A term loan is a type of loan that is repaid over a set period of time, usually between one and five years. The length of the loan term affects the amount of interest you'll pay over the life of the loan- the longer the term, the lower the monthly payments but the higher the total interest paid. Term loans can be either secured or unsecured, depending on the lender's requirements.

 

Already been been declined for a unsecured business loan?

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 wont be impacted by applying for us so there is no risk in seeing how we could help.

 

A Good Candidate for an Unsecured Business Loan:

Trading 12+ months

Turns over £100,000+ yearly

Has clean credit & no CCJs

Growing business

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. But, by meeting these requirements, you are more likely to be approved for an unsecured business loan. 

 

 

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What can I use my unsecured business loan for?

Staffing:

Your business' success is dependent on having enough capable employees. However, there can be large upfront and ongoing costs involved with growing your workforce. An unsecured business loan can help you with these costs.

Equipment finance:

Your business needs good quality equipment in order to carry out the work you require. Financing your equipment purchases takes the stress away from you. Additionally, investing in a repayment plan protects your cash flow.

VAT loans:

Use an unsecured business loan to finance your VAT bill. The funds get paid directly to HMRC, making it easier for you to meet the payment deadlines and avoid any penalties. You then pay this back in affordable monthly instalments.

Expansion funding:

The success of your business is an exciting thing that high overheads should not diminish. As your business grows and expands, your business expenses will rise alongside. Unsecured business loans can be used to cover workforce and premises expansion costs.

Cashflow:

It is always beneficial to keep money within your business, if you happen to encounter any unexpected costs. Protecting your cash flow allows you to spend money on things that really need it, such as paying staff, renovating, tracking overdue payments..

Inventory purchases:

Buying stock in bulk is an excellent way to save money for your business, and allows you to always meet your customers' needs. Funding these additional inventory purchases with an unsecured business loan can convert said inventory into profit for you.

 

 

Speak with our account managers before you apply 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.

Call 0800 086 9404 or Email Us
Office Hours are Monday to Fri 9:00am - 5:30pm

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Unsecured Business loan resources

Understanding Business Loan Rates

Learn how unsecured business loan rates can differ and what influences them.

Unsecured Business Loan Calculator

Calculate your repayments using our unsecured business loan calculator.

How Unsecured Business Loans Work

Read about the difference between secured loans vs. our unsecured loans.

Apply for a Start-up Business Loan

We've partnered with Transmit who specialise in funding start-up businesses.

Learn about Invoice Financing

Find out how to support your cash flow using invoice finance.

Guide to Unsecured Business Loans

A comprehensive guide on unsecured business loans for your small business.

UK Unsecured Business Loans FAQ

What are general business loans?

A business loan is simply an amount of money from a lender forwarded to a commercial body for business purposes. Business loans are not regulated differently from any other type of loan, nor are they legally any different. Some loans, such as a personal loan (i.e. non-mortgage), generally have a no purpose clause - meaning that your business can use the loan for anything. However, a business loan strictly had to be used for commercial purposes. Business loans either come secured or unsecured, meaning that your assets are used as collateral (secured) or are not (unsecured).

What is an unsecured business loan?

An unsecured business loan is a type of finance that does not require you to provide security. Unsecured business loans are an excellent option for businesses that don’t have enough assets to offer as collateral or companies that prefer not to provide security. Unsecured loans for business are processed quicker than secured as there are no assets to evaluate, meaning an easier application process. Fast unsecured business loans are likely the best option for small businesses. Love Finance only offers unsecured business loans.

How much is an unsecured business loan?

Lenders may be reluctant to hand out large amounts of money to small business, 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.

How do I apply for an unsecured Business Loan?

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.

ELIGIBILITY

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 judgements) 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.

Is a small business loan secured or unsecured?

Secured vs unsecured business loan: secured loans use your assets as collateral and mean 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.

Can I repay my unsecured business loan early?

If you choose to do so, you can. And we never charge early repayment fees.

Can I get a start-up business loan?

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.

Can I apply for an unsecured business loan if I have a bad credit history?

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.

How can I improve my credit?

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.

What can my unsecured business loan be used for?

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.

Do you offer government recovery loans?

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.

When will I get my unsecured business loan?

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.

How to find the best unsecured loans UK?

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.

What happens if I don't pay my unsecured business loan?

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.

How do I avoid defaulting on my unsecured business loan?

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 payments 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.

How easy is it to get approved for unsecured business loans in the UK?

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.

How much do unsecured business loans cost?

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.

What if I've been unsuccessful in applying for an unsecured business loan already?

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.