Unsecured Business Loan in the UK

Find your unsecured UK business loan at MJ Capital Finance today.

It doesn’t matter if your UK business does not own significant assets as unsecured business loans are the popular and quick funding solution when cash flow injections are required.

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Unsecured Business Loan in the UK

What is an unsecured business loan in the UK?

Trading UK businesses can access unsecured business loans up to a maximum of £350,000.00 per lender you can have more than one lender and these convenient loans are one of the most straightforward funding options on the market. There’s generally no need to secure any business assets, like property or land, against these loans, and they offer flexible repayment terms to suit any sized organisation. If your business has a small turnover or is a recent startup, it’s possible that personal guarantors may be required in order to access this type of funding. However, any unsecured loan is judged on its own merits, here at MJ Capital Finance.

It’s often possible to arrange an unsecured business loan within a few hours, so you benefit from cash at the bank when it’s required.

Just some benefits of an unsecured business loan in the UK include:

– Fast and simple loans, enabling businesses to borrow from £1,000 to more than £500,000
– No requirement to secure the loan against business or personal assets
– Repayments to suit your business: ranging from 30 days to five or more years
– Virtually immediate release of funding
– Can be used for any purpose
– Minimum fuss and paperwork required, with all interest and charges agreed upfront

These loans are ideal for businesses needing a short- to medium-term funding solution.

The first thing to bear in mind is that unsecured business loans are only available to existing organisations, and cannot be accessed by start-ups. That said, you can apply for this type of loan after just four months of trading, so it’s an ideal business growth solution. What’s more, you could qualify for an unsecured business loan even if turnover is just £10,000. Limited companies, limited liability partnerships, and sole traders all have the ability to apply for these types of loans.

In general, applicants for an unsecured business loan in the UK should have a good personal credit history, as well as a good business/company credit history. It’s quite possible that your lender will require a personal guarantee for loans of this nature, as this protects the lender against defaults. One way for start-ups to qualify for higher loans is when director guarantees are in place. For example, if you own your own home, some or all of the equity held in the property could be used to guarantee your business loan.

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The experts at MJ Capital Finance can work with you to ensure there is business funding available at times when it’s needed. Why not get in touch to discuss your requirement for an unsecured business loan in more detail? We’ll happily talk you through all available options because if your business doesn’t qualify for an unsecured business loan, there are lots more loan products that could be more suitable.