Do you need a small business loan to keep your company thriving?
Cashfloat, the payday lender you know and trust, has teamed up with leading business loans providers to go beyond personal finance and into business finance. We can now give you the best online borrowing experience for your business! No matter your industry, borrowing needs or credit score, you can expect the same fast, simple, hassle-free process with our business loans as you get with all of our unsecured short term loans.
✔Borrow from £1,000 up to £100,000
Don’t let money problems stop the growth of your business!
Who can apply for a small business loan with Cashfloat?
Cashfloat can offer small business loans to most SMEs (small and medium sized enterprises). If you’re a sole trader, the director of a limited company, a partner in an LLP or the director of a public limited company, you can almost certainly apply for a loan with cashfloat.
You’ll need to tick a few other boxes as well. You’ll need to have an annual turnover of at least £50k and have been trading for at least a year, for example. However, Cashfloat business loans are available to most businesses.
We want to give as many UK businesses as possible the funding they need to succeed.
Small business loans can be used for all sorts of purposes across a wide range of industries:
Auto and Transportation
Whatever industry you operate in, you can apply for a business loan (between £1,000 and £100,000) through Cashfloat’s fast, straightforward online application form.
Representative annual percentage rate (RAPR) – 49%
Why choose Cashfloat?
We’ve always tried hard to set the highest standards in fair borrowing and to boost the status of what used to be a tarnished lending industry. We’re committed to full transparency, and we pride ourselves on offering fair and flexible loan repayments to the markets we serve. Most of all, however, we always put our borrowers’ needs and requirements before our own.
Our business loans came about through request…
Five years and over 100,000 satisfied customers after we started providing personal loans, we were approached by business owners wanting transparent and fair loans for their businesses too. We love helping people, and we decided to help small businesses as well. So we took our signature automated loan process and applied it to loans for small businesses.
Our ultimate hope is to bring business owners in the UK a fair and robust business funding solution.
Get the service you deserve – apply now!
How our small business loans work
We work with top business loan providers in the UK to offer business loans from £1,000 up to £100,000. We also offer loan durations of up to 18 months and rates as low as 2% per month.
Our unique, hassle-free online application process fits the busy lives of business owners who are searching for fast, convenient funding. We don’t ask for detailed business plans or an in-person meeting. Our process is quick, straightforward and fully transparent – all without compromising on security or the quality of our service.
Our application process is as short and straightforward as possible
48 hour decision
Decisions are based on business performance more than your credit score
Once approved, you can get same day funding
Repay in easy instalments
Make monthly repayments on pre-arranged dates
Cashfloat has teamed up with the best business funders to provide you with a complete business funding solution! All you need to do is complete our short online application process to receive a decision from one of our trusted partners within 48 hours.
You can save yourself time by checking if you and your business are eligible before you apply! Here are our business loan requirements.
- Be over 18 years old
- Be a sole trader, a company director or a partner in a limited partnership
- Be a UK resident
- Have an Equifax score over 350
- Be UK based
- Be a sole proprietorship, an LTD, an LLP or a PLC
- Have been trading for at least a year
- Have an annual turnover of at least £50k
How quickly can I get a small business loan?
We specialise in fast finance, and we also partner with leading business funders that provide fast business loans. Applying with us takes about five minutes, and you’ll receive a decision within two business days. If you’re approved, you can get funded on the same day as approval! You can make the process even faster by having the following documents ready before applying:
- Your core business information, including your company registration number
- Your business bank statements for the last three months
- The most recent set of management accounts for your business
- Your business’ last VAT return
Who needs a bank for a business loan? If you and your business fit the application criteria and have all the information on hand, you can get funding from Cashfloat within 48 hours. Beat that!
Unsecured business loans
Our business loans are all unsecured. Even better, you don’t need a personal guarantee either.
Most lenders offering unsecured loans need a personal guarantee from the company director. At Cashfloat, however, we know that most people who apply for an unsecured business loan want the funds fast. They don’t have the time to look for a guarantor, and that’s why we won’t ask you to provide one.
Should I choose an unsecured loan or a secured loan?
If you’re still not sure which type of business loan will suit you and your business’ needs best, then have a look at the comparison below:
|Unsecured business loan pros:||Unsecured business loan cons:|
|Secured business loan pros:||Secured business loans cons:|
Is there government help for small businesses?
Business loan FAQs
What is a small business loan?
A small business loan is a business funding solution that allows small and medium-sized businesses to borrow money to fund business operations, investments or asset purchases. Business loans can be used as working capital to ease cash flow problems, to finance a small business purchase, to pay off debt or to fund business expansion, for example.
Can I get a business loan with bad credit?
Yes. Just like you can get a payday loan for bad credit, you can also get a business loan for bad credit. At Cashfloat, we want to give every business a fair chance at succeeding. If you need a business startup loan or just a regular business loan, but if you’ve got a low credit score, we’ll still try to help you.
While you can still borrow with a poor credit score, it’s always helpful to keep an eye on your business credit score and find ways to improve it.
What are the interest rates for business loans?
Business loan rates in the UK vary from lender to lender and between loan types offered by individual lenders. Factors unique to your business, such as the sector it is in and your credit history, can also affect the interest rates you’re offered.
At Cashfloat, we offer access to the lowest interest business loans. Rates with Cashfloat start at just 2% a month! We’ll lay out all the repayment terms and charges when you apply, so you’ll know exactly how much the loan will cost before you sign any contract.
We’ve partnered up with the best lenders in the UK to get you the best deals and rates.
Interest rates can be either fixed (stable over the term of the loan term) or variable (fluctuating during the loan term).
Should I use a small business loan calculator?
A business loan calculator could provide you with more clarity on what loan amount and term options will suit you. It could give you a better idea of how much you could borrow, the interest rates charged and the total you’ll have to repay.
Can I get a small business loan with no credit check?
People often look for loans that are provided without a credit check or that have guaranteed approval because they’re worried they’ll be rejected because of their credit score. Loans that are advertised like this are not recommended, however. This is because lenders that offer them are often not FCA authorised and may provide loans that come with excessive interest rates and inappropriate repayment terms. These loans can cause financial harm and should be avoided.
If you’re worried about getting declined due to a bad credit score, you can still apply for a business loan with Cashfloat. We accept applicants with a low credit score and will always try to lend to them rather than turn them away.
It’s also a good idea to focus on improving your business credit score. Improving your credit score will help your business the most in the long term. Click here to read more about how to fix your business credit score.
Are business loans for women available?
Of course. Women are just as likely to be accepted for Cashfloat business loans as men. We do not ask for or consider your gender when processing loan applications, and it does not affect the outcome of your loan application. As long as you fit the criteria laid out above, you can apply with us. Want to know more about women in business and financing options? You can read small business advice specifically for women here.
Can you get a small business loan without collateral?
Yes. Applying for a business loan with Cashfloat requires no collateral whatsoever! You can borrow between £1,000 and £100,000 through Cashfloat with no collateral.
If, however, you’re looking to take out a very large business loan or your credit score is particularly poor, a lender may require you to secure the loan with collateral. Secured business loans make borrowing possible in these situations and they also come with lower interest rates. However, they’re much riskier because you can lose your assets if you default.
Do business lenders assess your personal credit information?
Most business loan lenders will consider your personal credit rating as well as your business’ financial performance before approving you for a loan. Your personal credit rating helps to determine if you can be trusted to pay a loan back.
Can you use a personal loan for business?
Yes! The advantage of using a personal loan for business is that your business’ performance will not be checked. This can be useful if you’re starting a new small business or if you don’t want to send sensitive business information to lenders. However, if you default on the loan, it will be your own personal responsibility to repay it, regardless of whether or not the business is still operating.
How long does it take to get fast working capital loans?
A working capital loan is a loan that, instead of being used to buy assets or for investments, is used to fund short term business operational needs.
Just like a Cashfloat small business loan, fast working capital loans often reach a business bank account within a day of being approved. Cashfloat small business loans are just as fast as fast working capital loans!
Apply for a small business loan now!
Businesses need funding to grow and to succeed, and we’re here to give businesses the funding they need.
We’ve partnered with the leading business lenders to offer the best small business loans and to give every small business the chance to succeed!
As a business owner, your time is precious– and we won’t waste any of it. Our application takes just 5 minutes to complete, and you’ll get a decision within 48 hours.