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Why use a finance broker?

Regulated

All brokers on Finative are regulated by the FCA, who’s role is to protect consumers and businesses against financial misconduct. You're in safe hands.

Impartial Advice

Brokers have access to the whole of the lending market, and can therefore act impartially on your behalf and provide you with guidance and advice from their wealth of experience

Save time

Rather than searching the market yourself, the broker will do the work for you, leaving you to focus on doing what you do best - running your business

Personal Approach

Brokers will take the time to understand the needs of your business. They are focused on exploring every possible option before giving you a response, with no automated eligibility checks

Why use Finative?

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How Finative works - from start to end

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* We only service Limited companies at this time

What can a finance broker help me with ?

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Coronavirus - Small Business Support

We know that with a lot of information circulating in these unknown times, simplicity is key. We have sourced the relevant and up-to-date links for government and British business bank guidance and advice. To help you get clear and concise information, to help keep your business running.

We also have  a directory of finance brokers who can provide you with guidance and advice when applying for government schemes and support.

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Frequently Asked Questions

Why would I use a finance broker over searching the market myself?

How long will the broker take to source my business finance?

Many brokers would turn around and ask your business a similar question, “how quickly will you be able to send the relevant documentation over?”. Once your business has sourced and sent the required information to the broker, you can sit back and relax as they will handle the rest. Of course, the broker will aim to provide you with offers as quickly as possible but as with any business finance request, they are subject to vigorous credit and affordability checks. Generally, secured loans may take longer.  

How much can I borrow?

The amount that your business can borrow will vary dependent on a number of factors such as – but not limited to - the affordability of your business (or ability-to-repay), credit status, the collateral in your business(e.g., assets), time-in-business and the industry or sector that your business is operating in.   A broker will be able to provide transparency around this question, after undertaking a thorough analysis of your business loan request and accompanying information.

What type of business finance can I get?

When you search through the Finative directory for a suitable broker, there will be information on what each broker specialises in.Some will have expertise in a particular niche, whereas others will cover the whole of the market. Generally speaking, these are the types of finance your business could get: 

Asset Finance is a type of lending which allows a business to fund the purchase of assets or equipment, over an agreed period of time, with regular payments.

Bridging loans allow a business to lend a sum of money to cover the period of time between the processing of two transactions.Typically, the buying of one property and selling of another.

Unsecured business loans are a type of lending solution whereby a business can access finance without having to use personal or business assets as collateral. In other words, should the business be unable to repay the loan, the lender is not able to recover the losses by repossessing assets such as a house. Often, this means the interest rate is higher.

Secured business loans require a business to offer personal or business assets as collateral in exchange for the loan. If the business is unable to repay, the lender is entitled to repossess the asset.Interest rates are generally lower as a result, but this type of finance is much riskier, and businesses should not commit to it without careful consideration.

Invoice Finance allows businesses to borrow money against future invoices, or money owed to them by customers. These facilities tend to be used to improve cash flow.

Merchant Cash Advance gives a business an amount of money upfront in exchange for a portion of future card sales, plus interest.This is most suitable for businesses that take a significant percentage of their sales through card terminals.

Working Capital or Cash Flow Loans are a form of finance that is generally used to cover the day-to-day expenses of a business.These could be payroll, rent, utilities or other recurring expenses.

What type of business loan is best for me?

The broker will be able to sit down with you to discuss the most appropriate solution using their expertise in the industry –something that you wouldn’t get through going direct or using comparison sites. Determining the type of finance is a critical stage in the loan process that is often underestimated, as there could be solutions tailor made for your business’ situation that haven’t yet been explored.

Will searching affect my credit score?

On the Finative platform, filling out your request for finance is what’s called a “soft search (check)” where searching will not impact your credit score. Once the broker is ready to submit your full application to the lenders, they will explicitly ask for your permission to do so as most lenders will conduct a “hard search (check)” on your business’ credit history which will be recorded on file.

How do I know that the broker is regulated?

When you have filled out your request, our technology will match you with appropriate brokers and you will be able to click into a ‘profile’ page of each one. This will display their FCA (FinancialConduct Authority) number which signifies that they are operating under clear regulation. The FCA is responsible for protecting consumer and businesses against financial misconduct.

Will I need to secure the loan with collateral?

If your business is looking for a secured loan facility, then you will need to offer personal or business assets as collateral. An inability to repay could lead to the asset in question being repossessed by the lender.

What information and documents will the broker need to process my loan application?

Through the Finative platform, you can search for a business loan by inputting some basic information about your loan request to begin with. To speed up the process, once you have given us permission to contact the broker that you have chosen, you can create your own Finative portal where we will store your loan information ready for the broker to view, and for future requests. The more information you fill out in the application, the quicker the broker will be able to handle your request. This will include being able to connect directly to Companies House to pull director and financial information. 

Other documents the broker may need include:
- Business bank statements (3-6 months)
- Financial accounts
- Management accounts (*variable)
- Details of company directors
- Proof of ID
- Proof of address
- Cash flow forecasts (*variable)

How do I know how much a business loan will cost?

Another reason to perform your business loan search through a regulated finance broker is that they will provide transparency and clarity around the total cost of repayment. Simply put, a business loan is generally lent to a business for use over an agreed time period during which the business will repay both the principal (i.e., the amount borrowed) plus interest. However, the high-level interest rate figure can often be misleading. Let’s break down some of the common terminology around loan interest: 

Underlying interest rates can be both fixed and variable.  

Fixed Interest – The agreed interest rate does not change during the loan period. This makes it easier to calculate future payments and is more suitable for businesses who prefer predictable loan repayment payment terms.

Variable Interest – this kind of rate has the potential to change periodically as it is tied to a benchmark (or index). If the benchmark rate changes, so does the interest rate on your business loan. This could mean that you end up paying more, or less, to repay the loan than you originally thought making them slightly riskier and less predictable.

Interest rates make up part of the overall APR figure that lenders will quote you, and the remaining amount is made up of fees.

Other fees include:
-Arrangement fees
-Processor service fees
-Exit fees
Always ensure that you have clarity around the total cost of repayment before committing to a deal.

How is loan interest calculated?

One often misunderstood component of interest rates is that they can be calculated on a simple or compound basis, which lenders do not provide much transparency on. 

Simple- assumes a flat % rate on the original loan amount over the loan term.

Compound- interest is calculated on the original loan amount, plus accumulated interest.

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* We only service Limited companies at this time