NimbleFins Compares the Best Business Loan Companies

If you’re looking for funding for your small business then you’ll want quick finance that’s easy to apply for and helps you get on with running your business. But sometimes the options can be overwhelming. Here we take a look at some of the best small business loan providers and help you decide which is most suitable for your needs.

    • Borrow £1,000 - £750,000
    • Apply online in 5 minutes
    • Get approved in 24 hours
    • Borrow from 1 day to 5 years
  • Get Business Funding with Iwoca.

    Get started

    • Borrow £1,000 - £750,000
    • Apply online in 5 minutes
    • Get approved in 24 hours
    • Borrow from 1 day to 5 years
{"items":["\u003C\/p\u003E\n\u003Ch3 class=\"alternate-font weight-bold align-left\"\u003EGet Business Funding with Iwoca.\u003C\/h3\u003E\n\u003Ch3\u003E\u003Ca data-eventcategory=\"Header quote\" data-eventlabel=\"Compare Business Loans\" class=\"ShortcodeLink--root btn js-event-click\" rel=\"nofollow\" title=\"Get started\" href=\"https:\/\/www.financeads.net\/tc.php?t=33591C390279252T\"\u003EGet started\u003C\/a\u003E ","\u003C\/h3\u003E\n\u003Cp\u003E\u003Cdiv class=\"row row-columns shortcodeList \"\u003E\n \u003Cdiv class=\"full column\"\u003E\n \u003Cul class=\"arrow list\"\u003E\n \u003Cli\u003EBorrow \u00a31,000 - \u00a3750,000\u003C\/li\u003E\n \u003Cli\u003EApply online in 5 minutes\u003C\/li\u003E\n \u003Cli\u003EGet approved in 24 hours\u003C\/li\u003E\n \u003Cli\u003EBorrow from 1 day to 5 years\u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}

In This Review

Best business loan providers

Here is a summary of loan providers we have reviewed ranked by their Trustpilot score, which reflects real customer ratings.

RankLoans providerTrustpilot ScoreLoans availableLoan sizeInterest ratesTerms available
1Fleximize4.9Flexible business loans£5,000 to £500,0000.9% to 3.9% per month3 to 48 months
2Swoop funding4.8Wide range of loans offered through this broker£1,000 to £500,000VariesVaries
3Iwoca4.7Working capital loan, revenue based loan and buy now pay later finance£1,000 to £200,000From 2% per monthUp to 12 months
4Funding circle4.6Small business loan or recovery loan£10,000 to £500,0002.1% to 12.1% per month2 to 6 years
5Capify3.8Small business loan and merchant cash advance£5,000 to £500,000Around 2% per month6 to 18 months
6Sme loans3.2Wide range of loans offered through this broker£1,000 to £500,000VariesVaries
7Natwest1.4Wide range of loans including small business loans and bank overdrafts£10,000 to £500,000Up to 8.4%1 to 7 years for a small business loan

Who are the lenders

Capify

Capify is set up with small businesses in mind and loans are available for new businesses with only 6 months’ trading. Their website is clear and simple and they have a super speedy 60 second pre application checker and a quick and easy application process. Capify currently offers a limited range of business loans with terms of up to 18 months. Interest rates are on the high side at around 20% APR.

Fleximize

Fleximize is designed for small businesses and offers flexible loans with top-ups and repayment holidays available. There are no early repayment fees and no setup and arrangement fees. Most businesses receive funds within 24 hours and rates start at 0.9% per month. Borrowing options are limited if you’re not a homeowner and the range of business loans available is fairly small.

Funding circle

Funding Circle is a peer-to-peer lending platform that helps small businesses raise finance. They have a 30 second online eligibility checker, a simple and quick application process and a responsive customer service phone line. There are limited loan options and finance is not currently available for start up businesses that have been trading for less than 2 years.

Iwoca

Iwoca is a lender that specialises in lending to small businesses. It has a simple and quick application process, offers a straightforward fee structure, no early repayment fees, easy loan top ups and flexible repayment options. Iwoca only currently offers short term loans for up to 12 months and interest rates are on the high side and are at least 2% per month.

Natwest

As a highstreet lender, Natwest has a wide range of business loans and larger loans are available of up to £10 million and terms of up to 25 years. There are flexible repayment options available and no early repayment fees on many loans.

Sme loans

Sme loans is a broker that helps small businesses find funding to help them grow. They offer a wide range of business loans and have an easy and quick application process. Like other brokers, you may receive quicker funding by applying directly but using a broker will give you access to a wider range of loans.

Swoop funding

Swoop funding is a broker that specialises in finding funding for small businesses. As a broker, they offer a wide range of business loans and can give advice on which type of loan may be suitable. They offer a 30 second online eligibility checker and have a simple and quick application process. Like any broker, it may take longer to receive funding than applying directly.

What loans can I get?

Capify

Capify currently offers small business loans and merchant cash advances. Their small business loans are flexible and you can choose to repay your loan through daily or weekly regular small payments, rather than a large fixed payment. After you’ve repaid 60% of your loan you’ll also be eligible to top up your loan if you need extra funding. Capify also offers flexible merchant cash advances where you can apply for an advance of between 100% to 200% of your monthly credit and debit card turnover. You’ll repay your loan in small amounts every day through your card receipts.

Fleximize

Fleximize currently offers two main types of flexible business loans called Flexiloan and Flexiloan lite. Their standard Flexiloan can be used for any business purpose including improving cash flow, purchasing stock or funding business expansion.

You can borrow up to 2 months’ revenue and up to a maximum of £250,000 for an unsecured loan or £500,000 for a secured loan. If you’re not a homeowner, you’ll only be able to borrow a maximum of £20,000 for up to 36 months.

Funding circle

Funding Circle currently offers two types of business loan, a simple small business loan and a government-backed Recovery Loan. You can borrow between £10,000 and £500,000 and The website has a useful business loan calculator so you can work out how much a loan is likely to cost you.

Iwoca

Iwoca currently offers three types of loan: a working capital loan, a revenue based loan and buy now pay later finance.

Their working capital loan is called a Flexi-Loan and is designed to help businesses with short term cash needs. You can borrow from £1,000 to £200,000 but you’ll be limited to a maximum loan term of 12 months. Once you’ve paid back a third of your original credit limit, you can apply for a top-up as needed.

Natwest

Natwest offers a wide range of business loans including fixed and variable rate loans as well as small business loans, business credit cards and bank overdrafts. Businesses can also apply for a government-backed recovery loan if your business has been impacted by Covid 19.

Sme loans

As a broker Sme loans offer a wide range of loans and will be able to give you advice on the best type of business loan for your needs. Loans on offer include simple business loans, start up loans, recovery loans, invoice finance, asset finance and business lines of credit.

Swoop funding

Swoop funding is another lending broker that will give you access to a wide range of possible lonas. You’ll also be able to speak to an adviser to help you choose the best type of loan for your circumstances. Loans on offer include simple business loans, recovery loans, invoice finance, asset finance, merchant cash advances, commercial mortgages and even equity finance.

How much do their loans cost?

Capify

Capify charges interest of around 2% per month on its small business loans. You’ll also need to pay processing fees when you take out a loan and monthly fees on certain types of accounts.

Fleximize

Flemimize charges interest of between 0.9% to 3.9% per month depending on your credit record, the amount you borrow and your repayment term. There are no early repayment fees and no setup and arrangement fees so there won’t be any nasty hidden surprises.

Funding circle

With Funding circle a simple business loan will cost between 2.1% to 12.1% per month depending on how much you want to borrow and the borrowing term. There’s also a simple one-off fee when you apply but there are no early repayment charges.

Iwoca

Like many other small lenders, Iwoca’s interest rates are on the high side and you’ll pay from 2% per month. On the plus side, Iwoca offers a simple fee structure, no early repayment fees, easy loan top ups and flexible repayment options which should save you time in the long run.

Natwest

As a high street bank, Natwest may be cheaper than some smaller lenders and they charge up to 8.4% APR on their small business loans. They offer flexible repayment options available and no early repayment fees on many loans so there won’t be any hidden costs.

Sme loans

As a broker, Sme loans vary in price, depending on the lender you use and the type of funding. You’ll be offered full information on the terms on your loan before you sign on the dotted line.

Swoop funding

Like other brokers, Swoop funding offers a wide range of different loan options with different payment terms and interest rates. You’ll need to check the terms and conditions on your loan to see the interest rates and charges due.

Who do they cover?

Capify

Capify small business loans are available for UK based businesses that have more than £10,000 a month passing through their business bank account and have trading records for at least 6 months Merchant cash advances are available for UK businesses with at least £6,000 per month in card payments and at least 6 month’s worth of trading records.

Fleximize

Fleximize offers two types of flexible loans for businesses that have been trading for over 6 and over 12 months. To be considered you’ll need to have a minimum monthly turnover of £5,000. If you’re not a homeowner then you’ll need to have been trading for over 36 months and you can only borrow a maximum of £20,000.

Funding circle

Funding circle offers business loans to UK businesses with a minimum of 2 years’ trading history and 1 year’s filed accounts. You’ll also need to provide a personal guarantee.

Iwoca

Iwoca loans are currently only available for businesses based in the UK, Germany or Poland with a minimum of 3 month’s trading history. Most loans also require a personal guarantee.

Natwest

All business customers are eligible and Natwest reveals that 51% of applications for a business loan are successful.

Sme loans

Sme loans will search for business loans for a wide range of businesses with a variety of needs and circumstances. As a broker they can advise you on whether you’re likely to be accepted for a business loan before you take the plunge and formally apply.

Swoop funding

Swoop funding has access to a wide range of business loans with varying eligibility criteria. They’ll be able to advise you on if you’re likely to be eligible for a certain type of loan and the best loan to suit your circumstances.

How do I get a loan from them?

Capify

Capify has a simple application process that is designed to be as straightforward as possible. You’ll need to pass a credit check and Capify will ask to see a proof of ID, details of how much you want to borrow and the purpose of the loan, financial reports and details of any outstanding borrowing arrangements.

Fleximize

Fleximize has a quick and easy application process and you’ll be able to apply online in less than 5 minutes. Fleximize will run credit checks on your business and will ask you to provide bank statements for the last three months of trading, the most recent set of management and details of your last 12 months' revenue. You’ll be matched with a dedicated account manager to help you during the application period. Most customers receive a final decision within 24 hours and you could receive funds on the same day.

Funding circle

Funding Circle’s application process is simple and only takes a few minutes. You’ll need to provide bank statements for the last 8 months and financial statements including profit and loss and balance sheet.

Iwoca

To apply for an Iwoca small business loan you’ll need details of how much you want to borrow over what period. You’ll also need to provide basic details of your business and your recent bank statements. To apply for a revenue based loan you’ll need open banking so you can link your bank account to Iwoca. Iwoca will check your eligibility and assess your loan application through their linked software.

Natwest

To apply for a small business loan you’ll need to give details of your business name and legal structure, your directors, your existing borrowing commitments and overdraft and your annual turnover. Natwest reveals that 51% of business loan applications are successful.

Sme loans

To apply for an Sme loan you’ll need to decide how much to borrow, then click apply and fill out an online application form. You’ll be asked for your personal and business details and if you’re accepted you should receive your funding within 24 hours.

Swoop funding

To apply for a loan through Swoop, you’ll need to register your business. You’ll then get access to a personalised dashboard where you can access Swoop’s smart matching technology and sort through 1000s of possible products. You’ll also get a summary of any loan applications and be able to see up to date progress on any loan applications.

What do customers say about them?

Capify

Capify has earned 3.9 stars out of 5 with Trustpilot reviewers. Customer reviews comment on their helpful customer services team and the speed they received funding.

Fleximize

Fleximize has earned a stellar 4.9 stars out of 5 with Trustpilot reviewers. Customers comment on their easy and quick application process and their helpful customer services team.

Funding circle

Trustpliot reviewers gave Funding Circle an impressive 4.6 stars out of 5 for its business loans. Many customers comment on how easy and quick it is to apply for a Funding Circle business loan. Customers also praise the helpful customer service team and the competitive loan rates.

Iwoca

Iwoca has earned an amazing 4.7 stars out of 5 at Trustpilot for its business loans. 90% of reviewers give Iwoca a 5 star rating and only 2% of the reviewers give Iwoca 1-star review. Customers comment on their easy and efficient application process.

Natwest

Trustpilot reviewers give Natwest bank a lacklustre 1.4 out of 5 stars. However, these reviews are from all Natwest’s customers, not only business customers, so they may not be a true reflection of Natwest’s customer service for business owners. Many customers were unhappy about the length of time it took to get through to customer services on their phone line. Reviewers also found it difficult to update account details and resolve problems with their accounts.

Sme loan

Google reviewers gave Sme loans 4.2 out of 5 stars and several customers commented on how the customer services team helped them find a suitable loan for their small business.

Swoop funding

Swoop has earned an amazing 4.7 stars out of 5 at Trustpilot for its business loans. Many customers comment on the great customer services team and explain how helpful Swoop were in helping their startup businesses get funding.

Consider this provider if…

Capify

Consider a Capify if you want a flexible business loan short term for up to 18 months that’s easy to top up. You’ll also be able to check your eligibility using their pre-application checker in 60 seconds on their website.

Fleximize

Consider Flemize if you want a small, flexible business loan for up to 48 months and a quick lending decision.

Funding circle

Consider a Funding circle loan if you want quick and easy business finance for up to 6 years with a fast lending decision.

Iwoca

Consider Iwoca if you’re a small business and you need short term finance of under 12 months. Iwoca also offers buy now pay later finance which can be a good option for small businesses.

Natwest

If you're an established business and you need a larger business loan then you may want to consider a traditional lender like Natwest. Standard business loans from traditional lenders with longer terms also often charge lower interest rates than shorter term flexible loans.

Sme loans

You may want to consider using a business loan broker if you need advice on the best type of business loan for you. Brokers can also be great if you’ve got bad credit as they’ll be able to search a wide range of lenders to find the right ones for you.

Swoop funding

Like other brokers, Swoop funding will be able to give you advice on which business loan is suitable for you. This can be a great help if you’re not sure what to apply for or have previously struggled to get business finance. Swoop funding has a 30 second online eligibility checker and you’ll get access to a handy personal dashboard that can help you keep up to date with any loan applications.

    • Borrow £1,000 - £750,000
    • Apply online in 5 minutes
    • Get approved in 24 hours
    • Borrow from 1 day to 5 years
  • Get Business Funding with Iwoca.

    Get started

    • Borrow £1,000 - £750,000
    • Apply online in 5 minutes
    • Get approved in 24 hours
    • Borrow from 1 day to 5 years
{"items":["\u003C\/p\u003E\n\u003Ch3 class=\"alternate-font weight-bold align-left\"\u003EGet Business Funding with Iwoca.\u003C\/h3\u003E\n\u003Ch3\u003E\u003Ca data-eventcategory=\"Header quote\" data-eventlabel=\"Compare Business Loans\" class=\"ShortcodeLink--root btn js-event-click\" rel=\"nofollow\" title=\"Get started\" href=\"https:\/\/www.financeads.net\/tc.php?t=33591C390279252T\"\u003EGet started\u003C\/a\u003E ","\u003C\/h3\u003E\n\u003Cp\u003E\u003Cdiv class=\"row row-columns shortcodeList \"\u003E\n \u003Cdiv class=\"full column\"\u003E\n \u003Cul class=\"arrow list\"\u003E\n \u003Cli\u003EBorrow \u00a31,000 - \u00a3750,000\u003C\/li\u003E\n \u003Cli\u003EApply online in 5 minutes\u003C\/li\u003E\n \u003Cli\u003EGet approved in 24 hours\u003C\/li\u003E\n \u003Cli\u003EBorrow from 1 day to 5 years\u003C\/li\u003E\n \u003C\/ul\u003E\n \u003C\/div\u003E\n\u003C\/div\u003E"],"offsetPercentage":20}
Alice Guy

Alice Guy is a Suffolk-based business and personal finance writer. She trained with KPMG in London as a Chartered Accountant before working as a business analyst for Tesco Plc. Alice has personal experience surviving on a tight budget when she took time out to care for her young family. She loves to write about business finance, saving and investing—all the money stuff we were never taught at school.

Comments