Top 31 Unsecured Business Loans & UK Finance Options 2024

The prospect of securing a loan on a valuable business property can be a bit daunting for some small business owners. Thankfully, there are lots of unsecured business loan options out there to choose from, all with different terms to suit different kinds of businesses.

These lenders and brokers offer fixed and flexible competitive unsecured loans from a couple of thousand pounds to millions. Keep scrolling to find the best unsecured loan for you.

Featured: iwoca *

Offers a flexible loan.
Borrow from £1,000 to £500,000.
Repay over 24 months.
Apply online in 5 minutes.
Open to sole traders, partnerships and limited companies.
Dedicated account manager.
Decision in 24 hours.
Receive the money within hours.
No fees for repaying early.
‘Excellent’ Trustpilot rating.

Website: iwoca Business Finance
Read the full iwoca review.

Featured: Tide*

Connect your business bank account in minutes and they will give you your options
Compare business loans without impacting your credit score
Apply in 5 minutes
Depending on the loan, funds could be available in around 24 hours

Click here to learn more about Tide Business Loans

Featured: Uncapped*

No securities, guarantees or dilution required
Loans range from £50K up to 10M
Find out if you’re eligible for funding in 30 seconds
Fees as low as 2%
Offers in as little as 24 hours
Daily, weekly or monthly repayment schedule
Pay a flat fee and no interest rates, so you know the full cost upfront
No restrictions on how you spend your money
Optimise cashflow and reduce your repayments by only withdrawing the capital you need
Must be an online model such as SaaS, Subscription, Ecommerce, Mobile App or D2C

Click here to learn more

Companies are ranked in no particular order.

Bank/lender	Minimum loan amount	Maximum loan amount	Maximum term
iwoca	£1,000	£500,000	24 months
Tide	Not stated	Not stated	15 years
Uncapped	£50,000	£10 Million	Not stated
Bank of Scotland	£1,000	£25,000	25 years
Barclays	£1,000	£100,000	10 years
HSBC	£1,000	£25,000	10 years
Lloyds Bank	£1,000	£250,000	25 years
Metro Bank	£2,000	£25,000	5 years
NatWest	£1,000	£50,000	10 years
TSB	£1,000	£1 million	25 years
Royal Bank of Scotland	£1,000	£50,000	10 years
Ulster Bank	£1,000	Not stated	25 years
365 Business Finance	£5,000	£200,000	n/a
ABC Finance	£500	£500,000	5 years
ArchOver	£100,000	Not stated	3 years
Aspire Business Loans	£5,000	£300,000	5 years
Capify	£5,000	£250,000+	n/a
Cubefunder	£5,000	£100,000	n/a
Fleximize	£5,000	£500,000	4 years
Funding Circle	£50,001	£500,000	5 years
PFC Finance	£5,000	£1 million	5 years
Rangewell	£1,000	£250,000	5 years
rebuildingsociety.com	£25,000	£250,000	5 years
Satellite Finance	£3,000	£1 million	10 years
Spotcap	£50,000	£350,000	2 years
Starling Bank	£5,000	£250,000	5 years
Start Up Loans	£1,000	£25,000	5 years
White Oak	£25,000	£2,000,000	4 years
Time Finance	£10,000	£150,000	5 years
Just Cashflow	£10,000	£500,000	12 months
inFund	£5,000	£150,000	12 months

1. Bank of Scotland

Offers loans that can be secured or unsecured.
Available to sole traders, partners or directors.
£1,000 – £25,000 available.
Repay over 1-10 or 1-25 years.
Fixed rates from 7.1% APR representative.
Monthly repayments.
No arrangement fees.
No early repayment costs.
Capital repayment holidays of up to 2 years.
Open to new and existing customers.

Website: Bank of Scotland Business Loans
Read the full Bank of Scotland Business Finance review.

2. Barclays

Loans of £1,000 to £100,000 are available unsecured.
8.9% APR representative on loans up to £25,000.
A personalised quote is available on loans over £25,000.
Quotes will not affect your credit score.
Fixed interest rates.
Cash is usually available within 48 hours.
Choose your repayment term from 1-10 years.
Open to new and existing customers.
6-month repayment holiday is available at the start of your loan (interest will still accrue).
Also offers overdrafts.

Website: Barclays Business Loans
Read the full Barclays Business Finance review.

3. HSBC

Small Business Loan from £1,000 to £25,000.
Flexible Business Loan £25,000+.
Unsecured options depending on circumstances.
Interest rates 7.1% APR Representative.
Repayment from 12 months to 10 years.
Fixed repayments options for the life of the loan.
No charges for additional repayments.
Defer your first repayment for 3 or 6 months, or choose a January repayment holiday.
No HSBC current account required.
Apply online, over the phone or in branch.

Website: HSBC Business Loans
Read the full HSBC Business Finance review.

4. Lloyds Bank

Borrow from £1,000 to £250,000.
Unsecured options are available.
Interest rates can be fixed or linked to the Bank of England base rate.
Repay over 1-10 or 1-25 years.
Rates from 7.1% APR Representative (fixed or variable).
No arrangement fees.
No early repayment costs.
Capital repayment holidays are available for up to 2 years.
Available to sole traders, partners and directors.
Personalised quotes are available.

Website: Lloyds Bank Business Loans
Read the full Lloyds Bank Business Finance review.

5. Metro Bank

Business loans from £2,000 to £25,000.
Loans can be unsecured depending on your business’ circumstances.
Repay over 1 to 5 years.
9.6% APR (fixed).
Zero arrangement fees.
Early repayment charges may apply.
Interest is calculated daily and charged monthly.
You can only apply in branch.
Branches open 7 days a week.
Branches located throughout England, but not Wales, Scotland or Northern Ireland.

Website: Metro Bank Business Loans
Read the full Metro Bank Business Finance review.

6. NatWest

Borrow from £1,000 up to £50,000.
Unsecured available.
A personal, director or member’s guarantee may be needed.
Repayment over 1-7 years. Up to 10 years available on request.
Fixed interest rates so monthly repayments stay the same.
No arrangement fees.
No early repayment charges.
Existing customers are automatically eligible.
Loans are available to existing and new customers.
Repayment holidays may be available for existing customers for up to 12 months.

Website: NatWest Business Loans
Read the full NatWest Business Finance review.

7. TSB

Borrow from £1,000 up to £1,000,000.
Unsecured options available.
Both fixed rate and base rate linked loans available.
Repay over 1 to 25 years.
9.94% APR representative (fixed).
Repayment holidays are optional.
Arrangement fee of up to 1.5%.
Both sole traders and small business owners are eligible.

Website: TSB Business Loans
Read the full TSB Business Finance review.

8. Royal Bank of Scotland

Loans from £1,000 to £50,000.
Unsecured loans are available.
A personal, director or member’s guarantee may be needed.
Repay at a fixed monthly interest rate.
No arrangement fees.
No early repayment charges.
Repayment over 1 to 7 years (up to 10 years available on request).
Open to existing and new customers.
Existing customers are eligible and online application is quick and simple.
Existing customers may be eligible for a 12 month repayment holiday.

Website: Royal Bank of Scotland Business Loans
Read the full Royal Bank of Scotland Business Finance review.

9. Ulster Bank

Open to businesses trading in Northern Ireland only.
Unsecured options are available.
Borrow from £1,000.
Repay up to 25 years.
An arrangement fee of £150 for loans up to £15,000.
Loans over £15,000 have an arrangement fee of 1%.
Online application takes around 8 minutes.
Flexible repayments rates linked to the Ulster Bank base rate.
Existing Ulster Bank customers could be eligible for a repayment holiday.
Open to existing and new customers.

Website: Ulster Bank Business Loans
Read the full Ulster Bank Business Finance review.

10. 365 Business Finance

Offers fast and flexible finance.
Unsecured business loans and Merchant Cash Advance.
Designed for small and medium-sized businesses including sole traders, partnerships and limited companies.
£5,000-£200,000 available unsecured.
Typical repayment terms are 5-10 months.
Approval within 24 hours.
No fixed weekly or monthly payments.
No admin charges.
Repayment through a percentage of your customer card transactions.
Flexible repayments depending on how much cash is processed through your business.

Website: 365 Business Finance Business Loans
Read the full 365 Business Finance review.

11. ABC Finance

Finance broker, not a direct lender.
Various unsecured loans are available.
Borrow from £500 to £500,000.
Rates from 1.9%.
Repayments over 6 months to 5 years.
Some loans can be completed in 5 days.
Minimum trading length of 2 years.
A personal guarantee may be required.
No upfront or broker fees.
Terms can be received in an hour.

Website: ABC Finance Business Loans
Read the full ABC Finance review.

12. ArchOver

Investment broker, not a direct lender.
Connects a community of investors with borrowers.
Borrow from £100,000.
Unsecured lending specifically for R&D tax claims, Creative Tax Relief Claims and Grant Receipts.
Repayment from 3 months to 3 years.
Interest from 9.5% p.a.
No personal guarantee is needed.
No equity dilution.
Credit decisions reached in 48 hours.
4.4/5 star rating on Trustpilot.

Website: ArchOver Business Loans
Read the full ArchOver Business Loans Finance review.

13. Aspire Business Loans

Finance broker, not a direct lender.
Search and compare 80 lenders for free.
No impact on your credit score.
Offers a range of unsecured loans
Borrow £5,000 to £300,000.
Repayment periods from 1 to 5 years.
Same day decisions are available depending on the lender.
Businesses must have 1-year banking history.

Website: Aspire Business Loans
Read the full Aspire Business Loans Finance review.

14. Capify

Unsecured loans from £5,000.
Opportunity to raise more funds.
Alternative finance specialist.
Flexible repayments.
Repay through a percentage of your takings.
Automated repayments.
Suitable for businesses trading for over 12 months.
Open to limited companies that process more than £10,000 a month.
Dedicated account manager to help you through the application process.
UK based support.

Website: Capify Business Loans
Read the full Capify Business Finance review.

15. Cubefunder

Flexible business loans.
Unsecured financing between £5,000 – £100,000.
Can be used for any business purpose.
No late payment charges.
No early repayment fees.
Flexible repayment options.
Eligible for businesses trading for at least 3 months.
Open to limited companies in England and Wales.
Apply online in 2 minutes.
Receive funds within 48 hours.

Website: Cubefunder Business Loans
Read the full Cubefunder Business Finance review.

16. Fleximize

Loans are available from £5,000 to £500,000.
Unsecured options are available.
Repay over 3 months to 4 years.
Rates of 0.9-3.9% per month.
Top-ups and repayment holidays are available.
Early repayment allowed and pay less.
No hidden fees.
Get a decision in 24 hours.
Open to UK SMEs.
Provides customers with access to their Knowledge Hub and Member Marketplace.

Website: Fleximize Business Loans
Read the full Fleximize Business Finance review.

17. Funding Circle

Borrow £10,000 to £500,000 unsecured.
Rates between 2.9%-12.1%.
Repay over 2 to 5 years.
Check if you qualify online in 30 seconds.
Apply online in 10 minutes.
Decisions in as little as a few hours.
Receive a personalised quote.
Money will be deposited straightaway.
Set up and early repayment fees apply.
‘Excellent’ Trustpilot rating.

Website: Funding Circle Business Finance
Read the full Funding Circle review.

19. PFC Finance

Broker with a panel of 60 lenders. Not a direct lender.
Unsecured commercial loans.
Open to sole traders and limited companies.
Borrow £5,000 to £1 million+.
Repay over 3 months to 5 years.
Same-day decisions are available.
Dedicated account manager.
Funds can be released in 24 hours.
Early repayment options are available.
Finance for improving working capital, expansion, refurbishment, and more.

Website: PFC Finance
Read the full PFC Finance review.

20. Rangewell

Business loan aggregator. Not a direct lender.
Flexible unsecured loans
Loans up to £250,000.
Rates from 4.9%.
Fixed monthly payments.
Repay over 1-60 months.
Apply online or call them.
No early repayment charges.
Directors guarantee needed.
Funding can be available in 5-7 business days.

Website: Rangewell Business Loans
Read the full Rangewell Business Finance review.

21. rebuildingsociety.com

Peer to peer lending platform. Funds are provided by lenders investing in the platform.
Unsecured loans are available.
Borrow £25,000 to £250,000.
6-60 months terms.
Interest rates from 5%, rates are lower if security is provided.
Fixed monthly repayments.
Decision within 24 hours where possible.
Apply online application.
No early repayment fee.
No hidden costs.

Website: rebuildingsociety.com Business Finance
Read the full rebuildingsociety.com review.

22. Satellite Finance

Finance broker that can connect you to over 40 lenders.
Unsecured loans are available.
Search for the best deal for you.
Amount and repayment terms depend on the lender.
Loans from £3,000 to £1,000,000
Terms from 1 week to 10 years.
Payment can be within 24 hours.
Competitive and flexible loans.
Commercial loans can be used for any business purpose.
Check eligibility online or call them.

Website: Satellite Business Finance
Read the full Satellite Finance review.

23. Spotcap

Currently not accepting new applications during Coronavirus crisis.
Unsecured loans are available for up to £350,000.
Designed for well-established businesses.
Receive a decision in one working day.
Provides a team of underwriting experts.
No early replacement fees.
Straightforward application process.
Can be used for a variety of reasons.
A personal guarantee may be required.
Headquartered in Berlin.

Website: Spotcap Business Finance
Read the full Spotcap review.

24. Starling Bank

Unsecured loans of £5,000 to £250,000.
Repaid over 1-5 years.
Open to businesses trading for more than 18 months.
Must have a Starling Bank business current account to qualify.
Loans up to £25,000 have a representative rate of 7% APR (fixed).
24/7 online customer service.
Provides an app to manage your finances.
Customer services are also available over the phone, email and in-app chat.
Personal guarantee required from all directors/partners in the business.
‘Excellent’ Trustpilot rating.

Website: Starling Bank Business Finance
Read the full Starling Bank business loans review.

25. Startup Loans

Part of the Government-backed British Business Bank.
Open to new businesses that have been trading for up to 24 months.
Borrow up to £25,000.
Fixed interest rate of 6% per annum.
Repayment over 1-5 years.
Includes 12 months of free mentoring.
No setup or arrangement fees
No early repayment fees.
Partnered with The Open University to offer free courses.
Provides a range of business support and tools.

Website: Start-up Loans Business Loans
Read the full Start-up Loans Finance review.

26. White Oak UK

Borrow £25,000 to £2,000,000
Unsecured options.
Repayment 3 to 48 months.
Short term loans and longer-term business development loans are available.
Can be used for a variety of purposes.
Interest only options are available.
Must have been trading for over 3 years.
Have a track record of profitability.
Apply online or request a callback.
Feefo Platinum Trusted Service Award 2020.

Website: White Oak UK Business Finance
Read the full White Oak UK review.

27. Time Finance

Loans from £10,000 to £150,000.
Offers a flexible approach to loans.
Short and long term loans available.
Repayment over 3 months to 5 years.
Unsecured loans available.
Can be used for a variety of business reasons.
Provides a personalised approach.
Suitable for established business with a turnover over £25,000.
Helps businesses with a cash injection.
Part of the 1pm plc group.

Website: Time Finance
Read the full Intelligent Loans review.

28. Just Cash Flow

Unsecured loans from £10,000 to £85,000.
Repay over 12 months.
Choose from flexible interest only or capital and interest loan repayment options.
Monthly interest from 1.75%.
3 month repayment holiday available at the start of the loan.
Debt can roll over into a revolving credit facility after 12 months.
Apply online or call them.
Open to Limited companies, LLPs and PLCs.
Personal guarantee from directors may be required.
‘Excellent’ TrustPilot rating.

Website: Just Cash Flow Business Finance
Read the full Just Cash Flow Loans review.

29. inFund

A live multi-drawdown credit facility.
Access £2,000 to £150,000 unsecured.
Repayment terms up to 24 months.
Simple application process.
Daily repayments made by Direct Debit.
Open to small and medium businesses with 6 months’ of accounts.
Sign up online
Register and they will assess the level of credit they will offer you.

Website: inFund Business Loans
Read the full inFund Business Finance review.

Unsecured Business Loan UK FAQ

How do unsecured business loans work?

Unsecured business loans are very similar to an unsecured personal loan. If your business needs a cash boost you can apply for a business loan and then repay the amount plus interest over a set period, whether that’s a few months or several years.

An unsecured loan isn’t secured on any of your business’ assets, but some unsecured loans still ask for a personal guarantee from you as the business owner, so always read the details carefully.

How much can my business borrow?

How much a business can borrow depends on the lender, its terms, and your circumstances.

Generally speaking most lenders won’t let you borrow more than £250,000 on a unsecured loan with £25,000 being a much more common limit.

Overall, unsecured loans are usually for lower amounts than secured loans. If you want to borrow more, securing a loan on property or assets might be your only option.

If you’re happy to borrow a lower amount you can shop around several unsecured options to find the best deal.

How much will an unsecured business loan cost?

Interest rates can be fixed or flexible. Fixed means your repayments are the same every week or month, and flexible means they can be different.

If your unsecured loan is fixed the repayment amount will be agreed upfront with the lender. To find out what the average borrower pays, check the representative annual percentage rate (APR).

This isn’t necessarily the rate you’ll get but it’s a good way to estimate the average costs before you apply. If this isn’t advertised you might be able to check your eligibility with the lender for free instead.

Business loans sometimes have extra fees for set-up and early repayment. The lender will state these fees upfront too so always check the terms of the loan and the small print so you stay informed.

How long can I borrow money for?

Short term unsecured loans are usually repaid within 3 to 12 months.

A long term loan will usually be repaid over 5-7 years.

Some big high street banks can sometimes offer longer agreements of 10, 15, or 25 years.

How do I apply for an unsecured business loan?

If you find a lender that offers good terms for an unsecured loan you can usually apply online. This is usually quick and convenient with minimal paperwork.

Sometimes you can get a decision within just 24 hours, but it often takes a few days.

Some lenders don’t accept direct applications so you’ll need to work with a business finance broker or apply through a broker’s online platform.

A broker will find appropriate business loans for your business and make the application on your behalf. This usually involves extra fees.

* Please note we have an affiliate relationship with Iwoca, Uncapped, Tide, Capital On Tap, Nest Business Loans and Nerdwallet which means we get paid if you open an account with them. This comes at no cost to you.

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