Repayment terms from 3 months to 10 years
8-hour Funding Available
UK’s Lowest Rates
No Arrangement Fees
Quick and Simple Application Process
No Early Settlement Penalties
A business loan is exactly that – a loan to a business. Funds are paid directly to the borrower and can be used for any purpose. Generally, it is considered that there are 2 main types of business loans – unsecured and secured.
An unsecured business loan does not require security over assets or property. These types of loans are great for businesses that do not own many assets and would prefer not to offer security or for a business that needs funding quickly. An unsecured loan can be arranged within as little as 8 hours and facilities range from £10,000 up to £500,000.
A secured business loan is backed up by security. Security is usually a valuable asset that is either owned by the business or its directors/shareholders. Typically, assets refer to tangible items such as vehicles, machinery and commercial or residential property. These types of loans are suited to businesses who need to borrow in excess of £500,000 or would like to repay over a longer period of time such as 10 years.
You may want an unsecured business loan if you want to borrow more than your assets are worth, or if you want to avoid offering particular assets as security.
Paying back an unsecured business loan is very simple and straightforward. All you have to do is agree to make a fixed monthly payment at a pre-agreed interest rate. The payments are made over the loan term until the amount you have borrowed has been fully paid back.
At Millbrook Business Finance, we try our best to ensure we can provide unsecured business loans to businesses with poor credit ratings. As there is an increased risk for us, the lender, businesses with a poor credit score often receive a lower loan amount, have a shorter repayment period and have higher interest rates. If you have a poor credit score and want to find out how much you can borrow, give us a call on 0333 015 3301 or fill in this contact form.
As we offer a wide range of alternative financing solutions like asset finance, invoice finance, commercial property finance, it’s hard to determine if using security or unsecured business loans is ‘better’ for your business.
Determining the type of business loan which is most suited to your business is likely to be decided by the amount you wish to borrow, the repayment term you require and the timeframe in which you need the funding. To help you decide, we have put together a comparison table below.
Prefer to speak to one of our business loan specialists? Simply call us on 0333 015 3301 or request a call back at a time which suits you.
We don’t require business plans or complicated forecasts, so applying is simple and takes a matter of minutes.
Application – A finance application will be submitted to an underwriter with a decision granted typically within 48 hours.
Approval – Finance Approved. A copy of your finance agreement is sent to you for completion.
Payout – Upon receipt of your signed agreement, we process, activate and release funds.
Our application process is simple and straightforward.
Receive your business loans funds within as little as 8 hours.
No arrangement fees
We DO NOT under any circumstances charge arrangement fees.
Industry Leading Rates
Our Business Loan rates are some of the lowest in the UK, starting at 3.9%.
Compare unsecured & secured business loans. Borrow from £10,000 – £10M for any business purpose.
Unsecured Business Loans
Security not required over assets or property.
Secured Business Loans
Additional security over assets or property required.
Providing your customers with an attractive alternative to paying with cash is a great way to reveal the true sales potential of your business. By utilising Millbrook Partner Finance, you can offer finance as a payment method to your customers. Here are some key reasons as to why so many organisations utilise Millbrook Partner Finance