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An unsecured business loan is a loan to a business where no asset or collateral is required to secure the loan (unlike a commercial mortgage, asset finance or invoice finance).

However, it is worth pointing out that whilst the business loan may be unsecured in the sense that the lender doesn’t take security over any of the assets of the business, the lender is likely to require a personal guarantee (PG) from you as the business owner.


What can an unsecured business loan be used for?

Unsecured business finance is ideal for businesses that:

  • are growing and require an injection of cash to help with expansion plans
  • require additional working capital to help cash flow
  • are carrying out a program of refurbishment to their premises
  • want to undertake a new marketing and business development campaign
  • are looking to buy new assets such as: plant, equipment, furniture, computers
  • need to pay an urgent VAT or tax bill
  • are looking to acquire another business

In other words, an unsecured business loan can be used for virtually any business purpose.


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What information do you need to provide?

Virtually all applications for an unsecured business loan are carried out through an online portal.

To make an application for unsecured business finance on your behalf, you will need to provide us with the following information:

  • Up to date trading information. This will include the latest filed accounts and, in some cases the lender will request up-to-date management accounts. This is not always the case and often depends on when the latest accounts were filed either with Companies House if you trade as a limited company or with HMRC if you are a sole trader or partnership.
  • Latest 3 months bank statements for your business account. Whilst many lenders still ask for these to be provided by you downloading them from your online banking portal, increasingly, many lenders offering unsecured business loans are looking for ways to speed up the application process. A recent innovation is ‘open banking’. Open banking is a secure way for loan providers and lenders to gain access to information about your business bank account, without the need for you to provide bank statements.
  • Up to date credit check and profile on both you and your business. This is now a fully automated process. When we make an application on your behalf, with your authority, we give permission to the lender to carry out credit checks as required.

Once this information has been supplied your application awaits a decision. Decisions are normally received within 24 to 48 hours, and providing no further information is required, loan documentation can be issued, and funds drawn down within as little as a few days.

If you’d like to find out more about how an unsecured business loan could help support your business, book a call with one of our team.