Comparing business loan quotes

Taking out a business loan in an important decision and one that can have a huge impact on your business. It is easy to compare business loan quotes and should be something you do before you commit yourself to a particular loan company. All the usual comparison websites you use to compare personal loans, such as GoCompare.com and MoneySupermarket.com, are able to compare business loan quotes too. You can also receive special offers specific to the particular comparison you use, meaning the results you get on one comparison site may not be the same on all of them.

Funding Circle is an online credit union. This means you will be borrowing your money from individual investments, as oppose different financial institutions. The one major benefit of borrowing from a credit union such as Funding Circle, is the interest rates are lower, meaning you can keep the costs down. Funding Circle currently offer a low cost loan with a quick and simple application form. You can borrow from £5,000 to £100,000 for terms of 1, 2 or 3 years. Your business should have at least 2 years of accounts for them to look at and your business should have no County Court Judgements against it. Unfortunately, not all comparison websites search the availability of credit unions for businesses, meaning when you go to compare business loan quotes you only see banks and loan specialists.

You should absolutely use comparison sites in your search for a suitable business loan, however, you should also complete a manual search of credit unions. This way you can compare the results for the banks from the comparison websites to the credit union results.

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