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Business Credit Lines

iwoca

Flexi-Loan
iwoca logo

£1,000 to £200,000

Available amount

Up to 12 months

Available term

Representative Example:

The representative rate is 49% APR (variable) so if you borrow £10,000 over 12 months at a rate of 40% p.a (variable) you will repay £12,294 in total.

Think Business Loans

Credit Line
Broker
Think Business Loans logo

£25,000 to £50,000

Available amount

1 to 5 years

Available term

Check eligibility (without a credit check) & compare all credit line facilities in one place. Monthly interest rates from 0.2% - only pay for what you use.

Aldermore

Invoice Finance
Aldermore logo

£100,000 to £25,000,000

Available amount

Variable

Available term

Invoice Finance allows you to quickly release cash into your business by converting the value of unpaid invoices or contractual billing into ready working capital. Aldermore offer Invoice Discounting, Factoring, Asset Based-Lending, Construction, Trade and Contract Finance. 

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    By getting a business line of credit, you can access additional funds that will cover day-to-day costs or other business expenses during quieter months. This will ensure there is a way of topping up your balance and being consistent when it comes to your accounts on a monthly basis. 

    If you operate a small business, start up or limited company in the UK, chances are you will opt for a business credit line simply for convenience, as it will help cover certain costs and keep your business going during holiday periods, bank holidays and any other shut down days where you might have a dip in profits.

    What is a business line of credit?

    • Access to a certain amount of money from a lender
    • You can draw down from this amount at any time
    • Credit can be used for relevant business expenses and investment
    • Make sure to return the balance to zero before the term finishes

    A ‘business line of credit’ refers to a lender giving your business access to funds that you might not have had before, as a way of supplementing your existing income. This could be to cover additional costs during an expensive month, or even to top up your account balance if you’re having a quieter month.

    By establishing a line of credit, a business is able to draw down from this account anytime they please, using the money to cover costs, to invest in new equipment or even hire new staff. This is incredibly useful to have as an existing business, but like any other loan will need to be paid back before the credit line term comes to an end.

    How do I apply for a business credit line?

    Unlike other loan types, you will need to prove to a lender that you are an active business with a certain annual turnover for them to offer you a business credit line. Conveniently, if you can prove your turnover meets the minimum threshold for acceptance, this is usually all you need to be accepted.

    This means you will have to supply all relevant business details as well as access to your financial history, so that the lender can decide whether they are happy to open a line of credit for you.

    It’s worth comparing business credit lines to see what this minimum turnover amount is, and if you qualify for it. If you do, it should just be a matter of filling out an online application, and you should have access to your credit line within 24 hours, for some of the most established lenders.

    Am I eligible for a credit line?

    As long as you meet the criteria set out by a certain lender, you should qualify for a business credit line. This means that your annual turnover is more than the minimum they have stated, and you’re able to prove it with giving access to your financial history, you should be accepted.

    You can also double check your personal credit report and business credit score to see if you would be eligible for a business loan. As long as you haven’t struggled to repay loans in the past, your score should be acceptable.

    We work with a number of lenders to deliver a wide selection of business loans for you to choose from, enabling you to find the best deal for you as a sole trader, start up, small business or limited company.

    Each of our lenders is screened to make sure they meet our high standards before we agree to work with them. This ensures that you can trust them as much as we do, allowing you to find the best product from a reputable source.

    We have a diverse range of providers who can support your business whether you’re a sole trader, start up or limited company, or anything in between.

    You can find out more about our lenders and providers here.

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