Secured loans will require the business owner to offer something as security or ‘collateral’ against the loan. This means that a lender will offer you a sum of money to borrow, which you pay back with interest over an agreed term.
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Secured business loans are a type of debt finance available to businesses. So, let’s look at two of the most common types of business lending, secured and unsecured loans.
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These include challenger banks, independent lenders and smaller specialists. As well as high-street banks and building societies, these days there’s a range of other lenders with different lending criteria and specialisms who you may be able to borrow from. You also need to investigate who you may be able to borrow from and how much the loan will cost to ensure you get the best deal. What financial help do you need?įirstly, you need to be clear about what you’re using the loan for, how quickly you need the loan, how much you want to borrow, how long for, and how you’re going to pay it back. In this article we’ll take a closer look at the differences between unsecured and secured business loans, to help you decide which product may be better suited to your business. Our article “ grants, loans, and freebies” looked at the options for businesses just starting out, but if you’re over that initial hurdle you may be interested in a loan to help your business grow. As such, it’s important to be aware of the different finance options available to your business. Raising capital to expand and take on new projects is a concern for many growing businesses in the UK.