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Top 10 Secured Business Loan Providers 2023

Secured Business Loans


Did you know that most banks and alternative financiers offer secured loans too, as well as unsecured loans?

And that these types of loans might be the best option for those with a poorer credit score?

In this guide, you’ll find out everything you need to know about secured business loans, including what they are, which ones are on offer and where you can get them from.

What’s in this guide?

Let’s get this show on the road!

Top 10 business loan providers

1. Boost Capital

Boost capital

Type: Alternative Finance Provider

Loan amount: £3,000 – £500,000

Typical APR: 1.5% – 2.5% monthly APR

Loan term: 4 to 18 months

Boost Capital is a highly recommended alternative finance provider in the UK, with many customers giving this lender five stars on trusted websites such as Trustpilot.

They offer fast funding, with minimal paperwork, approval in 24 hours and access to your funds in around two days.

Representative: Borrow £10,000 for 12 months at 47.9% representative APR. Interest rate of 36.74% p.a. (fixed). Total amount payable is £12,100.

Company rating on Trustpilot: 5 / 5

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2. Capify


Type: Alternative Finance Provider

Loan amount: £3,500 – £500,000

Typical APR: 67.89% APR

Loan term: 6 to 10 months

Capify is another highly rated lender, who has been around since 2008 and they have helped thousands of business owners to grow and sustain their business.

Focused on small to medium enterprises, they aim to give you a decision within 60 seconds and solutions tailored to your business.

Representative: Borrow £24,000 for 12 months at 67.89% representative APR. Total amount payable is £29,472.

Company rating on Trustpilot: 5 / 5

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3. Funding Circle

Funding circle

Type: Peer-to-Peer Lender

Loan amount: £5,000 – £500,000

Typical APR: Rates start from 4.5% per year AER

Loan term: 6 months to 5 years

Funding Circle is one of the peer-to-peer lenders that have been sprouting up around the UK in the last few years.

With a peer-to-peer platform, the lenders are regular citizens that want to help their savings grow by investing in UK businesses.

For businesses, this means low AER and only a couple of extra fees.

Representative: Borrow £20,000 for 12 months with fixed monthly payments of £1,752 a month, with a completion fee of 2.5% and interest of around £526. Total amount payable is £21,026.

Company rating on Trustpilot: 5 / 5

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4. Shawbrook Bank

Shawbrook bank

Type: Bank

Loan amount: £250,000 to £25 million

Typical APR: 0% to 19.9% APR

Loan term: Bespoke repayments

Shawbrook Bank offers their business customers a range of services tailored to their companies, like asset finance, working capital solutions, the point of sale finance and structured finance, as well as commercial mortgages too.

This means that for startup businesses you could finance for the road ahead with equipment and salaries, or even established companies can benefit from more substantial amounts to help you fund expansions.

Company rating on Trustpilot: 5 / 5

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5. Government Startup Loan

Government start up loans

Type: Government Loan

Loan amount: £500 – £25,000

Interest: Fixed 6% interest p.a.

Loan term: 1 year to 5 years

Government loans are loans that are funded by government-backed organisations, who usually offer either regional or national businesses different loans depending on their location.

With this loan, in particular, it is aimed at startups less than 24 months old who could benefit from not only finance but mentoring, to help your business grow and thrive.

Representative: Borrow £20,000 for 12 months with fixed monthly payments of £1,721.33 a month, with interest of around £655.94. Total amount payable is £20,655.94.

Company rating on Trustpilot: 5 / 5

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6. Spotcap


Type: Alternative Finance Provider

Loan amount: Up to £250,000

Interest: 22.80%, which includes both interest and fee.

Loan term: 1 month to 24 months

Spotcap is a highly regarded alternative finance provider, who since their launch in 2014, has raised £90 million globally, 500 active partners and over 1000 customers.

Although they are a relatively young provider, they have already become a fast favourite according to their five star Trustpilot rating.

Representative: If you borrow £100,000 over 12 months at a representative rate of 24.2% APR, with an interest rate of 1.40% fixed, you will pay 12 monthly instalments of £9,111 which would mean a total repayment of £109,332.

Company rating on Trustpilot: 5 / 5

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7. iwoca


Type: Alternative Finance Provider

Loan amount: £1,000 – £150,000

APR: 49% representative APR

Loan term: 0 to 6 months

iwoca prides itself on providing their customers with fair decisions, lightning-fast applications, outstanding flexibility and service.

Thousands of companies have borrowed £500 million, and they could be an excellent fit for many different businesses regardless of size.

Representative: Borrow £10,000 for 12 months at 49% representative APR. Interest rate of 40% p.a. (fixed). Total amount repayable is £12,165. Actual rate may vary based on circumstances.

Company rating on Trustpilot: 5 / 5

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8. Ezbob


Type: A lending platform for banks and financial institutions

Loan amount: £1,000 – £120,000

APR: 38.9% APR

Loan term: 1 to 12 months

Ezbob is bringing a change to the way that banks and other financial institutions lend to consumers and small to medium enterprises.

They act as a middleman between banks and customers, so they can offer the excellent rates that you’d typically find when looking to borrow from a bank, but their exceptional customer service.

Representative: Borrowing £50,000 over 12 months would mean you would be repaying £58,873. These payments would be £4,166 a month plus interest on your remaining balance.

Company rating on Trustpilot: 5 / 5

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9. Fleximize


Type: Alternative Finance Provider

Loan amount: £5,000 to £500,000

APR: 46.8% APR

Loan term: 1 – 48 Months

Fleximize was named best business finance provider by the British Bank Awards in 2018.

They claim to allow your business to grow at the pace it needs to, by offering relatively long borrowing terms of up to four years, and up to half a million pounds.

This could be a perfect fit for companies looking to purchase their property or vehicles.

Representative: For loans of £25,000 or below: If you borrow £12,500 over 15 months at a Representative rate of 46.8% APR and an annual interest rate of 39.0% (fixed), you will pay 15 monthly instalments of £1,066.11. The total charge for credit will be £3,491.65, and the total amount payable will be £15,991.65.

Company rating on Trustpilot: 5 / 5

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10. Danske Bank

Danske bank

Type: A lending platform for banks and financial institutions

Loan amount: No minimum or maximum

APR: Interest is calculated daily and applied monthly.

Loan term: 12 months

Danske Bank, as the name suggests, is a subsidiary of Danske Bank Group which originates from Denmark.

They can offer their customers a bridging loan, which doesn’t have a minimum or maximum amount and can be used for things such as constructing premises, renovations or letting you close a deal without having to wait for another transaction.

Repayment is usually made in a lump sum at the end of your term.

Company rating on Trustpilot: 4 / 5

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This list of the top ten business loan providers mainly takes into consideration the companies customer reputation, how much your business can borrow and the interest your lender will charge you.

Five top tips

✔ Have you looked at every option?
✔ Did you look at the terms and conditions?
✔ Have you leveraged your assets?
✔ Have you been honest with your lender?
✔ Are you open to advice?


Have you compared every option available to you?

Sometimes it might be appealing to take the first offer that you get from a potential lender, or go for a deal that has some flashy numbers clear on their website.

Your first choice might not be your best choice, so it’s essential that you make sure you are getting the best deal for you and your company.

Take a look at the ExpertSure guides to find out more, or fill out the form at the top of the page for a breakdown of all of your options.

Small print

Have you checked out the small print on your offer?

Sometimes, lenders will advertise an APR or ‘annual percentage rate’, and if you see this next to a ‘representative’ it means that while 51% of borrowers might get this rate, it means that 49% might get a much higher APR.

This is because an APR includes everything from arrangement fees, interest rates and any other fees that your lender might need to include in your quote.

It is important when you receive a quote to keep this in mind, and you can ask your lender for a breakdown regarding your costs if you feel unsure.


Have you utilised all of your assets?

Sometimes, getting a secured loan that puts up some of your assets like a building or a car as collateral can help your case in getting a loan, as it gives your lender a guarantee that if you don’t make your repayments they will still get something of worth.

You do run the risk of losing your asset, but that’s the last resort for most lenders and they will try and exhaust all other possible routes first.


Being honest with your lender is essential for borrowing a loan.

Even if you want your lender to see the best aspects of your company, you need to resist the temptation to try and make your company appear more successful than it is.

Not only could this end with you being rejected for your loan, but it will almost definitely be revealed by your lender when they do their due diligence.


You should always make sure that you are open to getting the right advice at the right time.

For instance, there are many financial advisors who can help you craft your business plan to make sure that you cover every area that your business plan needs to include, as well as making sure your valuation is accurate.


What is a secured business loan?

A secured loan is when you take out a business loan, and you utilise your business assets to put up in the case of non-payment.

In other words, so the bank or lender can take your property if you don’t make your repayments.

This isn’t usually the preferred loan type of many businesses, as you can only usually borrow for up to ten years and there might be upfront costs like administration fees.

However, the positives are that you can often borrow a much higher amount than unsecured loans, plus your repayments might be lower, and it’s better for those with a poor credit history.

Do all loans require collateral?

No, but with secured loans you can often borrow a large amount and over a longer period of time, as your lender will feel more secure in lending you a larger amount of money.

Unsecured loans usually mean that you can only borrow a smaller amount, as your lender doesn’t have a guarantee that you will pay back your loan one way or another.

What are secured business loans on offer?

So, what secured business loans are on offer today?

Company Name Minimum Annual Turnover Available Amounts you can Borrow
Available Length of Time
Think Business Loans £50,000 From £25,000 to £10,000,000 5 to 30 years
Just Cash Flow No minimum From £50,000 to £2,000,000 1 to 5 years
Funding Circle £50,000 p.a From £10,000 to £1,000,000 six months to 5 years
Together No minimum From £25,000 to £5,000,000 1 to 30 years

What if I have a bad credit score?

Unfortunately, more often than not, your local bank will automatically refuse a loan application if you have a poor credit score.

But, it is important to remember that you should still try your bank first, especially if you have a good relationship with them.


Banks still do generally offer the best rates, plus they often either don’t have arrangement fees, or they are very low.

Plus, if you can put something up for collateral like your home, you may be able to get the best rates.

In the UK, you might also be able to find government schemes that are aimed at providing more finance to small and medium businesses.

Take a look at the government website to find out more.

Types of Loans

Loans from Banks

Banks will offer both secured and unsecured loans to potential business customers.

Interest rates are usually higher for an unsecured loan, and banks will often run much harder checks on your finances to make sure you can afford to repay the loan – this is known as underwriting.

Although the financial crisis may have put some banks off lending, some still offer very competitive pricing and low arrangement fees.

Loans from Peer-to-Peer Lenders

Peer-to-peer lenders, such as Funding Circle, are a new breed of business loan lenders that can lend businesses money with unsecured loans with terms of up to five years.

Interest rates are usually the same as, or lower, than the rates you can expect from the banks.

But, you’ll often have to pay arrangement or completion fees when you get your funding from a peer-to-peer lender.

Loans from Specialist Business Lenders

There are now certain companies that are competing with banks in this market, usually offering short-term unsecured loans.

Interest rates are often higher than with banks or peer-to-peer lenders.

The lending criteria are usually less strict.

Loans from Government Schemes

The British Business Bank is a publicly owned development bank that offers loans to both startups and existing businesses.

Which enables businesses to get loans where they may not have been able to before, for a competitive rate.

The application process for these schemes are usually more lengthy, but they can be an excellent option for business who budget in advance.

Secured loans pros and cons

✔ With a secured loan, you can usually borrow a higher amount
✔ You can generally borrow for longer, as unsecured loans are often short-term
✔ Your repayment amounts might be lower
✔ Better for those with a weaker credit history

✗ Your loan is secured against property, so your home might be repossessed
✗ There might be upfront costs like administration fees
✗ Obtaining a guaranteed loan might take longer than with other investments


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