Is a Peer-to-Peer Loan Suitable for My Business?

For you to even be considered for a business loan it's important that you meet the following criteria:

• You must be an established business that can clearly show a minimum of two years trading.
  
• You need a trading history that shows clear clean credit.
• Have sufficient evidence that there is profitability in the business to show you can afford the loan.
  

• You'll also need your full financial accounts on hand. This includes recent bank statements and any details of prior credit agreements.
• You're looking to borrow up to £350,000 (Unsecured) or willing to provide security above that (must be a home-owner).
  

I meet the criteria, should I borrow through a Peer-to-Peer loan?

Even if you meet the eligibility requirements for receiving a Peer-to-Peer loan, it's still important to decide whether or not it is the best form of finance for you.

Peer-to-Peer lending offers opportunities for flexible re-payments and quick arrangements with the usual loan taking between 7 to 10 working days. So it is a good option for those looking for a quick loan who may want to pay back early (often no penalty). On the other hand, interest rates tend to be higher than a traditional loan and depending on the platform that you use, your details may become public.

If, considering this, you want to take the next steps in financing your business with a P2P loan, then fill in the application form here and a member of the team will be in touch shortly to assist.