Getting Business Loans online

Getting money for your business can be complicated

If you're looking for business loans, you can forget most of the big-name sites: most online lenders deal in personal and homeowner loans only. Some firms offer loans for businesses and the self-employed, but don't expect the bargain basement interest rates offered to other customers.

Wouldn't it be great if you could get business loans with tiny APRs and simple online forms? Of course it would – but sadly, that isn't how the finance world works. Business loans aren't offered by most online lenders' sites (although a few firms will lend money to self-employed types for non-business purposes), and you'll find that the firms that do offer business loans won't give you an indication of their terms or interest rates: instead of tables of information, expect to see a "call us" sign instead.

The problem for lenders is that business loans are complicated, and unlike normal loans it's not just a case of saying "how much do you earn? How much do you want to borrow?" and handing over cash. Banks take business loans very seriously indeed, and as a result you'll have to spend some time on the phone if you want to raise some cash. The first port of call should be your existing bank – the one you use for business banking – as they'll already know whether you're a good credit risk.

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