Select Loan Amount

£1,500

Select Loan Term

18

Your loan details

You want to borrow: £1.500
Over a period of: 18 months
Repaying: £113.07 p/m
Total repayable: £2,023.75
Interest rate: 41.16% (fixed)
Representative: 49.9% APR
  • We're a Direct Lender
  • No up front Broker Fees
  • Secure Connection

Borrow up to £7,500 with the UK's friendliest Business Guarantor loans website

Representative Example
Credit £3,250 for 36 months | Interest (fixed at 41.16%): £2,464.57. | Total amount payable of £5,714.67.
Representative 49.9% APR. | 36 repayments of: £158.57.

Finance Your Business Idea or Company
Today With Buddy Loans!

Idea
  • Do you have an idea for a product or service that you think will make you money?
  • Have you always wanted to be your own boss?
  • Do you have a hobby or part-time job you like to do and would like to see it grow into full-time work?

If you have a dream of owning your own business, Buddy Loans can make that dream come true!

Using a Buddy Business Loan you can get the financing and money you require to either start-up your company and business, or use the money to help your business grow.

Why a Buddy Business Loan?

Pointed Finger
  • Easy to apply for
  • Same day approval
  • Can borrow up to £7,500
  • Bad credit is not a problem

If you have a good buddy, you can finance your business idea or company today!

Loan Application

Apply today using our easy online application.

Many companies struggle to grow due to the simple fact they cannot get the capital or money they need to finance their growth. The banks and lenders want to see results and where the growth will come from.

It is almost a Catch-22, as without the future funding, growth of a company may not be possible.

A Buddy Business Loan is not based on a company's performance, assets, or sales, it is based on affordability, and the fact there is a guarantor for the loan.

If your business can afford to repay the loan, and you have a good buddy to guarantee the loan, you can be approved for a Buddy Business Loan.

For many people in the workforce today, there has come a point at some time in their working lives, when they wanted to be the "Boss". They wanted to own and run their own company.

Apply for a loan online now

Maybe they had an idea for a product or service that they felt could be financially lucrative, or perhaps the field or trade they are in lends itself to them doing "side jobs" and picking up weekend work.

Soon these small side jobs get larger and larger, and next thing they know, they are working for themselves full-time.

Getting a loan for a business is different than getting a loan as an individual for making a purchase, such as for a car, or a property.

Banks and lenders have a different set of lending rules or underwriting guidelines they use in reviewing and approving these types of loans for businesses.

Having a
Business Model

Business Plan Presentation

It doesn't matter if your business is a start-up, or has been trading for many years, having a sound business model to show what your business plans on doing, and how you plan on doing it, is imperative! Especially if you are seeking any form of financing for the business.

You cannot just go to Mr. Banker and ask for a loan and not be able to show the bank how you plan to make money, what you will do to make money, who will buy your product or service, and how much money you anticipate making.

A business model is a plan, that shows on paper, what your business is about, what you plan to sell, or produce, how you plan to do this, and if possible, projected sales and growth for the company.

In the business model you will show who your clients or potential customers are to be, and how you plan on reaching them.

You couple this with showing your profit margins and anticipated sales, and you can show what your profits are expected to be in the first year, and subsequent years for the business.

It is this plan or model that a lender will want to see before they make a decision to lend your company any money.

It can be on this business model they decide to approve or reject your loan.

Good Debt vs Bad Debt:
There is a Difference

In the business model you will show who your clients or potential customers are to be, and how you plan on reaching them.

You couple this with showing your profit margins and anticipated sales, and you can show what your profits are expected to be in the first year, and subsequent years for the business.

It is this plan or model that a lender will want to see before they make a decision to lend your company any money.

It can be on this business model they decide to approve or reject your loan.

Some examples of good debt are:

Mortgage Loan

A Mortgage

Going into debt to buy a property, which usually requires you getting a mortgage, is one example of good debt. You are borrowing a huge sum of money, in some instances hundreds of thousands of pounds, and you are going into debt, but the property you are going into debt to purchase is an asset. As an asset, property in most instances appreciates or grows in value.

So you may be going into debt, but you have something to show for the debt, in addition to the value of the property increasing over time.


Mortgage Loan

An Education

Funding a university degree can be expensive. Currently the tuition fees to attend university are £9,000 a year, and then on top of that you have your living expenses. Many university students graduate with tens of thousands of pounds of debt in the form of student loans.

The thinking behind student loan debt being good debt, is that as a university graduate your chances of a better paying job, and earning more money over your lifetime are improved.

The student loans and being in debt are an investment in you and your future, your future earning potential.


Mortgage Loan

Starting a Business

Borrowing money and going into debt to start a company, or to operate an existing company, is another form of what some feel is good debt. It is similar to the students who borrow to fund their university degrees with the hopes of earning more money later in life.

No one starts a business up planning to fail, the goal is to be successful and make money. So borrowing to fund this idea or concept that will earn you more money later on, is part of an investment in the company and its future success.

Financing a Company

There are many ways to start a business and fund or finance the company. One is through your own funds.

Savings

You could use your own savings to fund a company and get it started. There is a risk with this as if the company doesn't for whatever reason turn a profit, you may not get paid back your savings and investment.

Credit Cards

You can also use your own lines of credit to fund a business. However, credit cards can carry a high interest rate with them, and while making the monthly minimum payments seems attractive, they can be an expensive way to fund a business.

Loans

This is where having a business model is helpful, if not required. You go to a bank and ask to borrow money to start-up your company, or to help it grow.

The business model is your way of showing the bank/lender you mean business and are serious about what you plan to do as a business owner.

If you have existing contracts, showing these can help in getting a loan approved. Maybe you have secured a contract to provide a service or product to much larger company, and you need the cash to make this contract come to fruition.

Credit

This can be existing credit you may already have, or new lines of credit.

Personal Overdrafts

Another way to fund a company, however, again this is expensive due to banking fees, are with overdrafts. The issues with overdrafts is that they are paid back when your wages are next paid in. In addition, they can carry high fees or charges.

Assets

If the company owns property, or has equipment that has value, it can be asset in which the company can borrow against, or secure a loan against.

Future receivables can be used as security for loans as well. This is similar to showing any existing contracts to get a loan approved, however, a company that has other companies or individuals owing them money, can pledge these receivables as collateral for a loan.

Many banks and lenders who are lending money to a new company, especially a company without a track record of proven sales and profits, may require a guarantor for the loan.

Financing your Company with Buddy Loans

Buddy Loans

If a lender requires a guarantor for a loan, they are asking for someone to sign on the loan to ensure if the company cannot make the payments, then the guarantor will.

Usually the guarantor for the loan is the owner of the company, or one of its Directors. The guarantor does not always need to be a homeowner, or working for the company, but they usually have some strong association with the business.

As the company grows and has shown itself to be successful, future loans may not require a guarantor as the company now has shown itself to be profitable, or may now have some assets to secure future loans with.

Trustpilot

Buddy Loans is a direct lender rated 5/5 stars by Trustpilot.com based on 1128 merchant reviews

Excellent

9.5

from 0 to 10

Representative Example

Borrow
£3,250

Term
36 months

Repaying
£158.57 p/m

Total Repayable
£5,714.67

Interest Rate
41.16% (fixed)


Representative 49.9% APR.

Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.

Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.