Santander business loans review

In this article we look at the details of Santander’s business loans to help you assess whether the high street bank is the right option for your business.

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    Applying won't affect your credit score

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    • Credit limits up to £500,000
    • 24 hours to get a decision
    • No fees for repaying early
    • Top-ups available

    Loved by over 90,000+ small businesses since 2012

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    Santander is one of the UK’s largest established challenger banks. It has more than 800 branches across the UK and almost 65 corporate business centres. Santander provides numerous products and services for small-business owners, startups and SMEs, including loans and trade and asset finance for businesses with an annual turnover of more than £6.5m.

    How does an iwoca business loan work

    1. Apply in minutes

      It takes five minutes from start to finish. We're designed with small businesses in mind, so we'll just need the basics about your business to make a decision.

    2. Use your funds

      We'll approve you based on your business performance. You then transfer as much as you need to your bank account, and the funds will typically be in your account in hours.

    3. Repay or top up

      We don't charge early repayment fees: we only charge interest for the days you have the money. If you need more funds, applying for a top up is easy. As your business grows your credit limit will too.

    Apply now

    Applying won't affect your credit score

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    How do I apply for a Santander business loan?

    You can contact Santander to apply for business loan online, at a branch, or over the phone.

    What are the advantages of a Santander business loan?

    • Santander’s small business loan does not have a setup fee
    • You may get approved quickly for a Working Capital Loan
    • Some existing customers may be eligible for preferential rates.

    What are the disadvantages of a Santander business loan?

    • You will need to have a Santander current account to borrow
    • Santander has a low rating on Trustpilot
    • Applications may take a long time to review and decide.

    What else should I know?

    Be sure to do your research if you’re considering taking out a loan, commercial mortgage or business overdraft with Santander. Make sure you understand the terms of any business loan and make sure you’re aware of the alternatives.

    Fund your future with a business loan

    Estimate your monthly repayments with our calculator

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    Frequently asked questions

    Here are some frequently asked questions that you might find useful.

    Am I eligible for a Santander business loan?
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    You need to have an existing Santander bank account to be eligible for a Santander business loan. Lending criteria differ across the wide range of loans that Santander offers. Generally speaking, you’ll need to have:

    • A good credit score and credit history
    • Be either a sole trader, partnership, limited liability company, or a trust
    • Be above 18 and have your business registered in the UK.
    What documents are needed for a Santander business loan?
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    You’ll need to provide details of when your business started trading and in some cases three years’ trading history. You’ll need to explain what kind of products or services your business offers, as well as including your business’ financial numbers. That means you will need to give an estimate of your forecast profits and total capital. If your business already has a loan or finance from another source, you’ll be expected to include that in your application too.

    For larger commercial loans, you may also need to provide:

    • your business plan
    • cash flow forecasts
    • management accounts
    • assets
    Will Santander perform a credit check?
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    Yes, so make sure all the information in your paperwork is accurate, so that Santander can perform the proper checks with its credit reporting partners.

    How long does it take to be approved?
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    This depends on the loan you’re looking for. In 2016, Santander launched a partnership with Kabbage to assess and approve its Working Capital Loans in under a day. More complex loans will likely have a longer approval timeline.

    Will I need to provide security?
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    Santander business loans for small businesses are generally unsecured. However, businesses looking to borrow more than £25,000 with a Santander Corporate and Commercial Loan may need to provide some form of collateral.

    Can I pay off a Santander loan early?
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    Yes, many Santander business loans allow early part or even full repayments. Be sure to check the fine print because some Santander business loans will charge up to 30 days of extra interest for full early repayment.

    The iwoca story

    Over the past eleven years iwoca has grown from a small start-up to one of the fastest-growing business lenders in Europe. Now we're a team of around 400 in London and Frankfurt working towards the goal of funding one million small businesses.

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    Questions? We're here to help

    Call us at 020 3397 3375 from Monday to Friday (9am - 6pm). We can take your business loan application over the phone, or answer your questions about applying online.

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    We're here to help

    Call us on 020 3778 0629
    Mon - Fri: 9am - 6pm
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    • Apply in 5 minutes
    • Meet your account manager
    • Get money in the bank in hours

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