Business loan brokers: questions and answers

All questions

Who is the best business loan broker in the UK?

There's no single best broker for every business. Look for wide lender access, clear written fees, no upfront charges and a good track record with businesses like yours. Tally, which runs this site, can introduce you to one that fits.

Are business loan brokers worth it?

Usually, if you've been declined, need money quickly, or have a complex or unusual deal. For a small, simple loan from your own bank, you may not need one.

How much does a business loan broker cost?

Many are free to you because the lender pays them commission. Some charge a fee. Get any fee agreed in writing before work starts. See how brokers are paid.

Do business loan brokers need to be FCA regulated?

Only if they arrange regulated credit, which usually means £25,000 or less to sole traders or small partnerships. Lending to limited companies is generally unregulated.

Can a broker get me a loan with bad credit?

Sometimes. Specialist and alternative lenders look more at recent trading. Expect higher costs. See brokers for bad credit.

Is Tally a broker?

No. Tally is an introducer and matching service. It introduces you to brokers and lenders but doesn't arrange the credit itself.

How long does a broker take to find a loan?

Simple unsecured loans can take days. Secured and larger deals often take a few weeks. Having your documents ready speeds things up.

Will a broker affect my credit score?

Eligibility checks are usually soft searches, which don't. A full application may involve a hard search, so ask first.