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Lloyds Business Loan Review

09/11/2016

This article will give you an overview of the services offered by Lloyds Bank in the UK.

Lloyds Bank are one of the key lenders to UK businesses, lending over £20 billion to British businesses alone last year. They claim to approve over 80% of loan and overdraft applications. All arrangement fees are currently being waived on Business term loans submitted between 6th October 2015 and 9th January 2017.

They offer a variety of different business loans, to help small businesses and larger enterprises. Their loans range from 1-25 years, amounts ranging for £1,000 - £500,000.

Services Offered

Base Rate Loan

This loan amount begins at £1,000. The rate of this loan is dependent upon the Bank of England bank rate (currently 0.25%) and its term from 1-25 years, dependent upon the business needs.

Key features include a low bank rate, no early repayment costs that may be associated with other loans, and borrowing on a secured or unsecured basis.

Fixed Rate Loan

The Fixed Rate Loan amount begins at £1,000, for a period of 1-10 years. The repayment rate of this loan will be fixed for the full term of the loan.

Benefits include fixed monthly repayments and no early repayment costs. Businesses may also borrow on a secured or unsecured basis.

Find out which business loan provider may be best suited to your organisation

Commerical Fixed Rate Loan

The Commercial Fixed Rate Loan is for lendings of £50,001 - £500,0000 over a period of 1-25 years. This also has a fixed rate for the full term of the loan, however early repayment charges may apply if the loan is full or partly paid back early.

Fixed Rate Loan

This is a longer term loan, ranging from 1-10 years, for lendings of £1,000 - £50,000. This loan can be borrowed on a secured or unsecured basis.

Should you choose to repay the loan early during the fixed rate period maximum break costs are defined at the outset, giving you certainty about the maximum costs you could accrue.

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Alternative Services Offered

  • Overdrafts
  • Commercial Mortgages
  • Lending Schemes

Overdrafts

Lloyds offer a Business Overdraft, to allow businesses extra funds when they need them. Those who borrow will only need to pay back interest on the funds that they use. Similarly you are able to apply for a specific limit that suits your business needs.

Commercial Mortgages

Lloyds offer commercial mortgages, whereby you borrow a minimum of £25,001 and select a loan between a three to twenty-five year period. You are able to borrow up to 70% of the value of the property. Borrowers can select between a fixed or bank rate linked interest rate. They also offer capital repayment holidays up to two years on their bank rate linked mortgages.

Lending Schemes

Enterprise Finance Guarantee

The Enterprise Finance Guarantee allows companies to borrow from £25,001 to £600,000 over one to ten years, or £600,001 to £1,200,000 over one to five years. Fixed rate or variable interest rates are dependent upon individual circumstances.

Borrowers may face an early repayment charge if fixed rate loan is repaid early.

To apply for this finance the business must not turnover over £41,000,000.

Expert Market is a trading name of Marketing VF Limited, which is an appointed representative of Resolution Compliance Limited (FRN: 574048) ) which is authorised and regulated by the Financial Conduct Authority. Marketing VF Limited is registered in England and Wales. Company number: 06951544. Registered office: Imperial Works, Block C, Perren Street, London, NW5 3ED, United Kingdom.