Market updates
Business loan market
Five months into 2024 the market had changed markedly: more lenders, relaxed criteria, falling rates, and turnaround down to 4-7 days.
Sam Skinner
Co-Founder & Director
• 3 min read
As we approach the halfway marker of 2024, we've looked back to January and been struck by how much the business loan market has changed in just 5 months.
Enquiry volumes have increased substantially, driven by companies resuming growth after pandemic disruption and economic headwinds. Many are now looking to refinance older loans taken out when the market was far more constrained.
A more competitive market
The lending landscape has become significantly more competitive since the start of the year, with more lenders active, relaxed criteria, and declining interest rates.
Recent completions
In the past month alone we've arranged loans for equipment purchases, workforce expansion, cash flow management, and debt consolidation delivering meaningful reductions in monthly payments.
Current lending parameters
- Unsecured loans from £10,000 to £500,000
- Terms from 3 months to 6 years
- Most with no prepayment penalties
- Standard turnaround of 4-7 days
For an independent, no-obligation review of your options, call 0330 0438 011.
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