| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 7.5% | £500–£25k | 12–60 mo | business |
Best For
Entrepreneurs seeking initial capital for their start-up with a solid business plan.
New entrepreneurs in the UK looking for financial support to launch their business with a structured plan.
Start Up Loans provides business funding from £500 to £25,000 with a fixed APR of 7.5% and terms from 12 to 60 months, aimed at new businesses.
Pros & Cons
Watch Out
The application process can take 2-4 weeks, which may not suit those needing immediate funding.
Full Review
With a fixed APR of 7.5%, Start Up Loans provides a option for budding entrepreneurs. The minimum loan amount of £500 and maximum of £25,000 can cater to various start-up needs. The requirement for a detailed business plan is essential but could be a hurdle for those without prior experience in business planning.
The inclusion of 12 months of free mentoring adds significant value, helping new business owners navigate early challenges. However, potential applicants should be prepared for a relatively lengthy approval process of 2-4 weeks. This could be a disadvantage for those requiring funds urgently.
Customer service reviews indicate a positive experience, although some users report delays in communication during peak periods. Overall, while this scheme is excellent for first-time business owners, those looking for quicker access to cash may want to explore alternative options.
What Borrowers Say
Borrowers generally appreciate the support and mentoring offered, though some express frustration with the lengthy application process.