| Representative APR | Amount | Term | Type |
|---|---|---|---|
| 18.0–49.0% | £1k–£1M | 3–60 mo | business |
Best For
Small business owners with a Starling business account looking for quick financing solutions.
Entrepreneurs and small business owners needing immediate access to funds and already banking with Starling.
Starling Bank provides business loans ranging from £1,000 to £1,000,000 with terms from 3 to 60 months and APRs between 18% and 49%.
Pros & Cons
Watch Out
The APR can be steep, especially for borrowers with lower credit profiles, leading to high repayment costs.
Full Review
With a competitive approval time of just 24 hours, Starling Bank's business loan is designed for urgent funding needs. The loan amounts range from £1,000 to £1,000,000, catering to various business sizes. However, the APR ranges from 18% to 49%, which could result in significant interest over time, especially for larger loans.
The application process is conducted through the Starling app, but applicants must maintain a Starling business account. This requirement might limit options for those already banking elsewhere. Notably, there are no hidden fees or early repayment charges, which is a refreshing aspect compared to many competitors.
While the lack of fees is appealing, be mindful of the higher end of the APR spectrum, which could make this loan less viable for those with weaker credit scores. It's advisable to compare with other lenders to ensure you're getting the best deal. Consider options like iwoca, which might offer more favourable terms for certain business profiles.
What Borrowers Say
Borrowers appreciate the quick application process but express concerns over high interest rates.
