Business loans are a popular way for companies to borrow the funds they need to help them expand, buy new equipment or even purchase property. They typically let you borrow a lump sum of money you repay over a set term with interest added.
This review looks at the business loans on offer from Starling Bank.
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Founded in January 2014, Starling is one of the UK’s most popular challenger banks, offering digital-only banking products for individuals and businesses, as well as money transfers, overdrafts and business loans.
Businesses looking to borrow from Starling can apply for loans of between £25,001 and £250,000, with repayment terms of between 12 months and 72 months. Businesses can use the funds to help them purchase equipment, expand or help with cash flow.
Your business will need to have been trading for at least 24 months to qualify, and you’ll need to undergo a full credit assessment when you apply. The rate of interest you’re offered on your business loan will depend on your business credit rating and your individual business’ circumstances.
Starling Bank offers unsecured business loans of between £25,001 and £250,000 which you need to repay over a term of 12 months to 6 years. All business loans have fixed monthly repayments.
To get a business loan with Starling Bank, you will need to sign a personal guarantee as security. This means that should your business be unable to meet the monthly repayments, you – as the business owner or director – will be personally responsible for repaying the loan.
The key features of a Starling Bank business loan are outlined below:
You repay your Starling Bank loan in fixed monthly payments over a term of between 12 months and 6 years. Selecting a longer loan term will reduce the cost of your monthly repayments, but it will also mean you’ll pay more interest overall.
The amount of interest added to your repayments will depend on your business’ individual circumstances and credit rating. The better your business credit rating, the lower the interest rate you’ll likely be offered.
Your company is responsible for the loan repayment, including all interest and your arrangement fee. If your business is unable to keep up with the repayments, you as a business owner or director will become personally responsible for paying back the loan under the terms of your personal guarantee.
If you think you might miss a loan repayment, it’s important to contact Starling Bank immediately. Missed payments can damage your credit score.
To be eligible for a business loan with Starling Bank, your business needs to be based in the UK and must have been trading for at least 2 years. Your business must be a limited company or limited liability partnership.
In addition, you will need to have a Starling Bank business current account to qualify.
Starling Bank is highly rated on review site Trustpilot. As of July 2024, it scores 4.3 out of 5 stars from more than 40,000 reviews, giving it an “Excellent” rating.
A total of 75% of customers gave Starling an “excellent” rating, with positive comments focusing on the amazing customer support and easy application process. However, some reviewers said they had issues opening accounts and receiving payments.
You can start a live chat with customer support through the Starling app, or alternatively you can call on 0207 930 4450.
Starling Bank business loans may be suitable for smaller, flexible businesses looking to secure additional finance to grow or support their business. As with its other products, Starling Bank business loans are digital-only, so you’ll need to be happy managing your loan online or via the app.
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