What you get
- Borrow from £2,000 up to £25,000 over 1-5 years
- Manage your monthly costs with a fixed rate
- Pay no interest during the first 12 months
- You may be eligible for a preferential rate if you are a 1|2|3 Business World customer
- No arrangement fees
- You have any Santander business current account
- All directors, owners (shareholders) or partners of your UK-registered business are UK residents aged 18 or over
- You have a good credit history and haven’t been declared bankrupt or had an Individual Voluntary Arrangement in the last 6 years (either the company, directors, owners or partners)
- You are either a sole trader or your business is a partnership, limited liability partnership or a private limited company
- You haven't been a disqualified director or a director of a failed business within the last 6 years
- You're able to repay your fixed loan repayments by Direct Debit
- All credit is subject to status and credit checks. We reserve the right to refuse any application
- Representative 7.9% APR
Loan amount £10,000
Interest rate 7.6% (fixed) p.a
- Term 60 months
Monthly repayment £200.99
Total amount repayable £12,059.40
The actual interest rate you're offered is based on a credit assessment of your financial circumstances. Once the loan is taken, the interest rate is fixed for the duration of the loan. Interest is calculated daily on the outstanding loan balance.
The maximum APR we could offer you on any loan amount is 7.9%.
To be eligible for rates from 4.9% APR on the Business Loan you must be a 1|2|3 Business World customer at the point of opening.
There are no arrangement fees for setting up a Business Loan.
Early repayment charges may apply.
We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.
- Business Loans Key Facts Document (pdf) including Pre-Contractual Explanation and Statement of Lender and Borrower Responsibilities
- Business Loans General Terms & Conditions (pdf)
To view these documents, you may need to download Adobe Reader
We've provided a summary below of the important information that's contained in the Pre-Contractual Explanation. The full version of this can be accessed via the link above. You should also read this before you apply.
It's money that you borrow from us. The amount of the money that you borrow, the interest rate and the repayment time period are all fixed. We don't take security for a business loan.
To apply for a business loan you must agree to us conducting a credit check on you. It's very important to provide accurate information in your application - we might decline your application based on the results of your credit check, or if you have provided false information.
You pay a fixed amount each month by Direct Debit (made up of the original loan amount and the interest charged). Your credit agreement will detail how much you pay (in total and each month), and when the payments will be due.
If you miss a repayment, we can deduct the missed payment from your other accounts with us. We will also record details with a credit reference agency which could damage your credit rating.
If you miss multiple repayments, your credit rating can be damaged and you might have legal proceedings brought against you or a charging order registered against your house.
To avoid getting into this situation please contact us if you are having difficulties in making your repayments.
You should read all documentation provided to you and consider the information carefully before taking out a business loan to make sure that it is right for you.
You can change your mind up to 14 days after you sign. If you do this, you must repay anything you owe.
You may repay the loan in full at any time before the final payment is due. Details of how to do this are in your agreement.
A business loan is designed for borrowing a fixed amount of money for business purposes over the full term of the loan, however it can be repaid early, if you wish.
We’re currently not accepting applications for Small Business Loans, for more information on lending options available see the Bounce Back Loan Scheme.
We’re committed to supporting our customers during this time and are offering loans under the Bounce Back Loan Scheme.
Find out more about the benefits and how to apply for a Bounce Back Loan