If your business has debts that span different providers and financing types, then you may want to consider consolidating these debts into one single loan to help you better manage your debt.
Through debt consolidation, you could even lower your monthly repayments by structuring them more effectively. Below we have explored what some of the leading loan providers can offer.
The table below gives a quick comparison of the top UK providers business debt consolidation.
|Company||Minimum amount||Maximum amount|
|Royal Bank of Scotland||Not stated||Not capped|
|Aspire Business Loans||£5,000||£300,000|
|rebuildingsociety com||£25,000||Not stated|
* The facts and figures included here come from each company’s website and were accurate at the time of writing (March 2022) but may have since changed. Also, please keep in mind these may not be apples to apples comparisons as each provider offers different solutions. This guide should be used as a starting off point for more research on your part.
Below we profile each of the companies’ services and features in a bit more detail.
Note companies are ranked in no particular order and this no way indicates one solution is better than another.
1. Royal Bank of Scotland
Some of the features and benefits of the Royal Bank of Scotland’s business debt consolidation.
- Choice business loans
- Suitable for consolidating debt
- Small Business Loan
- Fixed Rate Business Loan
- Variable Rate Business Loan
- Terms up to 25 years
- Loans with no upper limit
- No early repayment charges
- Repayment holidays may be available
Royal Bank of Scotland is a financial establishment that provides a variety of business finance products to a wide range of businesses. Their products include a choice of loan products that are available for a variety of reasons which includes consolidating debts.
Royal Bank of Scotland’s loans includes a Small Business Loan for amounts up to £50,000 available for 1 to 10 years. Their Fixed Rate Business Loan offers loans from £35,001 to £500,000 on a fixed interest rate for up to 10 years. Their Variable Rate Business Loan is linked to the Bank of England Base Rate and offers loans from £35,001 for up 25 years.
2. Aspire Business Loans
Some of the features and benefits of Aspire Business Loans’ business debt consolidation.
- A variety of loans
- Includes debt refinancing
- Borrow from £5,000 to £300,000
- Terms from 1 to 5 years
- Secured or unsecured loans
- Fast and simple business loans
- Offer same day decisions
- Allows you to compare loans
- Available to a range of UK businesses
- To be eligible you need to have been trading for over a year
Aspire Business Loans is a financial provider that is part of Aspire Money Limited. They offer a range of business loan products that include secure loans, unsecured loans, invoice financing, debt refinancing and pay as you trade.
Aspire Business Loans offer loans that are suitable for debt refinancing with loans from £5,000 to £300,000 over terms from 1 to 5 years that can be secured or unsecured loans. Their loans are designed to be fast and simple to apply for and you can receive a decision the same day. Their loans are available to a wide range of UK businesses that have been trading for over a year.
Some of the features and benefits of Cubefunder’s business debt consolidation.
- Business loans that are designed specifically for debt consolidation
- Also offer loans for missed payments and those with bad credit
- Helps businesses to get on the right track with your debts under one umbrella
- Easy repayment plan with manageable monthly repayments
- Bespoke loans available
- Reduce the pressure on your business
- Loans from £5,000 to £100,000
- Unsecured loans
- Don’t charge higher interest or large late payment fees
- Available to a variety of small businesses
Cubefunder is a business finance provider offering finance to small businesses through a range of flexible business loans. They offer a variety of loans for businesses that are struggling with debt or bad credit and offer specific loans for debt consolidation, missed payments and bad credit.
Cubefunder’s debt consolidation loans are designed to help businesses to consolidate their debt under one umbrella so that they can manage their debt better and have a single manageable monthly repayment plan. The loans are bespoke to your needs and are an unsecured loan which can offer £5,000 to £100,000 which doesn’t have higher interest charges or larger late payment fees as penalties.
Some of the features and benefits of Fleximize’s business debt consolidation.
- Specialise in loans for SMEs
- Loans from £5,000 to £500,000
- Terms from 1 to 48 months
- Offers secured and unsecured loans
- Flexible loans
- Fast and transparent loans
- No hidden fees
- Pay less on your loan if you repay early
- Offers exclusive membership benefits
- Dedicated relationship manager
Fleximize is a financial provider that offers loans that are designed for small to medium-sized businesses. Their loans are flexible and fast to set up to give businesses access to the funding they require as quickly and simply as possible.
Fleximize’s business loans are available for debt consolidation and can be offered as either a secured or unsecured loan for amounts from £5,000 to £500,000 on terms from 1 to 48 months. Their loans are fair and transparent and they only charge interest whilst you have the loan and therefore you pay less in you repay the loan early. You can also top up the loan and take repayment holidays.
Some of the features and benefits of rebuildingsociety.com’s business debt consolidation.
- Peer-to-peer lending
- Available for debt consolidation
- Offers secured and unsecured loans
- Online application
- Fast application process
- Receive a decision within 24 hours
- No hidden costs
- No early repayment fees
- Available to a wide variety of businesses
- Provided by a community of lenders
rebuildingsociety.com is a peer-to-peer lending provider that has been created to help match ethically minded investors and borrowers in one place with fair loans. They provide their loans to a wide variety of UK businesses that are small to medium-sized and they state that it can be used for a variety of reasons including debt consolidation.
rebuildingsociety.com provides loans from £25,000 on a secured and unsecured basis. Their loans are fast with an online application form and decisions being received in as little as 24 hours. The loans are also transparent as they have no hidden costs and no early repayment fees.
Some of the features and benefits of LendingCrowd’s business debt consolidation.
- Peer-to-peer loans
- Loans designed specifically for debt consolidation
- Consolidate debt into one single loan
- Manage your debt more effectively
- Can help lower your interest rates
- Potentially lower your monthly repayments
- Loans from £5,000 to £50,000
- Terms from 6 months to 5 years
- Receive a decision within 24 hours
- Transparent costs
LendingCrowd is a peer-to-peer lending provider that helps borrowers to find investors through their online platform which allows businesses to post their funding opportunities for investors to bid and offer funding. Their loans have rates starting at 5.95% and can be used for debt consolidation.
LendingCrowd offers amounts from £5,000 to £50,000 on terms from 6 months to 5 years. They aim to put you in control of your loan as you can select which loan offer to accept. Their loans provide transparent terms with clear costs and low fees. The loans are simple to apply for and once arranged they can provide the funding on the same day.
* Please note we may be paid a fee if you visit Swoop and/or EJ Finance to take out a loan.