Top rated loan companies: a guide on how to choose the “right” one

With over 80,000 companies providing finance and insurance services in the UK as of 2023, it can be hard to wade through the many lending options to find the most suitable one for you. If that’s the situation you’re currently in, we hope this article will help.  

Breaking down what “right” means for you

“Right” is a subjective term. Right for one business could mean cheapest, whereas for another, it could mean most flexible. If you’re searching for the best loan company for you, it’s important to start with understanding what that means. Carefully assess your unique needs:

• How much do you want to take out?

• Do you want to use a brick and mortar lender or an online lender?

• Does a local physical branch matter to you?

• How quickly do you want to be able to speak to customer service?

• How important is a clean app interface to you?

• Do you need a bad credit business loan?

• What do you need the loan for? Different lenders specialise in different types of loans, for example, if you’re looking for a bridging loan, you may want to look for much more specialised lenders than if you’re looking for a standard business loan.

• Do you currently have any relationships you can leverage in negotiations? For example, if you currently bank with a financial institution that also provides lending services, you might consider asking them if they can offer you a favourable rate.

• Are there any specific features you are looking for, for example, zero early repayment charges? 

• Fixed rate or variable – which one makes you more comfortable?

• Are you looking for business support alongside financial support?

• Do you have any assets you’d like to put up as collateral for the loan to help you negotiate a better interest rate or larger funding amount?   

Carefully consider your unique needs to gain a better understanding of what the most suitable option would be for your business.

Finding the top rated loan companies

There are several ways to find the top rated loan companies. For starters, you could search for the specific loan type you’re looking for and see which companies come up at the top of the search results. If you recognise the brand, that can be a good sign, but don’t immediately dismiss the smaller lenders – they can sometimes provide more competitive rates or a more specialised service.

Another way to find the top rated loan companies is to leverage a broker, like Funding Options by Tide. We’re considered the matchmaking website for small businesses and lenders (those aren’t our words – they’re The Daily Telegraph’s!). We’ve partnered with Lloyds, NatWest, Starling Bank, and many more, all with the intention of bringing eligible borrowers our strong partner network and deep industry connections and helping them make better borrowing decisions.

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Choosing the most suitable loan company for your business

The choice of which lender to use can only be yours, and in fact, any company that tries to pressure you in one direction or another should be avoided. Financial companies are bound by a range of tight regulations, they’re specifically not allowed to pressure consumers into making financial decisions, so any predatory communications are a huge red flag.

Start by gathering a few options together. Then, check online reviews or, if you’re applying for a substantial amount of money, ask if you can speak to any current clients. Assess how closely the chosen loan companies meet your needs and narrow down your list by suitability. If you do have time, we recommend taking at least a few days to consider your options to help you come to a decision you’re truly comfortable with.

If you need any support assessing lenders, feel free to reach out to our team of experts.

Get a quote from the UK’s top rated loan companies

We help match eligible borrowers to our network of over 120 lenders, many of whom are the top rated loan companies in the country. Just click the link below and fill out your information to find out if you’re eligible for access to our lender network.

Find out if you’re eligible for a free quote.

Please note that the information above is not intended to be financial advice. You should seek independent financial advice before making any decisions about your financial future.

It’s important to remember that all loans and credit agreements come with risks. These risks include non-payment and late-payment of the agreed repayment plan, which could affect your business credit score and impact your ability to find future funding. Always read the terms and conditions of every loan or credit agreement before you proceed. Contact us for support if you ever face difficulties making your repayments.

Funding Options, now part of Tide, helps UK firms access business finance, working directly with businesses and their trusted advisors. Funding Options are a credit broker and do not provide loans directly. All finance and quotes are subject to status and income. Applicants must be aged 18 and over and terms and conditions apply. Guarantees and Indemnities may be required. Funding Options can introduce applicants to a number of providers based on the applicants' circumstances and creditworthiness. Funding Options will receive a commission or finder’s fee for effecting such finance introductions.