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Preparing your LendingCrowd loan application

business people with laptops

If you have decided to apply for a business loan with LendingCrowd, here’s a quick guide to the process, including our eligibility criteria and the information you’ll need to supply along with your application.

Is my business eligible to apply?
LendingCrowd can provide fast and flexible business loans of £75,000 to £500,000 to limited companies and limited liability partnerships (LLPs) that have been trading for at least two years. Applicants need to be based in England, Scotland or Wales.

We have some straightforward criteria for those applying for a LendingCrowd business loan:

  • Annual turnover of at least £100,000
  • Two years’ trading history
  • No active county court judgments of over £1,500
  • No failed businesses in the last two years
  • We don’t lend to property development or property investment businesses

If your business meets our eligibility criteria, the next step is to register for a LendingCrowd account. Then you’ll be able to apply for a business loan using our innovative online platform.

Once you have all the information to hand, you can apply for a business loan in just a few minutes.

What information will I need to provide?

  • Names, addresses, phone numbers and email addresses for all directors/members and shareholders who own 25% or more of the business
  • How much you want to borrow and how you plan to use these funds
  • Details of any current borrowing, such as other business loans, overdrafts or invoice finance facilities
  • Last two years’ filed accounts (last one no more than 15 months old)
  • Most recent three months’ business bank statements
  • Management information (if available)

Will I need to provide a personal guarantee?
Directors, members and shareholders must demonstrate they have assets covering 50% of the business loan. 100% coverage is required for third-party guarantors and for loans in our C+ Risk Band. (You’ll find out which Risk Band your business is in once we’ve carried out our initial checks.)

If there is more than one guarantor, we’ll consider the aggregate value of the assets across all the guarantors.

Please note: a charge or asset security may be required in addition to personal guarantees for loans above £350,000.

How much can I borrow with LendingCrowd?
Limited companies and LLPs can borrow from £75,000 to £500,000. Our fast and flexible business loans offer:

  • Fixed monthly repayments of capital and interest
  • Interest rate is fixed at the start of the loan
  • Up to five years to repay
  • No fees for early settlement
  • No fees for overpayments* to reduce the loan term and total interest paid

*Minimum £5,000

It takes just minutes to apply for a LendingCrowd business loan – start your journey today.

Please note: all applications are subject to LendingCrowd’s risk appetite and will be subject to clearance of AML and Cifas checks.

Article author

Gareth Mackie

Gareth Mackie

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

The company's registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

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