Business Loans
Find out easily the fast and flexible business loans…
- Compare trusted Irish lenders
- Fixed or variable interest rates
- Transparent terms
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- Good years of expertise
If you are here, your business may need instant funding for cash flow management, inventory update, or expansion. It is regardless of whether you are a start-up or an established firm. You may benefit from affordable, personalised, and fast business loans in Ireland. Don't use up the limited cash! Check start-up loans to counter today's goals and secure tomorrow's growth.
A loan for business is a financial facility that's used exclusively to fund a company's short and long-term cash needs. A loan seeker can use the money for releasing payroll, funding marketing operations, structural development, and expansion.
One may receive €5,000 to €200,000 to fulfil the needs. The final amount will be determined by factors like annual turnover, repay capacity and credit score. You can get the amount for a maximum duration of 10 years. It may extend, but you need to ask your lender for this. You need to repay the money with interest over an agreed term.
The quote you get from loan companies may vary according to their terms. Therefore, you may benefit from pre-qualifying with a suitable private loan company. Givemyloan is an independent loan broker and is committed to searching and comparing the best panel of lenders, offering business loans for start-ups or existing ventures.
You can get secured and no-collateral loans in Ireland, depending on affordability and needs. The interest rates remain competitive, even in unsecured loans. However, one gets lower interest rates and affordable terms with collateral-based loans. You may also get fast unsecured business loans with good personal and official credit scores, consistent revenue, and managed debts.
Let us discuss in detail the clear difference between the two loan options:
| Parameters | Secured loans | Unsecured loans |
|---|---|---|
| Definition | It is a loan that requires one to stake a company asset to qualify. | It does not require a company to stake assets. Instead, the loan approval is based on credit score and finances. |
| Advantages |
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| Risk for the borrower |
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| Interest rates | Interest rates stay low due to the asset that one gets a loan against. | The interest rates remain competitive due to no asset requirements and a comparatively easy loan process. |
Business funding is for varied purposes like unexpected cash needs, paying off suppliers, credit card debt, hiring, etc. However, purposes differ, and so do the loan types. Here are different purposes that you can tap a loan for:
Purchasing a vehicle
If you struggle to attend client meetings as a startup, you need an appropriate vehicle. You may search, “Can I use a business loan to purchase a vehicle for company use?.Revise your goals with a business car loan. Explore the rates and choose the most suitable one under our guidance. It allows you spread the cost into manageable instalments.
Merging debts into one payment
If you find it hard to tackle multiple debts, consolidate them now. A right debt consolidation loan may help you merge different business-related debts into a single monthly payment. You can consolidate equipment finance, merchant cash advances, or credit card payments. It reduces the total interest and loan amount payable.
Financing unexpected costs
If you have a cash emergency, check an urgent business loan online. It does not require detailed documentation or lengthy checks. Instead, you may get it quickly by just revealing your business’s affordability.
You can access different loans for commercial purposes. It may help you fund unique needs without worries. These may include:
Asset finance
You may use it to purchase a business asset like machinery, equipment, software, etc. Here, the asset itself serves as collateral. It is different from secured business finance, where you get cash against any relevant business asset. However, the interest rates stay low on these loans.
Equipment finance
It is a financial solution that you can use exclusively for the purchase of business equipment. It is unlike personal loans, where you share the flexibility to use the facility for any business need. The equipment acts as collateral on the loan. Failure to repay may make the loan company seize your equipment legally.
Invoice finance
It is the best solution for business owners who receive late payments from clients. You can counter the cash needs in an emergency by borrowing against the pending invoices. Here, these act as collateral. You may generally get 70-80% value of the invoices. Later, you can repay the dues when your client pays.
Acquisition loans
It is a type of finance that's used to purchase a company or commercial assets. Unlike standard loans for company needs, these are explicitly tailored to buy substantial business parts.
Getting a loan for your entrepreneurial ventures requires you to meet specific criteria. We help businesses understand what lending companies seek when assessing loan applications. If you meet the small business loan eligibility criteria, you may get the loan.
Business age and trading history
Most loan companies prefer to lend to businesses trading for at least 6-12 months as startups. However, some may consider a company’s good financial record and detailed business plan a plus point for lending. Here, even businesses with low operating history may qualify.
Meet annual turnover needs
If you are operating consistently for a long time with stable revenue, you may qualify. Most loan providers associate long-operating firms with reliability. Moreover, businesses with a turnover of €25,000-€100,000 may quickly fetch business loans for a startup.
Good business and personal credit history
An owner applying for the loan must have good personal and business credit history. Loan providers analyse both individual and company financial management to provide the loan. Therefore, having separate accounts for both purposes is essential.
Provide the right documents
Providing authentic and complete documents requested by a loan company is important. You may spot different requirements from different lenders. Don’t worry, the experts at Givemyloan may sort it out for you by finding the right lending company and arranging the documents. If you need time, you can inform us, and accordingly, you may get help.
Clarity on the loan usage
It is vital to understand what you need the funds for. Otherwise, you may not get the loan. Calculate the approximate money you may need and the purpose before applying.
Getting business funding for startups in Ireland through a reliable broker like us is the best way. We work with a wide variety of traditional and online lenders to help you find the best match for your needs.
Here is how the process of applying for quick small business loans unfolds:
Step 1- Identify how much you need
Understand the loan purpose and how much you would need to meet the needs sufficiently. At the same time, don't borrow more than you can repay, as it may lead to unnecessary loan rejection.
Step 2 - Compare the lenders with us
We instantly present a comprehensive list of lenders providing secured or unsecured small business loans Compare their loan offers and select one that suits your business needs. You can start the comparison by clicking here.
Step 3- Submit an application with the necessary documents
Go through the lender's website to apply by providing basic details about your company. It may include the company name, turnover, amount requirements, and purpose. Provide accurate information to avoid re-applying. You must meet a few document criteria to get a loan, such as:
Step 4- Get a quick quote
Your lender will provide a quick basic quote. It is a no-obligation quote with a soft credit check only, which you may ignore if you do not find it right. You don't pay anything for that. Alternatively, if you proceed with the quote, the detailed credit assessment can be done later.
Step 5- Receive approval and instant funding
Once you find the terms alright, you must provide your consent to the agreement. If you find the rates high, we may negotiate with your lender on your behalf. Still, you may get business loans with low interest rates if your recent financial management is good. After the final negotiation, you may get the funds from the respective loan agency.
Note: Each application is subject to status and affordability checks.
The cost of a loan may vary. It depends on the loan company’s interest rates, APR, credit score, and revenue requirements, and the borrower’s needs. Here is a basic example of what your loan may look like:
Representative Example
You need €45000 for equipment purchase at the interest rate of 4.5% for 24 months. Here is how your payment may look:
| Amount required | €45000 |
| Interest rates | €4.5% |
| Loan term | 24 months |
| Monthly payment | €1964 |
| Total interest payments | €2,140 |
| Total payable amount | €47,140 |
Here, you must know a few aspects:
Knowing the most popular and responsible loan agencies helps you get the right quote. Here are the expected APR and amount that you may expect on start-up business loans, respectively:
| Loan company | Loan amount | Interest rate/APR | Loan term | Features |
|---|---|---|---|---|
| Permanent TSB | From €5000 | Competitive variable rates | Up to 10 years | You may get unsecured loans with no surprise fees.You may get up to €120,000 for your needs. |
| Linked Finance | €10000-€3,00,000 | From 6.95%(depending on the loan affordability) | 6 to 60 months | You can repay the loan early without any fee on no-collateral loans in the marketplace. |
| Microfinance Ireland | €2000-€50,000 | Fixed interest rate of 6.5% | Varies | Ideal for startups and small businesses. It may help you get quick approvals. |
Accordingly, you may get the most favourable terms according to your financial potential and needs. We help find a regulated and approved loan company approved by the Central Bank of Ireland. It eliminates any risks and fraud possibilities.
Yes, you may get a loan with a poor credit score. However, the options may be limited, and interest rates stay higher on such loans. It is because aspects like CCJ, bankruptcy, and loan defaults affect the credibility. However, you can boost your chances of getting a business loan for bad credit by following these tips from our experts:
Improving personal and business finances
Analyse your pending debts like office renovation loan, business mortgage, or asset finance, and check what you can pay. Consider other small loans with high interest and clear these first. It boosts your credit score and helps you fetch better rates.
Choose dedicated and regulated online lenders
Many mainstream and online lenders provide loans for those with low credit scores. Traditional loan providers do have a trust factor, but they have strict eligibility criteria and a comparatively longer application procedure. On the other hand, online lenders are more suitable if you need a quick loan for your business. They are flexible in their lending terms and provide specific bad credit business loan deals.
Here, individuals seeking a start-up loan for a new business may benefit. They may fetch better terms and flexibility in payments. However, finding that ideal loan agency is challenging. We can help you find the most reliable one.
Pre-qualify before applying
Understand the amount you need and pre-qualify. It will help you understand how much you can qualify for without affecting your credit score. Besides, it also opens the door for higher loan approval chances despite having a less-than-perfect credit score.
Provide a personal guarantee
If you are weak in your credit history, you can provide the lender with a personal guarantee by adding a person with a good credit score as your loan guarantor. Doing this will pave the way to get a low-interest and instant loan approval.
Provide collateral
Providing an asset as loan collateral may help you qualify with a bad credit score. It reduces the risks associated with loan default and enables you to fetch a better amount and terms. However, you need to be precise in your timely loan repayments, as defaulting will cause the loss of your asset to the lender.
In the Irish loan marketplace, many lenders are providing small business loans for start-ups. Identifying the most reliable among them may be challenging. It is where the role of a loan broker is realised. It will help you in searching and comparing various deals to make an ideal selection.
Here is the clear difference between the two:
| Loan broker | Direct lender |
|---|---|
| It connects borrowers with different lenders, but doesn't lend money itself. | It provides funds directly to a business owner seeking loans. |
| It can provide varied options as it shares a lengthy network of direct lenders | Loan options are limited to the lender’s respective offerings. |
| It shares the applicant’s credit profile with multiple lenders, which therefore helps one get a quote quickly. | In-house decisions are made as borrowers apply directly. As a result, individual criteria for credit assessment may differ slightly. It may affect the loan turnaround timings. |
Our expertise lies in understanding the complex financial needs and evaluating the available options. It helps us link you with the reliable and legitimate providers for online business loans.
Trusted loan policies backed by the belief of our customers have helped us in developing our process throughout the years. Here is why individuals return to us for thorough guidance:
You may address sophisticated financial challenges, seize business opportunities, and facilitate growth by contacting us. If you are confused and applying for the first time as a business owner, you can rely on us for the best quote.