^£100k Garage Business Loan – Apply for Funding Today

With an unsecured term loan, you usually borrow a lump sum and repay it monthly over a fixed term, often 12 to 60 months. Typical targets for SMEs can sit around £25,000 to £250,000, so a £100k goal is common but not guaranteed. Pricing is driven by your profile and affordability, with unsecured rates in the UK SME market often roughly 8% to 20%+ per annum, fixed or variable. Decisions often take around 1 to 4 weeks, depending on documentation and affordability checks.

Secured term loans typically involve security over assets such as business equipment. Eligibility depends on the asset value and condition, plus your ability to repay. SME secured term loans often range from about £50,000 to £500,000+ depending on collateral, with £100k fitting a common mid-range. Repayment terms are often 24 to 72 months. Secured pricing is generally lower than unsecured for comparable risk, with typical UK ranges roughly 6% to 16% per annum. Decision times frequently sit around 2 to 6 weeks because security arrangements, valuations and legal documents are part of the process.

This subtype is often used as an alternative to certain hire-purchase structures. The lender’s underwriting focuses on the equipment purchase and its role in your operations, such as diagnostic tooling or servicing equipment. Amounts are commonly £20,000 to £200,000, aligned with the equipment invoice or quotes and what your finances can support. Terms often run 12 to 48 months. Typical UK pricing can be roughly 7% to 18% per annum depending on structure. Decisions are commonly 1 to 5 weeks, based on how quickly supplier documentation is provided and whether any security or legal steps apply.