GreenOak Business Loans (GreenOak Funding Ltd) is a UK non-bank finance provider founded in 2018. It offers digitally delivered funding solutions tailored for small and medium-sized enterprises (SMEs). The company is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit activities and operates primarily through an online platform. GreenOak provides a variety of products, including unsecured and secured loans, revolving credit, invoice finance, merchant cash advances, and asset finance, designed to meet various business needs. This lender may suit growing UK businesses needing quick access to capital through a broad product range. For an overview of similar products, see unsecured business loans and business loans.
Key Features of GreenOak Business Loans
GreenOak's offering emphasises speed and flexibility supported by digital tools and UK-based customer support. Key features include:
- Fast, fully online application with decisions often within one hour.
- Wide range of funding products including unsecured, secured, and asset-backed options; explore asset finance.
- Flexible repayment schedules with no penalties for early repayment on most loans; learn about early repayment fees.
- Integration with popular accounting platforms such as Xero and QuickBooks for underwriting efficiency; see application service provider tools.
- Same-day funding for unsecured and revolving credit facilities.
Funding Eligibility at GreenOak
You may qualify for GreenOak's products if your business meets minimum trading and turnover requirements, typically starting at six months of trading and an annual turnover from £60,000, depending on the product. The lender accepts UK-registered limited companies and LLPs from England, Scotland, and Wales. Certain sectors like gambling, weapons manufacturing, adult entertainment, and cryptocurrency trading are excluded. Personal guarantees from directors or major shareholders are generally required. For detailed guidance on qualifying criteria, consult loan eligibility requirements and personal guarantee requirements.
Loan Options Available
GreenOak offers multiple loan types to cover various SME funding needs, from small working capital loans to larger secured loans up to £1 million.
- Unsecured Business Term Loan: £5,000 to £250,000; terms from 3 months to 5 years; rates between 8.9% and 29.9% APR fixed; no early repayment fee. Details at unsecured business loans.
- Secured Business Term Loan: £50,000 to £1,000,000; terms from 12 months to 5 years; interest rate range 6.5% to 18.5% APR; arrangement and valuation fees apply; early repayment fee in first 12 months. See term loans.
- Revolving Credit Facility: £10,000 to £150,000; 12-month renewable facility; monthly interest only at 1.5% to 3.5%; 0.5% to 1% monthly service fee on credit limit. More info at revolving credit loans.
- Invoice Finance (Selective Factoring): Advances of up to 90% of invoice value, £25,000 to £500,000; terms 30 to 120 days; fees 0.25% to 1% per invoice; debtor approval required. Learn about invoice financing.
- Merchant Cash Advance: £5,000 to £150,000; terms 3 to 12 months; factor rate 1.10 to 1.35 (roughly 15% to 40% APR); repayment via card sales percentage. See MCA loans.
- Asset Finance (Hire Purchase & Finance Lease): £10,000 to £500,000; terms 1 to 5 years; variable rates 6% to 18% APR; asset as security with flexible end-of-term options. Details at asset finance.
How to Apply for Funding
GreenOak's process is fully digital, designed for speed and convenience. Expect rapid decisions, document verification, and digital signatures.
- Submit an online application directly or via a broker.
- Provide required documents including business bank statements, filed accounts or management accounts, photo ID, and proof of address; see required documents checklist.
- Receive decisions in as little as 1 hour for loans up to £150,000, with secured loans taking 1 to 3 working days; refer to loan approval timelines.
- Use e-signature technology and manage funding through a 24/7 online dashboard; details on digital finance tools.
Funding Agent's View on GreenOak Business Loans
GreenOak offers a comprehensive digital lending suite suited for UK SMEs needing fast, flexible finance solutions. Its range from unsecured loans to asset finance supports various business requirements. Firms valuing quick access and online convenience may find GreenOak practical, but higher rates and personal guarantees may deter well-established companies preferring traditional banks. For those considering GreenOak, use the loan comparison tools, verify your eligibility, and explore repayment calculators to assess fit and cost before applying.
