Lloyds bank Alternatives
This guide lists five UK focused alternatives to Lloyds bank, so buyers can compare speed, eligibility, products, and pricing before applying.
Quick Compare:
1. HSBC UK
HSBC UK offers a wide range of financial services, including competitive business loans with representative APRs from 8.6% to 11.3%. It is suitable for UK businesses seeking flexible repayment options and tailored financial solutions. The provider focuses on quick decision-making and collateral-backed loans, often with a broad range of loan sizes.
Loan and pricing details
Funding range note: From £1,000 to £10 million typically
Speed: Decision typically within a few days
Interest rate notes: APR ranges from 8.6% for larger loans to 11.3% for smaller loans
Eligibility
Personal guarantee: Personal guarantees often required
Homeowner advantage: Being a homeowner may improve terms
Services and sectors
- Products: term_loan, revolving_credit, invoice_finance
- Industries: All industries
Best for
- Businesses seeking competitive APRs
- Flexible loan amounts
Pros
- Wide range of loan amounts
- Competitive APRs
Cons
- Personal guarantees usually required
Sources: https://www.business.hsbc.uk/en-gb/products/small-business-loan
2. Barclays
Barclays focuses on offering comprehensive business loan options with quick processing times. It is suited to established businesses needing substantial finance with options for varying collateral and repayment terms. The provider emphasizes fast decisions and flexible borrowing secured on business assets or cash flow.
Loan and pricing details
Funding range note: From £1,000 to £3 million
Speed: Fast application process
Interest rate notes: Representative APR starts at 11.2%
Eligibility
Personal guarantee: Required for larger amounts
Homeowner advantage: Being a homeowner may assist
Services and sectors
- Products: term_loan, asset_finance
- Industries: General, Retail, Services
Best for
- Established enterprises
- Flexible repayment durations
Pros
- Various loan products offered
- Wide branch network
Cons
- Personal guarantees often needed
Sources: https://www.barclays.co.uk/business-banking/borrow/loans/
3. NatWest
NatWest offers various business loans including fixed and flexible options with competitive rates. It provides quick approval processes suited to businesses needing reliable funds quickly. The provider leverages online application speed and security, with options for collateral or unsecured borrowing depending on the loan type.
Loan and pricing details
Funding range note: From £1,000 to £10 million
Speed: Approval in as little as 24 hours
Interest rate notes: Representative APR is 12.24%
Eligibility
Personal guarantee: May be required depending on loan amount
Homeowner advantage: Homeowners may receive better rates
Services and sectors
- Products: term_loan, overdraft, invoice_finance
- Industries: Any eligible businesses
Best for
- Varied loan needs
- Flexible repayment
Pros
- Fast approval process
- Diverse loan range
Cons
- Potential necessity for personal guarantees
Sources: https://www.natwest.com/business/loans-and-finance/business-loan-comparison.html
4. Santander UK
Santander UK offers competitive business loans focusing on flexible terms for small to medium enterprises and startups. Its services include secured and unsecured options, with quick decision-making and tailored repayment plans, suitable for businesses seeking fast access to funding.
Loan and pricing details
Funding range note: From £2,000 to £25,000
Speed: Decisions typically made within days
Interest rate notes: Representative 7.9% APR available for small loans
Eligibility
Personal guarantee: Commonly required for larger loans
Homeowner advantage: Possible better terms for homeowners
Services and sectors
- Products: term_loan, invoice_finance, real_estate_finance
- Industries: Retail, Real Estate, Service
Best for
- SMEs
- New business startups
Pros
- Competitive small loan rates
- Special terms for startups
Cons
- Larger loans require personal guarantee
Sources: https://www.santander.co.uk/corporate/solutions/finance/business-loans
5. Standard Chartered
Standard Chartered provides a dedicated range of international and local financial services, often specialising in global trade and large corporate solutions. It caters to businesses needing specialised funding for cross-border or international operations with options for secured and unsecured lending, depending on case specifics.
Loan and pricing details
Funding range note: Unknown
Speed: Variable depending on case
Interest rate notes: Competitive rates tailored to business profile
Eligibility
Personal guarantee: May be required
Homeowner advantage: Not specified
Services and sectors
- Products: term_loan, trade_finance
- Industries: International trade, Corporate
Best for
- International businesses
- Competitive global rates
Pros
- Global presence
- Expertise in international trade
Cons
- Complex eligibility criteria
Sources: https://www.sc.com/en/wealth-retail-banking/sme-banking/
Final notes
When comparing providers, match loan size, timeline, and sector fit first, then confirm current rates and fees with the finance provider. If one option declines your application, a broker or multi lender panel may still place the deal.
Choosing how to access funding depends on your specific requirements. Banks like HSBC UK or Barclays typically offer straightforward borrowing with fixed or variable rates. Brokering services and specialist providers can help find more flexible or tailored options for complex needs. Always verify the current terms with your chosen provider through their official channels or Funding Agent.
