Yes, unsecured business loans and unsecured commercial loans are generally the same type of financial product, referring to funding for businesses without requiring assets as collateral. The terms are often used interchangeably, but some lenders might apply slight variations in context.

You can usually get an unsecured business loan approved in as little as 24 hours, with funds often arriving shortly after you’re approved. The exact length of time depends on the lender and how quickly you submit the information they need.

You can typically borrow £1,000-1 million, depending on the lender, your business turnover, and financial history. Because you won’t be using any assets as security, the amount you could borrow is based mainly on your business performance and credit profile.

Unsecured business loan costs vary between lenders and also depend on your credit rating, loan amount, and repayment term. Interest rates are usually higher than for secured loans, since there’s no collateral (security) involved, but lower than using a business credit card or an overdraft.

Applying for an unsecured business loan could affect your credit score if the lender performs a hard credit check. But some providers, including Tide, use a soft credit check instead, which won’t impact your score.

Yes, but your options may be more limited and the interest rate may be higher. Some lenders specialise in working with businesses that have poor or limited credit histories, so search around to find a suitable provider.

Many lenders do require a personal guarantee for an unsecured business loan, since there aren’t any assets to secure the borrowing. If you provide a guarantee, you’ll be personally responsible for repaying the loan if the business isn’t able to.

Unsecured business loans are typically repaid in fixed monthly instalments over an agreed term, typically between 1-5 years. You’ll usually receive the full amount upfront and start making repayments the following month.