Professional Loans
If you're a professional and looking for business finance, a professional development loan could be the answer. Get a quote or apply today.
- Compare a wide range of lenders and rates
- Check your eligibility in minutes
- Find out how much you could borrow
It's fast, free and won't affect your credit score
- What is a professional loan?
- Business loans for professions
- Am I eligible for a professional loan?
- Benefits of professional practice loans
- Is a professional development loan unsecured?
- How to repay a professional development loan
- How much is a professional development loan?
- Should I get a professional development loan?
- How to apply for a professional loan?
What is a professional loan?
A professional loan is a business loan for professional businesses — think vets and healthcare practitioners like dentists, doctors, or opticians or service providers like accountants and solicitors. These loans help you further develop your business. Use it to plug gaps in cash flow, invest in training and qualifications or refit your practice — spend your funds however you see fit.
Business loans for professions
It's worth researching your loan options before diving straight in. Here are some professions funding product examples you can consider:
Unsecured or secured business loan
A loan can be either unsecured or secured, and the type of loan you apply for depends on a few factors. If you want a loan greater than £500,000, you’ll usually need to apply for a secured loan and offer up collateral such as commercial property. But, if you have poor credit, you want a smaller sum of money or you need the funds quickly, you can apply for an unsecured loan but the lender might require a personal guarantee.
Equipment finance
Equipment finance gives you access to the funds you need to lease or purchase specialist equipment to keep your practice running at the highest level possible. As a professional, you probably use your fair share of expensive equipment. For your veterinary practice, you might need an anesthesia machine (maybe a Comen ARK5 Veterinary Anaesthesia Machine which can cost north of £5,000), or new dental operating lights for your dental practice. But buying these items outright can severely deplete your cash reserves. Instead, finance lets you spread the cost, which means predictable loan repayments and cash flow management.
Merchant cash advance
If your business processes card payments, for example, when a customer pays for an appointment at your front desk, you might be eligible for a merchant cash advance. This is a more flexible business loan option where you repay a percentage each month so you don't have to worry about affording static repayments.
Am I eligible for a professional loan?
Eligibility will vary depending on the lender and the type of loan you apply for. But, usually, if you meet the following criteria, you’ll find a suitable loan option:
- You’re over the age of 18
- Your business is UK registered (limited company, sole trader, partnership)
- You have at least three months of trading history
- Good credit history (particularly important for unsecured finance)
- High-value assets (to use as collateral for secured finance)
Benefits of professional practice loans
- Grow your professions business. With funds in the bank, you can afford to take calculated risks to grow your business. Perhaps launching a new product or service, or spending more than usual on a marketing campaign.
- Upskill yourself or your staff. You can use a professional development loan to invest in continuing professional development. That means you can fund training or professional certificates to ensure your staff have the edge over competitors in your industry.
- Upgrade your equipment. Without the right tools, you can’t do your job. Use your loan to buy or lease top-of-the-range equipment and retain your customer base (and attract new ones).
- Keep cash flow healthy. With a professional loan, you can make sure cash flow is never a worry. Pay bills on time, keep operational processes flowing smoothly, and repay with flexible repayment plans.
Is a professional development loan unsecured?
A professional loan can be unsecured or secured. And which one suits you best depends on your financial situation, whether you want to risk high-value assets and a few other factors.
Let's say you want a quick business loan; an unsecured loan might be the best option in that case, as funds can take as little as a few hours after application approval.
But if you're happy to put your collateral on the line, you become less of a risk to the lender, meaning you can take advantage of lower interest rates, larger loan amounts and longer repayment periods.
How to repay a professional development loan
A professional loan is usually given as a lump sum into your business bank account. You'll repay the loan in monthly instalments over a pre-agreed period, with interest, until you repay it in full.
Loan terms will vary between lenders, but repayment periods can range from a couple of months to over 10 years. Your specific loan term will depend on your financial circumstances and what type of loan you apply for, i.e. secured loans can offer longer repayment terms, whereas a merchant cash advance is repaid as a percentage of your monthly card sales.
How much is a professional development loan?
How much your loan costs depends on what loan type you get, the terms you can secure and the interest rate the lender offers you. But it’s important to calculate the entire cost of a loan to see if you can afford the repayments.
Should I get a professional development loan?
If you're looking to invest in your professional business, a development loan could be worth considering. If you can comfortably afford loan repayments, applying for a business loan can be a flexible and affordable option to grow your company quickly.
How to apply for a professional loan?
To make sure you're getting the best deal, applying for a business loan can start with a quick comparison of the marketplace. Our loan comparison tool makes it easy to find and compare eligible lenders instantly.
Use our intuitive self-serve platform to apply for the best-fit business finance for your practice.
Our tool is 100% free for you to use, you're under no obligation to accept any offer, and getting a quote won't affect your credit score. Find and compare professional loans.
Adrian T
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Amazingly fast, efficient service, minimal paperwork. So much faster than my business bank of twelve years.
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