Sole trader loans for SMEs in the UK
Flexible, cost-effective finance for sole traders and small businesses. Apply online to access the funding you need.
Unsecured, without collateral
Free non-committal application
Decision within 1 working day
No fees for repaying early
Unsecured, without collateral
Free non-committal application
Decision within one working day
No fees for repaying early
What are sole trader loans?
Because sole traders work for themselves, without operating through a limited company or partnership, it can be harder to borrow for business purposes. A sole trader loan is a finance solution suitable for people who choose to work in this way.
A Spotcap unsecured business loan offers significant benefits to anyone looking for a sole trader loan. The application process uses technology to save time, by relying as far as possible on uploads of standard reports rather than asking you to fill in forms.
The approval process is based on a unique system that analyses the financial condition of your business. When you are approved to borrow, you choose how much finance to take and pay interest on, subject to the overall credit limit.
What are sole trader loans?
Because sole traders work for themselves, without operating through a limited company or partnership, it can be harder to borrow for business purposes. A sole trader loan is a finance solution suitable for people who choose to work in this way.
A Spotcap unsecured business loan offers significant benefits to anyone looking for a sole trader loan. The application process uses technology to save time, by relying as far as possible on uploads of standard reports rather than asking you to fill in forms.
The approval process is based on a unique system that analyses the financial condition of your business. When you are approved to borrow, you choose how much finance to take and pay interest on, subject to the overall credit limit.
Is a Spotcap unsecured loan available to a sole trader?
Spotcap is willing to loan to all forms of business, whether a sole trader, a partnership or a limited company. We understand that many sole traders run successful commercial operations and have the same finance needs as other businesses.
As a sole trader, you are looking for a loan that’s adaptable to your circumstances. Our unique approach to a Spotcap loan provides the flexibility sole traders require. Once it’s approved, the loan begins as a line of credit, making it your choice when and how much to withdraw.
Whatever amount you choose to draw down is converted into a loan, usually repayable over 7 to 15 months. It remains flexible - you only pay interest on what you borrow and you can select to make early repayments without incurring any penalty charges.
How could a Spotcap loan benefit you as a sole trader?
Our unique system for reviewing and approving business loans allows you, as a sole trader, to access valuable finance. Here are some examples of how you can put it to use:
To purchase a vehicle or tools
A Spotcap loan can help provide the funds needed to upgrade or purchase essential business assets. Unlike asset finance, the loan is unsecured.
To fund an apprentice
Having a second pair of hands can be expensive and it can take time for them to contribute to output as in the early days they are relatively unskilled. A loan can help bridge the gap until they become more productive.
To invest in a major project
A business loan makes it easier for a sole trader to take on a larger, more profitable piece of work that would otherwise put a strain on your cashflow.
To pay for training costs
Taking time out to sharpen your skills can be tricky for a sole trader. Our business loans can help with your investment in training, that you’ll recoup from future business.
To cover emergency shortfalls
For a sole trader, a Spotcap loan can be a practical alternative to a traditional bank overdraft. Our finance offers similar flexibility, with the advantage of an online application process.
Business loans for sole traders - key facts
Take advantage of our unique finance solution for UK businesses and entrepreneurs
Loan amount
Loan terms
Criteria to qualify
Interest rates
Our business loans reviewed
Business loan repayment calculator
- Amount£ 100,000
- Time12 months
£9,168
Monthly Repayment
Monthly Repayment
- Amount£
- Time12 months
How to apply for a Spotcap business loan for sole traders
Sign up
We need basic personal and business information from you to begin the loan application process.
Complete the application
This requires either linking your accounting system, or uploading financial statements. We also need uploads of your bank statements.
Get approval
It takes just one working day to get access to finance, once the loan is approved.
How to Apply For a Loan From Spotcap
Tell us about yourself and your business
Receive your decision within one working day
Accept your offer and receive your funds
Qualification Criteria
UK business
Annual turnover of +£250k
Trading for at least two years
Profitable business
Business Loan Calculator
Monthly Repayment
- Amount£
- Time12 months