Knowledge Base
Frequently asked questions
Everything you need to know about business finance in the UK - from asset finance and business loans to bridging and trade finance.
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General
What is a business finance broker?
A business finance broker acts as an intermediary between your business and lenders. Rather than approaching individual …
How much can I borrow for my business?
The amount you can borrow depends on several factors including your annual turnover, business age, credit history, and t…
How long does it take to get business finance?
The time to receive funding varies by product. Merchant cash advances and unsecured business loans can be approved and f…
Do I need a good credit score for business finance?
While a strong credit history helps, many lenders on our panel specialise in businesses with imperfect credit. Secured f…
Is Spark Finance FCA authorised?
Yes. Spark Finance Ltd is registered with the Financial Conduct Authority (FCA) as a credit broker, with FRN 958123. It …
Does Spark Finance charge any fees?
Spark Finance charges a success fee when a facility is successfully arranged. This is typically paid by the lender and i…
Asset Finance
What is asset finance?
Asset finance is a form of business funding that allows you to acquire equipment, machinery, or vehicles without paying …
What can asset finance be used for?
Asset finance can be used for almost any tangible business asset, including: commercial vehicles, HGVs, and company cars…
What is the difference between hire purchase and a finance lease?
With hire purchase, you make fixed monthly repayments and own the asset outright at the end of the agreement (usually af…
Business Loans
What is an unsecured business loan?
An unsecured business loan is a loan that does not require you to pledge specific assets as collateral. Lenders assess y…
What is a secured business loan?
A secured business loan is backed by an asset - typically commercial or residential property. Because the lender has sec…
Invoice Finance
What is invoice finance?
Invoice finance allows businesses to unlock cash tied up in unpaid invoices before customers pay. There are two main typ…
How does invoice discounting work?
With invoice discounting, you raise invoices to your customers as normal and upload them to the lender's platform. The l…
Bridging Loans
What is a bridging loan?
A bridging loan is a short-term, secured loan designed to 'bridge' a gap in funding - typically for property purchases, …
How quickly can a bridging loan be arranged?
One of the key advantages of bridging finance is speed. In straightforward cases with good security and clear exit route…
Merchant Cash Advance
Still have questions?
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