Business Loans London, Ontario

📅 Last Updated: October 4, 2021

✏️ Written By Lisa Rennie

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

Business Loans London - Compare Providers

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
20	1718582400	$100 – $1500	Max of $8 per $100 & 24% interest up to 62 days	Next payday (max 62 days)	$100 – $1500
100	1709683200	Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800	Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
16	1700524800	$100 – $1,000	29% – 35%	9 – 24	$100 – $1,000
18	1695254400	$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
7	1692748800	Up to $350	0%	Up to 65 days	Up to $350
100	1688083200	$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400	$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800	$15,000	6.7%	Up to 60	$15,000
2	1670889600	$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
8	1666051200	$250	0%	–	$250
100	1643932800	$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1642723200	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1623369600	Varies	0%	6 or 8 weeks	Varies
1	1620777600	Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400	Up to $15,000	–	–	Up to $15,000
100	1598832000	$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
100	1551830400	Up to $500,000	5.75% – 9.9%	–	Up to $500,000
19	1582243200	–	–	Up to 60	–
100	1581033600	$5,000+	–	Up to 60	$5,000+
100	1580860800	$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400	$1,000 – $25,000	8.99% – 34.99%	36 or 60	$1,000 – $25,000
100	1579478400	$100 – $1,500	–	–	$100 – $1,500
14	1579478400	$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1579219200	Up to $1,500	$14 per $100 borrowed	Up to 30 days	Up to $1,500
100	1576713600	$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1562198400	$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
10	1552262400	$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400	$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1551830400	$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1551398400	$100 – $1,500	$14 per $100 borrowed	14 – 31 days	$100 – $1,500
100	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1546128000	Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
100	1551139200	$250 – $1,250	29% – 32%	3 – 6	$250 – $1,250
23	1551139200	Up to $15,000	34.99%	Open-end	Up to $15,000
100	1550534400	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
11	1569974400	Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400	$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400	$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200	$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
100	1549411200	$1,000 – $15,000	34.37%	9 – 60	$1,000 – $15,000
100	1567555200	$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400	$100 – $1,500	$14 per $100 borrowed	Up to 62 days	$100 – $1,500
100	1549238400	$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000	$500 – $1,000,000	7.9%	12	$500 – $1,000,000
100	1548720000	$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545264000	$500 – $10,000	Starting at 9.90%	12 – 36	$500 – $10,000
4	1543622400	Up to $60,000	19.99% – 34.99%	6 – 120 months	Up to $60,000
100	1545350400	$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
100	1545350400	$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
12	1545350400	Up to $7,000	35%	6 – 60	Up to $7,000
15	1545350400	$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400	$500 – $750	23%	3 – 4	$500 – $750
100	1545350400	$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400	$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000	Up to $5,000	34.37%	–	Up to $5,000
9	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
21	1545177600	Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
13	1545177600	$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600	Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600	$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600	$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	1669852800	$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000	$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600	–	–	12 – 60	–
100	1611878400	–	–	–	–
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1603756800	–	–	–	–
100	1598918400	–	–	–	–
100	1592438400	–	–	–	–
100	1585612800	–	–	6 – 60	–
100	1580947200	$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
100	1580256000	$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400	$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
100	1579478400	$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400	–	–	24 – 60	–
100	1579478400	–	–	–	–
100	1579478400	Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575849600	Up to $250,000	–	–	Up to $250,000
100	1575590400	–	–	–	–
100	1575590400	–	–	–	–
1	1545955200	$1,000 – $300,000	5.49% – 22.79%	12 – 60	$1,000 – $300,000
100	1552262400	$500,000 - $10,000,000	–	–	$500,000 - $10,000,000
100	1552262400	–	–	–	–
100	1552262400	–	–	–	–
100	1552262400	Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400	Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400	–	–	–	–
100	1551830400	$10,000+	–	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	–	Up to 15 years	Up to $500,000
100	1551830400	Starting at $5,000	–	Up to 84	Starting at $5,000
100	1551398400	$3,500+	–	–	$3,500+
100	1551398400	$5,000+	4.9% – 24.99%	18 – 48	$5,000+
100	1551398400	$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200	Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400	$500 – $50,000	2.75% – 8.25%	12 week cycles	$500 – $50,000
100	1550534400	$1,000 – $1,000,000	6% – 20%	–	$1,000 – $1,000,000
100	1550534400	Up to $5,000,000	–	24 – 72	Up to $5,000,000
100	1550534400	$5,000 – $200,000	–	–	$5,000 – $200,000
100	1549411200	$50,000 – $12,000,000	–	24 – 96	$50,000 – $12,000,000
100	1548720000	Up to $100,000	–	–	Up to $100,000
100	1548720000	$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000	Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400	$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600	$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600	$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
2	1679529600	Varies	Varies	24 – 96 months	Varies
100	1643846400	$250 – $10,000	Starting at 14.99%	12 – 36	$250 – $10,000
3	1632960000	Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600	$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400	$500 – $50,000	Varies	6 – 60	$500 – $50,000
7	1606435200	$500 – $10,000	Starting at 0%	3 – 48	$500 – $10,000
100	1600646400	$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1582761600	–	–	36 – 96	–
6	1582761600	–	–	–	–
100	1582761600	–	Up to 29.5%	–	–
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579478400	–	–	–	–
100	1579219200	–	–	–	–
100	1578873600	–	Starting at 10.99%	–	–
100	1578873600	–	–	–	–
100	1551830400	Starting at $5,000	–	–	Starting at $5,000
100	1552262400	Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400	–	–	6 – 96	–
100	1551830400	$10,000+	–	12 – 96	$10,000+
100	1551830400	Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1575849600	–	–	–	–
100	1575849600	$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600	–	–	–	–
100	1575590400	–	–	–	–
6	1569974400	–	Up to 29.99%	12 – 96	–
100	1561507200	–	–	–	–
1	1560124800	Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1551830400	–	–	–	–
100	1551830400	Up to $500,000	–	6 – 48	Up to $500,000
100	1550534400	–	–	–	–
100	1548633600	–	Starting at 4.2%	–	–
6	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600	–	–	12 – 84	–

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1578873600	Up to $50,000	–	24 – 60	Up to $50,000
100	1545264000	Up to $50,000	–	–	Up to $50,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
3	1726531200	$5,000 +	6% – 16%	12 – 60	$5,000 +
7	1708473600	–	–	–	–
5	1700524800	–	-	-	–
100	1695945600	–	–	–	–
4	1690934400	–	–	–	–
2	1688601600	Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000	$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
4	1541030400	–	4.19% – 8.00%	6 – 120	–
100	1627344000	–	4.50% – 5.97%	12 – 60	–
100	1551830400	Up to $500,000	Starts at 8.49%	–	Up to $500,000
100	1581033600	–	4.19% – 6.04%	12 – 120	–
100	1580860800	–	–	–	–
100	1580860800	–	2.99% – 5.49%	6 – 60	–
100	1580860800	$50,000+	–	12 – 120	$50,000+
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580860800	–	–	–	–
100	1580688000	–	–	6 – 60	–
100	1580688000	–	4.19% – 6.04%	12 – 120	–
100	1580688000	–	–	–	–
100	1579478400	–	4.54% – 7.49%	6 – 120	–
100	1578873600	–	–	–	–
100	1578268800	–	–	–	–
100	1577059200	–	Varies	–	–
100	1577059200	–	–	–	–
100	1577059200	–	–	–	–
100	1577059200	–	4.49% – 6.63%	1 – 10 years	–
100	1574985600	$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200	–	–	12 – 60	–
100	1574899200	–	4.24% – 6.30%	–	–
100	1560124800	–	4.64% – 5.80%	1 – 10 years	–
100	1548806400	$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
100	1548720000	–	–	12 – 60	–
1	1517097600	$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Referrer)
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal
100	1576540800	Bankruptcy, Consumer Proposal
100	1576540800	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

Do you have a passion that you want to turn into a profitable business? Or do you already run a business and want to take things to the next level?

Whether you’re just starting a new business in London or are planning to expand the one you’ve already got, money is always required to make it happen. But what if you don’t have the cash readily available?

Most businesses in London must cover typical expenses, including equipment, leases, marketing, staff, and so forth. But if you don’t have the money to start or grow your business, a business loan may be able to help.

Read on to find out all about business loans in London that can provide you with the funds needed to get your business up and running.

How Business Loan Funds Can Be Used in London

The funds obtained from a business loan can be put toward a number of different things, including the following:

Startup costs – As already mentioned, starting a new business from the ground up in London requires a certain amount of capital. Whether you need to lease a space, purchase equipment, hire staff, or pay for advertising, money is needed. And a business loan London can provide you with this much-needed capital.

Expanding your current business – If you already have a business running in London and are looking to grow it, you might need a bigger space, more equipment, and more employees to help make that happen. In this case, extra funds will be needed. This is where a business loan in London can help.

For more information about expanding your business, check this out.

Paying employees – Most likely, you’ll need a certain number of employees to help you operate your business in London. But these employees need to be paid, and if your current cash flow is a little slow, this could be a problem. Fortunately, the funds from a business loan can help cover the expenses related to hiring and paying new staff.

Advertising – In order to spread the word about your business and the products or services that you offer, marketing is required. But as with anything else in business, marketing is expensive and requires a certain amount of capital, which you can obtain from a business loan London.

Buying new equipment – No matter what type of equipment that your particular business requires, a business loan can help provide you with the funds needed to purchase whatever tools are needed to keep your business operational.

Starting an e-commerce website – You can really take your business to new heights by taking it online. But starting an e-commerce business is expensive. That said, a business loan can give you the funds needed to get your e-commerce business running and exponentially increase your revenues.

Check out these small business loan myths.

How to Apply For a Business Loan London

Before you apply for a business loan in London, take some time to get your finances in order and check your credit profile. Ideally, your financial health and credit score should be in good standing in order to increase your odds of getting approved for a business loan, as lenders in London will look closely at all of these factors before deciding whether or not to approve your loan application.

Here are some steps to take to ensure you’re on strong financial ground before applying for a business loan:

Pull your credit report. Get a copy of your credit report from one of the three major credit bureaus in Canada and look for any errors that could be pulling your credit score down. If you find any, be sure to report them right away and have them investigated and fixed.

For everything you need to know about business credit, click here.

Understand your credit score. Lenders in London want to be sure that they’re working with borrowers who have a track record of being responsible with their bill payments. A good credit score will paint the picture of a responsible borrower, whereas a low credit score shows the opposite.

Shop around. In order to make sure that you’re getting the best loan possible in London, be sure to comparison-shop from one lender to the next to see what loan options they have available to offer you.

Get a business plan together. The majority of lenders in London require that borrowers looking for a business loan put together a plan. Your plan should include information about the details of your business, your experience in the industry, where you expect revenues to be in the future, and exactly how much you need for your intended purpose.

Can you get a business loan based solely on an idea? Find out here.

Industries That Business Loans Can Help With

There are many different industries in London that business funding could be beneficial for, such as the following:

Trades
Transportation
Farming
Commercial
Hospitality
Technology
Medical

The list can go on and on since there’s really no restrictions on how the funds from a business loan can be used.

Types of Business Loans in London

Not all business loans are exactly the same. In fact, there are a few variations of business loans that you might want to understand before you decide which avenue to take.

Here some options to consider:

Small business loans – This is the typical business financing option that many business owners choose. With this product, lenders in London provide borrowers with a lump sum of money that can then be used to start a new business from scratch.

Equipment loans – These are unique types of loans that are used specifically to help business owners purchase equipment needed to run their business. They work by using the actual equipment as collateral for the loan.

Commercial mortgages – These types of loans are used to help business owners cover the cost of acquiring new commercial space.

Merchant cash advances – If your business takes credit or debit payments from customers, then a merchant cash advance might come in handy. These types of unique loan products involve using future credit card receivables as an advance for the money obtained from lenders.

What is working capital? Check out this article to find out.

Do You Need Funding Grow Your Business in London?

Whether you’re starting your business from scratch or are looking to grow the one you’re already running in London, money can often stand in the way. But it doesn’t have to thanks to the wide variety of business funding options available in London.

If you’re in need of financial help to start or grow your business, get in touch with Loans Canada today and we’ll guide you to the appropriate lender in London who can offer you the exact financial tools you need to be successful.

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