Arkle business loan review: Stats & eligibility

Arkle Finance was created in 1997 by its parent company Weatherbys Bank Ltd. It now supports more than 10,000 customers across the UK, offering a variety of asset finance and leasing solutions.

An overview of Arkle business loans

Some of the types of business loans available from Arkle include:

Finance lease

With finance lease, you agree to make regular payments over a fixed period in return for the use of equipment or vehicles. Arkle offers terms of between two and seven years and you will be responsible for maintaining and insuring the equipment or vehicle during this time.

At the end of the term, you can hand the goods back, pay an annual secondary rental to continue rolling your contract over for another year, or sell the equipment or vehicle to a third party.

Hire purchase

Hire purchase is another form of asset finance that lets you make regular payments over a fixed period, with interest, in return for the use of essential equipment or business vehicles. You will usually need to pay a deposit of 10% plus the VAT attributed to the cost of the goods at the start of the agreement. Once you have made all payments, you can pay a fee to purchase the asset outright.

Marine mortgage

Arkle offers marine mortgages that are secured against the boat you wish to acquire. Arkle provides funding for vessels, including motor yachts, sports boats and sailing yachts, usually priced between £40,000 and £1 million. It also provides funding for commercially operated recreation craft and coastal work boats.

Aviation mortgage

You can also apply for a mortgage that is secured against an aircraft. These are typically two to six-seater planes based in the UK and terms go up to seven years. You repay the loan in fixed instalments, over a fixed period, with interest.

Growth Guarantee Scheme

Arkle is approved to offer asset finance through the Growth Guarantee Scheme (GGS). This is designed to support access to finance for UK small businesses as they invest and grow. You can apply for loans of up to £2 million, with terms ranging from three months to six years.

The scheme is open to UK-based businesses with a turnover of up to £45 million.

What is Arkle’s typical interest rate?

The amount of interest you pay with Arkle depends on factors such as the amount you’re borrowing, the type of finance you’re applying for, and your business’s financial standing and credit history.

Businesses that have been trading for a few years and have built up a solid credit history are more likely to qualify for more favourable interest rates.

How much can I borrow with an Arkle business loan?

The amount you can borrow with an Arkle business loan depends on the type of funding you’re applying for.

With most asset finance products, you can typically borrow between £15,000 and £500,000. However, you may be able to borrow up to £1 million with an aviation mortgage or marine finance, and up to £2 million through the Growth Guarantee Scheme.

To find out exactly how much you can borrow, it’s best to contact Arkle and discuss your requirements.

What is the acceptance rate for an Arkle business loan?

Arkle doesn’t publish its acceptance rates, but you’ll typically find it easier to get accepted if you meet the eligibility criteria, have a solid credit history and can show that your business can comfortably afford the repayments.

Eligibility criteria and whether you qualify

Arkle states that all funding requirements are considered on a case-by-case basis by an experienced underwriter. This means it is likely to consider factors such as your trading history, financial standing and the type of business you run. Although your credit history will also be considered, your business’s eligibility won’t entirely depend on this.

Keep in mind that if you want to want to apply for the Growth Guarantee Scheme, you will need to be a UK-based businesses with a turnover of up to £45 million.

Additional information

Before applying for funding with Arkle, it’s important to carefully read through the terms and conditions of your agreement and take note of the following:

Early repayment fees

Depending on the type of finance agreement you have with Arkle, you may have to pay a fee if you wish to repay your loan early. Your contract should state how much this fee is but contact Arkle if you’re not sure.

How long does it take to get approved?

Getting approved for asset finance often only takes a day or two, but this depends on the complexity of your application and the size and type of asset. Having all your required paperwork to hand and submitting it correctly can help to speed up the process.

Estimated time to receive funds

It can take anywhere between a few days to a few weeks to receive your funds. Again, this depends on the type of asset finance you’ve applied for, including the size of the asset, and the complexity of the situation.

Can a loan be repaid early?

Yes, you may be able to repay your loan early, but keep in mind this may come with an early repayment charge. You can get a settlement quote from Arkle by emailing customerservices@arklefinance.co.uk or calling 01933 824500.

Is security required?

Yes, asset finance is always secured against the asset you wish to acquire – whether that’s business equipment, a business vehicle, a boat or plane.

What documentation is required

When applying for asset finance you’ll need to provide certain information and documentation.

Business information

You’ll typically be asked to provide details about your business, such as its registered company number, name and business address. You may also be asked how long your business has been trading and to provide financial documents, such as your bank statements, profit/loss statements and cash flow statements.

Business owner information

You’ll usually need to supply details about all business owners, including their names, addresses, and contact details.

Funding requirement

You also need to state how much you need to borrow and for what type of asset.

How to apply for an Arkle business loan

To apply for asset finance with Arkle, you can fill in the contact form on its website and wait for someone to call you back. Alternatively, you can call 01933 824500 to get a quote.

If you’re looking to apply for the Growth Guarantee Scheme, you will need to talk to an Arkle approved commercial finance broker – you can fill in a separate form on the Arkle website to do this.

Is the application process different to other lenders?

Whereas some high street lenders allow you to apply for business loans directly through their websites, Arkle requires to you to speak to one of its advisers before you can apply for any asset finance product. This means the service you receive will be tailored to your specific needs and could increase the chances of acceptance.

How to improve your chances of getting funded

To improve your chances of getting funding, make sure you complete your application form honestly and accurately, and provide the necessary documentation quickly.

You may find it easier to get accepted if you have a good trading and credit history, but as asset finance is secured, your credit history may be less critical than for other types of funding. However, the asset’s resale value and your business’s cash flow will be considered.

Pros & cons of an Arkle business loan

Pros

It can be easier to get accepted for asset finance if you don’t have much of a credit history
Arkle considers a range of different asset types
Team of experts on hand to help discuss your options
Arkle is approved to offer finance through the GGS

Cons

You can only apply for asset finance
Fees may apply
Your asset could be at risk if you fail to meet your repayments

Alternative funding options for different lenders

If asset finance isn’t right for your business, there are several different funding options available from other lenders. These could include:

Why use a finance broker?

A finance broker can make comparing and applying for business loans far easier than doing it yourself. They have access to a wide network of lenders and loan products, helping you identify options where you’re more likely to be approved. This can be especially useful if your business is new, you have a limited credit history, or you’ve faced financial difficulties in the past.

A good broker will also explain any potential fees and handle the application process for you. However, some brokers charge for their services. This might be a flat fee or a percentage of the amount borrowed, so always check the costs upfront.

Get started with Swoop's business funding platform

Our team at Swoop would be happy to discuss your business funding requirements with you to help you find the right deal to support your application and help your business grow.

Arkle business loan review: Interest rates, eligibility, and the application process