Simply Funded review: short term unsecured business loans for UK SMEs

Simply Funded is a UK direct lender offering short-term unsecured business loans, with decisions based largely on live trading data from your bank account. It is aimed at small and medium sized businesses that need funds quickly without offering property as security. Smart Funding Solutions is an independent broker and is not part of Simply Funded. Simply Funded is one of the lenders on our panel, so we can put its offer alongside other short-term options before you decide.

01About Simply Funded

Simply Funded is operated by Morley Capital Limited, a company registered in England and based in Houghton le Spring, County Durham. It describes itself as a direct lender to UK SMEs, specialising in unsecured funding.

Its model leans on Open Banking. Instead of relying mainly on credit scores and old accounts, Simply Funded connects to your business bank account to see actual revenue, and says decisions are based on that data. It also says customers have direct access to UK based account managers.

02What Simply Funded funds

Simply Funded offers a single product: a fixed term, fully unsecured business loan. The key features on its website are:

The term is the standout point. At up to 26 weeks, this is genuinely short-term business finance. That suits a specific gap, such as buying stock ahead of a busy season, covering a large supplier bill or bridging to a known payment, but it means each repayment is larger than it would be on a two or three year loan.

Simply Funded does not ask for property as security. Its website does not require property ownership, and the amount offered depends on the business's figures. If you do own property and want a longer term, a homeowner business loan from another lender may spread the cost further.

03Who Simply Funded suits (and who it may not)

• Good fit: businesses trading for at least six months with average monthly revenue of £5,000 or more.
• Good fit: owners who need money within a day or two and can repay over a few months.
• Good fit: directors who are not homeowners, or who do not want to secure borrowing on property. See our page on business loans for non-homeowners.
• Less likely to fit: businesses wanting to spread repayments over years rather than months.
• Less likely to fit: very new businesses, or those with irregular income where weekly repayments could squeeze cash flow.

Simply Funded offers a single product: a fixed term, fully unsecured business loan.

04What Simply Funded looks at

Simply Funded publishes a short list of eligibility points:

• At least six months of trading history.
• A registered UK business. Its website mentions limited companies, LLPs and sole traders.
• Average monthly revenue of at least £5,000.
• An applicant director or owner holding at least 25 shares in every 100, in other words at least a quarter of the business.
• An Open Banking connection so it can review your bank transactions.

It says eligibility checks use a soft credit search, which does not affect your credit score. A full application will involve further checks. As with most unsecured lenders, expect a personal guarantee from the directors. Before applying, run your numbers through our business loan calculator to see what weekly or monthly repayments over a short term could look like.

05Pros and cons

Pros

• Wide loan range, from £5,000 up to £500,000.
• No property security needed.
• Decisions based on real trading data, not just credit scores.
• Fast turnaround, with funds within 24 hours of approval.
• Choice of weekly or monthly repayments.

Cons

• Maximum term of 26 weeks means large individual repayments.
• Short term borrowing can be more expensive overall than a longer loan.
• Not suited to long term investment such as premises or major equipment.
• Less published information about its history than some longer established lenders.

06Applying through a broker vs going direct

A 26 week loan can be exactly the right tool, or an expensive way to fund something that should be spread over longer. Comparing first tells you which. We look at whether a short-term loan, a longer unsecured loan, a revolving facility or invoice finance best fits the need, and only then approach the lenders most likely to say yes.

You make one application, we present your case, and you see the options side by side. It is free to enquire; any broker fee is disclosed separately before you proceed. Start with our Instant Quotes tool to compare lenders in minutes.

07Alternatives to Simply Funded

• iwoca may suit businesses that want a flexible credit facility they can draw on and repay as needed.
• Swiftfund is another fast, short-term unsecured option worth comparing on total cost.
• Fleximize is worth a look if you would rather spread repayments over a longer term.

You can find more on Simply Funded's website. Any firm can be checked on the FCA Register.