1) Decide what type of loan you want

One of your first steps should be to decide what type of a UK business loan you want: unsecured or secured. This will help you determine where to go and whom to speak with. Unsecured loans tend to carry lower interest rates, but they also carry higher risk because they’re not backed by collateral. 

Secured loans are typically tied to an asset that acts as collateral; if you fail to make payments on a secured loan, your lender can take possession of that asset. If you need money quickly, an unsecured loan might be a better option—but if there’s any chance that you might default on payments, it’s probably best to pursue a secured loan instead.