How to apply for a business line of credit online
Jun 6, 2025
Before applying for a business line of credit, it’s important to clarify how much funding you need and how you plan to use it. Are you bridging short-term cash flow? Funding a large stock order?
Your purpose will help determine the right facility size and structure.
Once you’re ready to apply, there are a few key steps that will help ensure your application stands the best change of success.
Tip: Only borrow what aligns with your revenue and repayment ability.
1. Check your eligibility
Online lenders each have their own criteria, but most will look at your time in business, your financials and your business and personal risk profile.
At Lenkie, we ask for some quick details about you and your business, as well as:
Your latest management accounts
Filed accounts
Recent bank statements
We can only work with limited companies with a minimum of 18 months trading and £1m+ turnover. Some platforms also work with sole traders or newer businesses, but terms may vary.
2. Compare providers
Not all lines of credit are created equal. Compare online lenders and be careful to really look at all the costs associated with a facility. It can be difficult to easily compare providers like for like as they all structure their pricing differently - some charge activation fees, or monthly usage costs.
Generally you’ll want to compare:
Interest rates or flat fees
Credit limits
Repayment flexibility (daily, weekly, monthly)
Speed of funding
Customer support and ease of use
Tip: Look for lenders with clear fee structures — avoid those with hidden costs or lock-in periods.
3. Prepare your documents
Online applications are faster when you have everything ready. Most platforms will ask for:
Business bank statements (3–6 months)
Company registration details (e.g., Companies House number)
Management and filed accounts
Proof of identity (for the business owner and any associated directors)
Some lenders may also ask for a business plan or cash flow forecast if you’re applying for a larger facility.
4. Complete the online application
Once ready, head to your chosen lender’s website and fill out the application form.
At Lenkie, you’ll need to create a free account with your name, email address and a password to see an instant pre-qualified offer. You’ll need to add a few quick details to see it.
Basic business information
Annual turnover and net profit
Number of employees
Requested facility size
Once you’ve received your instant offer, you’ll need to add a few additional documents (like the ones listed above) to submit your application for review.
5. Review your offer
If approved, you’ll receive a credit offer. At Lenkie this will take a maximum of 48 hours but it can vary from lender to lender. The offer should include:
Total credit limit
Repayment terms
Interest rates or flat fees
Any other costs (we only charge fees for what you use but this isn’t always the case elsewhere)
Take time to review the terms carefully before accepting.
6. Accept and access funds
Once you accept the offer, most lenders will provide access to funds via an online dashboard. You can draw down funds as needed, and repayments are often automated through your linked business account.
Some platforms also allow you to repay early without penalty, or even “re-borrow” once you've repaid, giving you continuous access to funding as your business grows.
Common mistakes to avoid
Applying for too much: Borrowing more than you need can lead to higher interest costs.
Ignoring the fine print: Always understand the fees, repayment frequency, and any renewal terms.
Using it like a grant: A line of credit is still debt — only draw what your business can realistically repay.
Final thoughts
A business line of credit is one of the most versatile finance options for small businesses. And with online platforms simplifying the application process, it’s easier than ever to access the capital you need - when you need it.
By understanding your needs, preparing the right documents, and choosing the right provider, you can unlock a flexible funding solution that grows with your business.
Create a free account to get a pre-qualified limit in just 2 minutes
