Tide Go review

The representative APR is 24% on these business loans, which is above the 11.7% median recorded for business loans here. The rate is fixed, so a quote holds for the term rather than resetting each year. The origination fee is free, which keeps the total cost close to the interest.

There is no origination fee on these loans, so the cost to weigh is the interest rate of 24%. Because the rate is fixed, the figure quoted does not move with market rates during the term. Support is available if the terms need explaining: email, phone and help centre are listed as the contact routes.

Applications start with a soft prequal credit check, so an early indication can be reached without a full credit file search. That suits applicants who are cautious about hard searches. The products are aimed at people with poor credit, so a business owner whose record is not clean is still in scope.

You need to be an adult, resident in the UK, running a UK-based business and holding a UK bank account. Tide sits in the UK under the legal entity Tide Platform Ltd, trading since 2017. Borrowing for your own household is not the focus, since the range covers business, secured and credit line.

The Financial Conduct Authority is the regulator on both permissions, covering e-money under the Electronic Money Regulations and credit and insurance broking. The licence numbers are 900843 and 718743, so the application sits with an authorised firm.

Borrowing runs £1,000 to £20,000,000 in the UK, and terms run 1 to 180, which covers both a short facility and a longer loan. The product is a fixed rate loan, so the shape of the repayment is predictable. A credit line option lets you draw part of the amount and top it up later rather than committing the full sum straight away.

The range covers business, secured and credit line, so you can ask for a business loan, a secured loan, a credit line or a cash advance from the same service. Because the service is a marketplace, an application is matched to offers from several lenders rather than sitting with one provider.

Support runs on email, phone and help centre, so a question can go by email or phone, through the help centre, or to the community. Phone and email cover most cases, and the app keeps the thread together. There is no live chat listed, so time sensitive issues are better raised by phone.

The stated funding time is short, so credit could be available quickly once an application is approved. The process starts with a soft prequal credit check, which means an early answer can come without a full credit file search. That suits a business waiting on a supplier to be paid rather than one planning months ahead.