What's fastest way of raising money for your business idea? A business loan, but what kind of loan should you get and who should you get your loan from. You could ask family and friends for a loan but they might not be as convinced about your winning idea as you are.

Where you go for finance depends on how much you need to raise and how you set up your business. Sole traders and partners are liable for all debts in a business venture, whereas with limited companies, directors are liable only for amount of debt they personally hold in company.

A business loan is designed for a wide range of UK small, medium and start-up business needs including purchase, refinance, expansion of a business, development loans or any type of commercial investment. Finance is lifeblood of a business. Without it you cannot grow.

Business loans are one possible source for business cash. You should be sure that specific need for money is applicable and that loan is suitably structured.

Business loans have a variety of advantages over other forms of finance:

Flexibility: A business loan allows you to preserve your cash and working capital.

May be able to reduce your monthly payments.

Can take off some of pressure you may be under from your existing creditors.

You will have only one creditor to deal with.

Lower monthly repayments than unsecured loans

Ability to borrow more money over a longer period of time.

If you find that you are unable to meet your monthly repayments to your creditors, one option is to apply for a debt consolidation loan. The principle behind these is fairly simple - you borrow a large lump sum to repay your creditors and are then left with one creditor and one monthly repayment. This monthly repayment may be lower than sum you are currently paying, however, you will continue making repayments for a much longer period.

If your objective is to reduce interest rates and lower your monthly payments, avoid bankruptcy, consolidate your bills and have one monthly payment, or simply get out of debt fastest way possible, then a debt consolidation loan could provide answer.