Bibby Financial Services – reviews, analysis and fees

Last updated on 4 April 2024

Bibby Financial Services is a lender that specialises in keeping cash flow running for SMEs that issue invoices on a credit basis – but does it have good reviews?

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You will need to operate in a B2B sphere to qualify for lending from Bibby Financial Services, but will only need six months of clean trading history.

Invoice finance – releasing funds in advance attached to invoices with payment terms of up to 90 days – is the core model of Bibby Financial Services, but you can also seek asset finance and even commercial mortgage assistance through this provider, which has been established for over three decades.

Video: Business loans and finance explained

Bibby Financial Services business loans and finance

Pros and cons of Bibby Financial Services for business finance 

ProsCons
Rapid access to funds tied up in unpaid invoices Only available on B2B invoices, not B2C
Bibby Financial Services is regulated by the FCA, ensuring a code of conduct must be met Must have been trading for six months with a clean financial record in that time
Wide range of lending products Will not agree to work with every industry
Very good online reviews on TrustPilot You may need to hand credit control over to Bibby, which could harm your relationship with customers
Bibby Financial Services pros and cons

Invoice finance

Invoice financing the primary offering of Bibby Financial Services. Invoice finance comes in five forms:

Invoice finance

Generic invoice financing through Bibby Financial Services is a simple process. You raise an invoice for a client with payment terms of 30, 60, or 90 days, then submit the invoice to Bibby. Bibby Financial Services will loan you up to 90% of the invoice value within 24 hours.

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Your customer will pay Bibby instead of you, who will release the remainder of the invoice value – minus a fee – once the invoice is settled.

Invoice factoring

A similar arrangement to invoice finance, with two key differences. Invoice factoring will allow you to borrow up to 95% of an invoice value minus a fee in advance, but Bibby Financial Services will take over full credit control and chase your customer for payment.

You will have no control over how often this will happen, and how aggressive Bibby Financial Services will be in their pursuit, and Bibby will not reveal who they are so your customer may believe you are doing the chasing. Be mindful of any potential damage this could do to your relationship with a customer. 

Invoice discounting

Invoice discounting permits you to borrow up to 100% of an invoice, and you will retain complete credit control. Bibby Financial Services will set up a bank account in your name, so your client will believe they are dealing with you directly. The fees for this service will be higher, hence the name “invoice discounting.”

Construction finance

Invoice factoring exclusively for the construction sector. Bibby Financial Services will handle all billing and credit control in exchange for an annual fee based on turnover.

Recruitment finance

Invoice factoring exclusively for the recruitment sector. Bibby Financial Services will handle all billing and credit control in exchange for an annual fee based on turnover.

Asset finance 

Bibby Financial Services offers two kinds of asset finance:

Hire purchase

Bibby Financial Services will purchase a major asset that your business requires, and you repay them over an agreed period. Once you have completed the repayment schedule, you will own the asset outright and can proceed as you wish – either continuing to use the asset, or selling it and using the proceeds to finance an upgrade or replacement.

Leasing finance

If your business assets will require regular upgrading and replacing, consider leasing finance. Bibby Financial Services will purchase an asset at your request and lease it to you on a monthly basis. While you will never own the asset, you will also not be directly responsible for maintenance costs, and will not be left paying for an asset as it depreciates in value.

Bibby Financial Services account login

Commercial mortgages

While it is not a service that Bibby Financial Services discuss in much detail on the company website, this provider also offers commercial mortgages. This could take the form of a standard business mortgage, initially repayable on interest-only terms if this is your preference, or a short-term bridging loan. Arrange a callback from Bibby Financial Services if you are interested in discussing commercial mortgages. 

Business vehicle finance

Not available from Bibby Financial Services directly, but may fall under asset finance. For more specific needs, see business vehicle finance.

Merchant cash advance

Not available from Bibby Financial Services, as this lender works exclusively with customers that issue invoices on a credit basis. See best merchant cash advance

Business loans 

Not available from Bibby Financial Services. See best business loans

Business credit cards

Not available from Bibby Financial Services. See best business credit cards

Bibby Financial Services key information

Phone number0808 501 6455
App downloadsN/A
Websitewww.bibbyfinancialservices.com
Number of branches9
FSCS protected?No
Founded1982
Key information

Bibby Financial Services reviews

Review platformScoreNumber of votes
TrustPilot4.7/5680
FeefoNot reviewedN/A
Reviews.ioNot reviewedN/A
Smart Money PeopleNot reviewedN/A
Which?Not reviewedN/A
Average score4.7/5680 total votes
Bibby Financial Services reviews and ratings

Business eligibility criteria

To qualify for invoice financing, the most popular service provided by Bibby Financial Services, you must meet the following criteria. 

  • At least six months of trading history, with no credit or financial issues
  • Work to a B2B model, not B2C
  • Accept payments by invoice with repayment terms of 30 to 90 days
  • Provide evidence of a functional management structure

For other lending streams that require the loan of larger sums, such as forward finance, your business annual turnover must not exceed £300,000.

Business finance alternatives

Bibby Financial Services offers a wide array of products, but is not the only lender in town. If you do not qualify for borrowing from Bibby Financial Services or wish to compare the offer of this lender with a rival, consider the following competitors.

Additional considerations

Will only one of Bibby Financial Services’s UK branches are located in Scotland, this lender has recently worked to expand its lending reach north of the border to provide funding streams for more Scottish SMEs.

FAQ

How long does it take to get finance approved by Bibby Financial Services?

Bibby Financial Services typically approves and releases funds related to invoice financing within 24 hours. Other, more complex lending arrangements can take a few days.

How much can I borrow from Bibby Financial Services?

Lending on an invoice finance basis is capped at 90% of the value of an outstanding invoice, while invoice factoring is capped at 95% – the maximum loan for pre-approval will be £50,000. The limits on other borrowings, such as asset finance or commercial mortgages, will be assessed on a case-by-case basis.

How do I apply for finance from Bibby Financial Services?

You can begin your application for funding from Bibby Financial Services in one of three ways. You can call the company on 0808 501 6455, make an enquiry using an automated live chat facility (manned by chatbots) on the website, or request a callback at a time that suits you by leaving your details on an online form.

Are there any hidden fees when borrowing from Bibby Financial Services?

No, when you are provided with a quote you will know exactly how much you will be asked to repay with no nasty surprises down the line.

Does Bibby Financial Services set a fixed term for repayments?

Repayment terms on asset finance will be discussed and arranged by Bibby Financial Services upon application. As Bibby Financial Services takes over credit control on invoice finance there is not really a deadline for repayment, though your invoices must be raised as payable within 90 days.

Will I need to secure borrowing from Bibby Financial Services against an asset?

Lending on an invoice financing or asset finance basis through Bibby Financial Services is an unsecured loan. 

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