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Esme Loans business loans review July 2020
Esme Loans offers unsecured business loans to help give your business a boost.
Updated
What's in this review?
What is Esme?
Esme offers business loans to small and medium-sized businesses. NatWest launched Esme in 2016 to offer businesses a faster platform from which to borrow. Esme is a digital lending platform and has no physical branches, offering a straightforward online application process for business loans. Esme claims to deliver a secure loan in the time it takes to make a cup of tea.
Esme’s loan options
Business loan. Esme pride itself on offering competitive and fair rates, whilst boasting no early repayment or hidden fees. Its business loans are unsecured, meaning the lending decision will be based on factors such as your credit rating, and assets will not need to be used as collateral.
Key features of Esme business loans at a glance
Esme offers one type of business loan and it’s worth familiarising yourself with its features to decide if this loan is right for you and your business.
| Loan type | Fixed rate unsecured loan |
|---|---|
| Loan amounts | £10,000 to £250,000 |
| Loan terms | 1 year to 5 years |
| Loan rate type | Fixed |
| Funding speed | If approved, funds could be in your account within an hour |
| Personal guarantee | A personal guarantee may be required |
| Multiple loans allowed at the same time | |
| Arrangement fee | |
| Early repayment fee | |
| Get quotes More Info |
You may receive personalised rates if you already bank with NatWest.
With Esme business loans, interest rates are fixed for the duration of your repayment. The interest rates will depend on factors such as how much you borrow and for how long, as well as your credit rating and your income. It may differ from the advertised representative APR.
Compare with other lenders
Table: sorted by representative APR.
Am I eligible for an Esme Loans business loan?
You should only apply for an Esme business loan if you are certain that you can meet the repayment terms. You must also meet the following criteria:
| Minimum turnover | £50,000 |
|---|---|
| Minimum trading requirement | 3 years |
| Business types | Limited Company Sole Trader |
| Geography | UK-based |
| Get quotes More Info |
How can I apply?
If you have decided that an Esme business loan is right for you, you can use the application form on its website.
To apply, you will need to create a free customer account – all you’ll need for this is your company name or number, your mobile number and a password of your choosing.
After you’ve created your account, you will need to provide some personal and business details, such as what the loan will be used for and where you live.
Lastly, you will need:
- Your limited company number
- Your previous 5 VAT returns, or 12 months of bank statements
- Latest financial accounts/management information
Your application will be reviewed and if you are approved. you will be able to check over the loan offer and e-sign your documents.
Alternative sources of funding
- Government loan schemes. The government offers startup loans for new businesses, with borrowing amounts ranging from £500 to £25,000. There are criteria that you will have to meet to be eligible for this loan, such as being over the age of 18 and a UK resident, and having a business that has been trading for less than 24 months. For more details about the government loan, visit www.gov.uk/apply-start-up-loan.
- Crowdfunding. In the current social media age, crowdfunding offers a new, non-traditional way of funding your business. You simply choose a crowdfunding website and explain what you need the money for, and allow individuals or businesses to invest in your business.
- Peer-to-peer lending. With peer-to-peer lending, individuals can lend their money to businesses for a higher return than they would receive by putting the money in the bank. There is no minimum amount that you must raise, and the interest rate is usually lower than a bank’s.
- Asking family or friends for a loan. Asking a family or friend for money isn’t the easiest thing to do but you can then return the money to them when your business is doing well – perhaps even with a little profit to say thank you.
Frequently asked questions
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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