Metro Bank is a direct lender not a broker. It opened its doors in 2010, becoming the first high street bank to open in the UK in more than 100 years. It aims to bring the personal touch back into banking, with every “store” open seven days a week and no need to book an appointment.
Whether you’re starting a business or need a cash boost to take it to the next level, Metro Bank could help with a fast and simple business loan. It’s quick and straightforward to apply.
Metro Bank loan options
Term loans. Metro Bank offers loans of £2,500 to £25,000+ to small and medium-sized businesses. Large companies can access funds of £150,000 to £25 million.
Asset finance. Spread the cost of machinery and equipment that your business needs over a manageable period. You can even refinance existing equipment to give yourself an increase in liquidity, providing more funds for investment and growth.
Invoice finance. Get up to 85% of your invoices within 24 hours with invoice financing. Metro Bank will forward you part of your invoice so you can focus on your business instead of worrying about when your invoices are going to be paid.
Key features of a Metro Bank business loan:
Borrow £2,500 to £25,000+. Choose a loan amount to suit the size and requirements of your business. Large businesses eligible for up to £25 million. If you have a large turnover, Metro Bank can provide a loan to match your funding needs.
Repay over 1 to 30 years. Spread your repayments over a term that suits you and your business.
Secured or unsecured. Metro Bank offers unsecured loans of up to £25,000. For larger amounts you’re likely to be asked to secure your loan. Security could be in the form of a guarantee from a third party, group entity or other directors of the company. Alternatively, you could provide an asset such as your home, other property, land or a bank account as security. You need to be aware that if you fail to keep up with repayments, this asset will be at risk.
Fixed interest rate. Your interest rate will be fixed for the term of your loan. This means your repayments will remain the same, which could make them easier to budget for.
Fees. For loans of under £25,000 you will not pay any additional fees, other than interest. For loans above this you may be required to pay security fees, valuation fees, legal fees and/or administration fees. Always check what you will need to pay before you agree to a loan.
Online account management. Check balances, make payments, see transactions and open new accounts any time through the Metro Bank website or app.
The interest rate you’re offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from the advertised “Representative APR”.
Am I eligible for a Metro Bank business loan?
You should only apply for a Metro Bank business loan if you’re certain you can meet the repayment terms. You must also:
Be aged 18 or over
Require the loan for business use
Have a Metro Bank business or commercial current account
How can I apply?
To apply, you need to go into a Metro Bank branch or call the customer services helpline. You should have at hand:
How much you would like to borrow and for how long
The purpose of the finance
Details about your business including profiles on all business owners and investors
Business plans and cash flow forecasts covering the term of the loan
Metro Bank customer reviews
Metro Bank has received mixed reviews from customers on the review website Trustpilot, where it currently has a “poor” rating of 2.5 out of 5, based on over 3,700 reviews (updated July 2022).
Over 50% of customers on Trustpilot gave Metro Bank an “excellent” review. A majority of the negative reviews highlight their slow customer service response times.
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way and must tell you the APR before you sign an agreement, so for consumers, it can be a handy tool for comparison.
Bear in mind that lenders are only obliged to award this rate to 51% of those who take out the loan and the other 49% could pay more. That’s why it’s often referred to as the representative APR.
How can we help?
Compare loan rates
Get live, personalised quotes on unsecured or secured loans from a large panel of lenders through our partner Love Finance.
Merchant cash advance
Access a lump sum of funding upfront for a fixed cost and then repay when your customers pay you.
Yes, like all responsible lenders, Metro Bank will check the details you’ve provided against information held by credit reference agencies. This will leave a footprint on your credit history which will be visible to other financial institutions.
If your loan is for £25,000 or less, you will not be charged any additional fees. If your loan amount is higher, you may have to pay an arrangement fee, security fee, valuation fee and legal fees.
Loans of up to £25,000 are usually unsecured. For larger amounts you’re likely to be asked for security. This could be a guarantee from a third party, group entity or other directors of your company. Alternatively, you could provide an asset such as your home, other property, land or a bank account as security. You need to be aware that if you fail to keep up with repayments, this asset will be at risk.
Repayments are usually made by direct debit. You can also make payments by telephone or through your online account.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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