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NatWest Bank was formed in 1968 after the merger of National Provincial Bank and Westminster Bank. The bank was acquired by The Royal Bank of Scotland Group in March 2000 in a deal that was worth £21 billion.
NatWest currently offers Coronavirus Bounce Back loans up to £50,000 as part of the government’s Coronavirus Bounce Back Loan Scheme. Loans are offered with a fixed rate of 2.5% p.a., with loan terms up to 6 years. You’ll also pay no interest for the first 12 months of the loan, and the government will guarantee 100% of the loan amount.
If you’re a fan of NatWest’s business services, you may also wish to check out Esme – a sister brand which NatWest launched in 2017 to serve as an online-only, self-service platform for SMEs.
You should only apply for a NatWest business loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
NatWest states that these loans should not be used for personal purchases. They are strictly for the purpose of investing in your business.
You don’t need to be an existing customer, although as you might expect, loans can be approved and funded more quickly for existing customers.
NatWest offers both fixed rate and variable rate business loans, but the rate you receive will vary based on the type and size of your loan, and your business’ financial situation. As an accredited lender under the government’s CBILS and BBLS schemes, NatWest also currently offer small business loans with a fixed 2.5% p.a. interest rate.
If you would like to take out a NatWest business loan, you can apply via the NatWest website. You’ll need to provide certain information about your company as part of your application, as well as certain business documents.
You’ll need to provide proof of the following:
Outside of the services NatWest has to offer to growing businesses, you may also wish to consider the following finance products:
Get a lump sum upfront to repay in-line with volume of future sales. Compare deals and learn how business cash advances work.
Borrow only as much as you need, when you need it, then repay on terms that suit you. Compare a range of lenders.
NatWest business loans are available to both new and existing customers but should be used only for investing in a business and not for personal use. No matter what the size of your business, it has a range of products to choose from.
While it does offer repayment holidays if you are struggling financially, you will still need to stay on top of interest repayments.
NatWest also offers online-only Esme, a self-service platform for SMEs.
As the name suggests, this card’s main draw is a super-long 0% transfer period.
Existing NatWest customers can transfer debt from cards held elsewhere to enjoy a lengthy 0% interest period.
Existing NatWest student account holders can apply for this card to cover unexpected expenses and kick-start a good credit history.
Find out how this card holds up against a the broad range of rewards cards available from NatWest’s competitors.
The NatWest Reward Black Credit Card has no overseas transaction fees and also earns points that can be exchanged for cash, vouchers or charitable donations.
Enjoy low ongoing interest rates and no annual fees or foreign transaction fees with this straightforward NatWest credit card.
Considering a NatWest personal loan? Use our calculator to work out how much you’ll pay back, and see how NatWest’s loans hold up against the competition.
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