Royal Bank of Scotland

RBS business loans – 2021 review

The Royal Bank of Scotland, commonly known as RBS, offers both unsecured and secured loans to suit your business needs.

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RBS business loans comparison

Name Product Loan type Loan amounts Loan terms Turnover/trading criteria
Royal Bank of Scotland Fixed Rate Small Business Loan
Fixed rate unsecured loan
£1,000 to £50,000
1 year to 10 years
No specified minimum turnover or time trading
Representative example: Borrow £10,000 over 5 years at a rate of 11.53% p.a. (fixed). Representative APR 12.49% and total payable £13,295.18 in monthly repayments of £221.59.
Royal Bank of Scotland Variable Rate Large Business Loan
Variable rate loan
From £25,001
3 months to 25 years
No specified minimum turnover or time trading
Royal Bank of Scotland Fixed Rate Large Business Loan
Fixed rate loan
£25,001 to £10,000,000
3, 5, 7 or 10 years
No specified minimum turnover or time trading

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What is RBS?

Royal Bank of Scotland, one of the “Big Four” UK banks, was founded almost 300 years ago. It’s credited with the invention of the overdraft, which was considered an innovation in modern banking.

RBS offers several different business finance tools, so it is worthwhile understanding the features and benefits of each so that you can pick the one that’s right for you. It’s straightforward to apply for a loan on the RBS website, and you could get a decision in minutes.

What business finance products does RBS offer?

If you opt for a fixed-rate loan, interest rates are fixed for the duration of your loan. The interest rate you’re offered will depend on factors such like how much you borrow and for how long, your company turnover and your business and personal credit score. It may differ from the advertised representative APR.

If you opt for a variable rate loan, the interest rate vary at RBS’s discretion (typically in-line with market rates generally). Opting for a variable rate product can sometimes let you access better rates initially, but also means you’re exposed to fluctuations in rates over time.

Am I eligible for an RBS business loan?

You should only apply for a RBS business loan if you are certain that you can meet the repayment terms. You must also meet the following criteria:

  • UK resident
  • Aged 18 or over
  • Your registered business address must be in the UK, Channel Islands, Isle of Man or Gibraltar
  • The loan must be used for business only
  • You need to provide evidence of your accounts for the previous 24 months, as well as any tax returns, and a business bank account statement for the previous 6 months
  • You must hold a good credit rating without a history of county court judgments or bankruptcy.

Formerly RBS services were available to firms with a turnover of up to £2 million, but the cap’s recently been removed.

How can I apply?

If you’ve decided that a RBS business loan is right for you, you can apply for the loan on the website. Simply fill in the application form, and you will receive a decision in minutes. You will need to provide your personal and business details. You’ll also need to provide proof of the following:

  • Your ID
  • Your address details for at least the past 3 years
  • Your business accounts.

What can’t RBS do?

Outside of the services RBS has to offer to growing businesses, you may wish to consider the following products:

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