RBS business loans – 2020 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
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:
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:
Merchant cash advance
Get a lump sum upfront to repay in-line with volume of future sales. Compare a panel of lenders and learn how business cash advances work.
Business line of credit
Borrow only as much as you need, when you need it, and repay on terms that suit you. Compare a range of lenders.
Business loans for bad credit
Get live, personalised quotes on unsecured or secured loans from a large panel of specialist lenders through our partner Think Business Loans.Compare now
Frequently asked questions
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