Royal Bank of Scotland

RBS business loans – 2022 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

1 - 3 of 3
Name Product Loan type Loan amounts Loan terms Turnover/trading criteria Key benefit
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?

  • Arranged business overdraft
    With an RBS overdraft there’s no minimum amount to be paid back every month and you only pay interest on the amount of money that you use. You could borrow up to £50,000 without security (subject to approval). Learn more about business banking.
  • Business credit cards
    RBS business card can offer an ongoing, flexible line of credit plus the chance to earn cashback on business spending. Check out the current RBS range or compare all business credit cards.
  • Invoice financing
    RBS invoice factoring and discounting services let you unlock up to 90% of the value in unpaid invoices. Learn more about how invoice financing works or compare invoice financing deals for your business.
  • Asset financing
    RBS hire purchase and operating/finance leasing plans (provided through Lombard) let you spread the cost of new vehicles or equipment for your company. Learn more abut asset financing or compare deals from a range of lenders.
  • Fixed rate loans
    A fixed rate loan means you’re protected from increases in interest rates, and can budget with certainty. See RBS’s current deals or compare fixed rate deals from multiple lenders.
  • Variable rate loans
    Variable rate deals expose you to potential increases in interest rates, but also mean you could benefit from any reductions in rates. See RBS’s current offers or compare variable rate deals from multiple lenders.
  • Commercial mortgages and real estate finance
    RBS could help you spread the cost of commercial property or fund the development of residential property. Learn more about commercial mortgages or discover options suited to your business.

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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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.

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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.

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Business loans for bad credit

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