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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.
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.
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.
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:
Outside of the services RBS has to offer to growing businesses, you may wish to consider the following products:
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.
Borrow only as much as you need, when you need it, and repay on terms that suit you. Compare a range of lenders.
With one of the most generous 0% transfer periods on the market, the RBS Longer Balance Transfer card does exactly what it says on the tin.
If you already bank with RBS but have card debt elsewhere, this deal lets you transfer the balance to RBS and enjoy a long interest-free period.
Compare credit cards that earn RBS MyRewards points. Find out how to earn and redeem points and the pros and cons of this reward scheme.
Existing RBS student account holders can apply for this card to cover unexpected expenses and kick-start a good credit history.
Enjoy low ongoing interest rates and no annual fees or foreign transaction fees with this straightforward RBS card.
The Reward Black Card offers fee-free overseas spending and earns points that can be exchanged for cash, vouchers or charitable donations.
Find out where you’ll earn cashback and how much you could pocket with this rewards card rom RBS.
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