Did you know that you can apply for a NatWest Business Loan in less than 10 minutes?
Or that in some circumstances, you could have your funds in under 24 hours?
In this guide, you’ll find out everything you need to know about NatWest Business Loans, including who NatWest is and the different loans they offer, as well as how to apply.
What’s in this review?
Let’s dive in and find out more.
Who is NatWest?
NatWest is one of the most well-known banks in the UK and has roots that go back centuries from the merging of two different banks called 1968 National Provincial Bank (est.1833) and Westminster Bank (est.1836), which ended up as National Westminster Bank.
NatWest has around 33,000 employees and their parent company RBS had an operating profit of £2,239 million (2.239 billion) in 2017.
Now, let’s take a look at the different loans that NatWest can offer your business.
Borrow £25k or Less
NatWest offer businesses smaller business loans that are under £25k.
These loans consider your credit score when deciding whether to loan you the funds.
This means that you need to keep an eye on your credit score. To ensure that you will be able to get finances for your business.
Free websites like ClearScore enable you not only to take a look at what your credit score is, but they can also help you to improve or repair your credit score, by giving you a list of to-do’s to boost your score.
According to NatWest, you could even get a loan with a poorer credit score.
However, your interest rates will be higher, which means the loan is more expensive.
|The amount that you can borrow||£10,000|
|Your repayments which would be monthly||£ 499.46|
|Interest rate % which is fixed||10.02%|
|Representative APR which is variable||10.49% APR|
|Total repayment||£ 10,988.18|
Borrow up to £50k
To borrow up to £50k, you should first talk to your relationship manager to see if that’s something that could be arranged.
These business loans were created with businesses that have an annual turnover of up to £2 million.
Some of the main benefits of these loans are that your repayment amounts won’t be changed in the duration of your loan. Which makes it easier to budget.
You can borrow from as little as £1,000 to up to £50,000. Which can be spent on anything business related like new equipment, premises and new employees to help grow your business.
✔ Fixed rate of interest
✔ No fees for the arrangement
✔ You can borrow from as little as £1,000 to as much as £50,000
✔ If you’re already a customer, you could enjoy an application in only 10 minutes
✔ In the circumstance that you are an existing NatWest customer, you could have different rates.
How to Apply for a Loan
This is what you’ll need to apply for a loan:
- You’ll need the personal details of all the partners, directors, members or signatories of the business.
- Your business details, like your company’s registration number.
- Any countries your company is registered in.
- Details of your business’ year-end accounts or cash flow forecasts.
Plus, you don’t have to be a NatWest customer to take out a loan; but, they might have to ask you a few extra questions.
In some instances, you’ll be able to find out in mere days whether you are eligible for a loan and how much you could borrow.
When it comes to reviews for NatWest, unfortunately out of the 900+ reviews that NatWest has. Only 10% of them are positive while an overwhelming 80% are in the negative 1-star category.
Many of the negative reviews that NatWest has are down to their in-store customer service and business support.
Although online reviews aren’t always accurate, you should consider them when you are making an important decision like taking out a business loan.
Positive NatWest Review
Caroline on Trustpilot: Great speedy service. I needed a new business account urgently, and with a bit of help from their very helpful, friendly and proactive staff it was all up and running after four working days.
Negative NatWest Review
Claire on Trustpilot: The business support from this bank is appalling and has gone drastically downhill over the last 18 months. I would not recommend this bank for small businesses
NatWest has a multitude of different customer service methods to help customers, including offering customers a support centre to find the answers to questions about your banking, a standard helpline and even specialist helplines for your industry.
For instance, they offer a unique helpline for industries including agricultural, healthcare and retail for example.
You can ring 0345 711 4477 for general banking help, 24 hours a day.
There is also the Bankline number which is 0345 300 4108, that is specifically for business banking.
Errol on Trustpilot: I have been banking with NatWest for more than 10 years and I have never experienced any problems. I find their online banking tool a pleasure to use and the staff at the Bethnal Green branch are friendly and polite.
Mick on Trustpilot: Awful bank. Terrible customer service. Takes 30mins for someone to answer phone. Constant mistakes. Customers treated very poorly
|Company||Trustpilot Score||Loan Amount||Loan Term||Typical APR|
|NatWest||★||Small business loans £1,000 to £50,000||1 to 10 years|
|Funding Circle||★★★★★||£5,000 – £500,000||Six months to 5 years||4.50%|
|Capify||★★★★★||£3,500 – £500,000||6 to 10 months||67.89%|
|Shawbrook Bank||★★★★★||£250,000 to £25 million||Bespoke||0% to 19.9%|
Are you ready to compare all of your loan options and loan providers?
Did you know that you can see all of your available loans in minutes with the ExpertSure comparison tool?
Take a look at the guides to find out more about your finances, or fill out the form at the top of the page.
- Customer Support
- Loan Flexibility
NatWest appears to offer flexible loans for your business, regardless of the size of your company and what you need it for.
✔ NatWest offers their customers the option for a very long loan term.
✔ You won’t have to pay any arrangement fees.
✔ Many customers say that the process is easy and quick.
✗ You can only borrow up to £50,000 with a small business loan.
✗ NatWest does not have a positive online reputation, with only a 1-star rating.
✗ Their APR is not as competitive as other providers.