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16 March 2020In this article, we assess whether Esme – a NatWest backed small business lender – could be the right source of funding for your business.
16 March 2020Esme was founded in 2016 to help small business owners secure finance. Backed by NatWest, Esme is an entirely digital platform that provides business loans to meet the cash flow, working capital and other financial needs of SMEs. Applications for an Esme business loan can be made online on any device.
Key features | |
---|---|
Loan amount | £10,000 - £250,000 for limited companies, £25,000 - £250,000 for sole traders |
Duration | 1-5 years |
Setup fee | No |
Yearly interest rate | Fixed, 3.2% - 22.2% |
Secured or unsecured | Unsecured |
Trustpilot score | 4.5, 'excellent' based on 24 reviews |
Every care has been taken to ensure this information is accurate. All information was correct as of 16th March 2020.
We've got business loan guides on Santander, Royal Bank of Scotland, HSBC and more.
If you’re looking to take advantage of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS), you should note that Esme are not an accredited lender. At iwoca we are CBILS accredited however.
To take out an Esme business loan, you must satisfy the following lending criteria:
You will need to submit:
Esme say on their website that they will not carry out a full credit check. It only performs a ‘soft credit’ search on you and any directors if applicable. Soft credit checks do not affect your credit score, and they cannot be viewed by other lenders.
You can apply for an Esme business loan in less than 10 minutes, with receipt of funds in less than an hour. Esme states online that it aims to make all decisions within one working day.
Esme business loans are unsecured. Lending decisions are based on credit ratings, so security in the form of assets will not be required. With a secured loan, the business would need to provide property or other assets as collateral.
You can repay the loan at any time. There are no early repayment charges.
Yes, overpayments are allowed and there is no charge on full or partial repayments.
It's quick and simple to apply for an Esme business loan. You can apply on any device with an internet connection, and it takes less than 10 minutes.
Other advantages include:
Preferential rates for existing customers, and the possibility of preferential rates if you bank with NatWest
The marketplace for alternative finance is extremely varied and developing fast. There are many options today for small businesses in need of funding, so it pays to explore all the possibilities and find a provider that can match your precise requirements.
The world of business loans has changed considerably since the start of the coronavirus pandemic, with many businesses needing finance in order to stay afloat. The introduction of the Government's Coronavirus Business Interruption Loan Scheme (CBILS) is an initiative that aims to help as many businesses survive the crisis as possible.
iwoca is an accredited CBILS lender, and are offering loans between £50,000 and £350,000. To see if you could apply, visit our CBILS homepage.
With an iwoca CBILS loan, you won't be asked to sign a personal guarantee, or make any repayments for the first 12 months.
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This article was created by the Insights team at iwoca.
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