5 min read16 March 2020
In this article, we assess whether Esme – a NatWest backed small business lender – could be the right source of funding for your business.16 March 2020
Esme 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.
|Loan amount||£10,000 - £250,000 for limited companies, £25,000 - £250,000 for sole traders|
|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.
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.
Rated 'excellent' with a 5 stars on Trustpilot, iwoca could be a great source of funding for your business. With an iwoca flexi-loan you could borrow £1,000 to £200,000 for up to 12 months. Applications take just five minutes to apply and you could have the funds in your bank account within 24 hours. What's more, there are no fees and if you repay early you'll save on interest.
Borrow £1,000 - £200,000 for cash flow, stock or investments with iwoca today.
iwoca is fast, but committed to lending responsibly. It uses award-winning technology to make fair decisions based on a business’ overall performance, not just their credit score.
iwoca finance can boost your day-to-day cash flow or fill the gaps in your working capital. Customers use iwoca’s small business loans to bridge late invoices, invest in stock and cover unexpected expenses.
For more information, visit iwoca’s business loans page.
Download our free guide for start-ups and small companies looking for finance to help them grow. It covers the different types of finance, examines their pros and cons, and includes some useful tips.Send me the guide
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