ESME was launched by NATWEST in 2017. ESME business loans was a digital lending platform. ESME loans offer small and medium sized businesses in the UK a simple, fast and paperless end-to-end process to obtain loans up to £150,000. ESME loans wanted to grow its lending business.
ESME LOANS CORPORATE CARD: Basic Information
Founded in 2016, ESME is an entirely digital platform that helps small business owners secure finance, quickly and stress-free. It provides business loans to small and medium-sized enterprises (SMEs) to meet cash flow, working capital, and other financial needs. ESME Loans is owned and backed by NatWest, a part of the RBS group.
Esme offers unsecured business loans that range from £10,000 up to £150,000 over a selectable 1 to 5-year repayment period.
Eligibility Of ESME Loans Business Card
To be eligible, one should –
- Be a sole trader or a UK Limited company,
- Be actively trading for at least 18 months.
- Have an annual turnover of around £15,000 and of course,
- The loan should be for business purposes only
- A personal guarantee is required.
If you meet this criterion you could get a free quote by filling in their online form. Esme asks for some simple business details to generate a personalized quote. This shows you what your monthly repayments and interest rate will be exactly. If you are happy to go ahead, you could apply and receive a quick approval decision. Once approved, you will receive funds within an hour.
Pros of ESME Loans Credit Card
- Interest rates and repayment terms are affordable.
- Provides loans without requiring collateral, which can benefit businesses that may not have significant assets to pledge.
- Simplified, rapid, secure, and paperless application process that takes less than 10 minutes
- Quick decisions and, if approved, ability to receive funds within the hour
- No, hanging around – Once approved, money is pinged straight to your account. And if you need more later, you can apply for a top-up
- No early repayment charges on full or partial repayments and no arrangement fees
- Part of the government’s SME Finance Charter.
- Monthly repayments are fixed, making it easier to budget
- No set-up fees
Cons of ESME Loans Credit Car
- Eligibility could be more strict than other finance providers.
- Only one finance product is available, which could lack flexibility for some trades. An Esme business loan card cannot be applied to purchase equity in other businesses.
- An Esme business loan is only available to companies registered in the UK that have been trading for a minimum of 18 months Since launching, Esme Loans has lent £36 million to over 570 customers, receiving positive customer feedback in the process and collecting several accolades at industry events.
