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Alternative Finance blog


Great news for small businesses: new NatWest “3 minute loan”

Great news for small businesses: new NatWest “3 minute loan”

3 months ago


This week NatWest announced that it will be launching a new online lending platform. The “3 minute business loan” will allow small businesses to borrow up to £35,000 in a process that is expected to take around 3 minutes, with money in accounts within 24 hours. This super quick service is thanks to a pre-assessment of over half a million small business customers who can have access to the platform. The Bank has said that it will be rolling the service out this summer.

 

If it sounds a little like competition for the Peer-to-Peer market, well perhaps it is, but that can only be good news for small businesses – more competition means more funding options and the opportunity to pick what best suits your business.

 

The average acceptance of loan applications by peer-to-peer business lending platforms was 22.7% (based on transaction volumes between 2013 and 2015). Awareness of the sector however remains low – just 12% of all the money lent to small UK businesses in 2015 was through alternative finance according to NESTA – which doesn’t mean the sector isn’t lending, it just means many of those who turned to their Banks for a loan and were refused didn’t realise that there are alternatives, of which peer-to-peer is one.

 

businessagent.com can help small businesses access the right peer-to-peer loans for them. In addition to the peer-to-peer platforms, our site offers visibility of the ‘other’ lenders in this space, such as specialist and challenger Banks and specialist Brokers. One application to businessagent.com is seen by over 70 lenders and platforms and the soft footprint credit rating process means there is no detrimental impact by doing so, saving you time and offering your business full visibility of the loan options available to it. https://businessagent.com/loans



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