Highlights
Unforeseen expenses are part of running a business. You can be prepared for any temporary funding shortfalls with our business overdraft.
- A flexible short term borrowing option
- Available as and when you need it
- Pay interest only on the amount you borrow
Benefits of an overdraft
- Straight forward interest rates and fees
- Once set-up, you can access your overdraft any time you need it
Representative example
Based on unsecured overdrafts up to £25,000
Representative EAR*
13.3%
Interest Rate per annum (Variable)
12.5%
Interest is calculated daily and charged monthly
Fees/Charges
2.5% Establishment Fee
Minimum of £120
*EAR (Effective Annual Rate) - The effective annual rate (EAR) is the cost of borrowing on business current accounts. This takes into account the rate of interest charged, how often it's charged and the fact that if not paid, you'll pay interest on interest. The EAR can change. We've calculated the EAR shown on the assumption you borrow the entire limit for a twelve month period. It is accurate based on today's Bank Of England Base Rate.
What you need to know
Interest Rates
Every business is unique. We'll always offer you our most competitive rate based on your circumstances.
Eligibility
Terms and conditions apply. All facilities are subject to status and eligibility. Applicants must be aged 18 or over. You must be based and operate in the UK (excluding Channel Islands, Isle of Man & Northern Ireland) and have a business purpose for facilities.
Personal guarantees, security and fees
To lend your business money, we may need a personal guarantee from you or someone else. Or security from your business or a guarantor. We may not be able to lend to your business without it.
Your business and guarantor should get legal advice before providing a guarantee or security. If your business breaks its borrowing agreement, your assets will be at risk. They may be sold to repay the business or guarantor’s debt. This includes property.
Security and guarantees reduce our lending risk. They remain in place until your business repays all its debt to us.
You can find out more about personal guarantees on the UK Finance website.
Arrangement and other fees may apply.
Get in touch
Find out more about how our overdrafts may be able to help you.
Just so you know...
- To consider any business lending request we require to see at least 12 months of active trading activity.
- You will need to obtain consent for personal searches of each party associated with the business.
- To allow a full credit assessment, you may need to provide financial accounts, cashflow statements and/or projections as part of your application.
- We may ask you for a personal statement of assets and liabilities.
- We may need a personal guarantee from you or someone else. Or security from your business or a guarantor.
- Enquiries will be responded to within 7 days.