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Credit rating
A credit rating is an estimate of your ability to fulfil financial commitments, based on your history of spending, earning, and repaying debts in a timely manner.
If you’re worried about your credit rating being a barrier when it comes to asking for money, there are some very simple ways to improve it.
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01
Consistently pay all bills on time
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02
Get yourself registered on the electoral roll
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03
Pay off more debts and, if possible, pay more than just the minimum amount allowed
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04
Close accounts associated with unused credit cards, direct debits and mobile phone contracts
It's worth reviewing your credit score
It’s your legal right to get a copy of your own credit report, and generally getting hold of one from a credit reference agency costs very little or is free.
What can we do for you?
Applying for money is a big deal. Putting yourself in a position where you owe funds is something many people find daunting, which is why we want to make the entire process as simple and stress-free as possible.
Your funding options
Acquiring funding is an essential step when looking to grow a business, as most need that initial cash injection. It's important to understand how much money you'll need and what type of funding will suit you best. We have a range of funding options that you can consider.
Lending options
These are a selection of our products that some of our business customers have been choosing lately.
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Security and / or Director’s guarantee may be required. Product fees may apply. To apply you must be a UK resident aged 18 or over. Subject to status, business use only. Specific eligibility criteria applies to Invoice Financing.
Small Business Loan
A fast, affordable way to borrow
Fixed rate of interest
Can help you achieve your business goals
Suitable for most small to medium businesses
Borrow over 1 to 10 years
Borrow from £1,000 up to £50,000 (subject to credit approval)
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Arranged Business Overdraft
A flexible, short-term safety net
No set minimum to pay back each month
Pay interest only on the amount you use
Borrow up to £50,000 unsecured (subject to credit approval). You can also apply for more, however this may result in security being required
Ideal for unexpected bills or emergencies
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Invoice Finance
Access funds to improve your company’s working capital
We could advance you up to 90% of the value of an invoice. This is ideal if you get a sudden large contract through or have a just-in-time inventory strategy.
We offer different types of Invoice Finance.
Release cash quickly and confidentially with Invoice Discounting
Release cash from your existing assets with Asset based lending (£6.5m turnover required)
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Credit scoring
Lenders will need assurance that you have the ability to repay the amount, and that they can trust you to keep up with payments over a prolonged period of time. You can learn more with the credit scoring guide below.
Free accounting software? Yes please.
Join over 150,000 small business owners who use FreeAgent to manage their business finances. Whether it's monitoring cashflow, sending invoices or submitting tax returns, FreeAgent has everything you need..
FreeAgent is free as part of our Royal Bank business current account service for as long as you retain your bank account. Optional add-ons may be chargeable.