Royal Bank of Scotland extends digital loans to £750k for business customers
Royal Bank of Scotland has today announced the launch of a new digital platform which will be available to all Royal Bank business and commercial customers allowing them to apply online for secured and unsecured loans of up to £750,000 – the largest digitally available loans in the industry.
The new platform, available to all business and commercial banking customers who use online banking, will allow applicants to complete the process in a matter of minutes, with a decision being communicated to customers usually within 24 hours, sometimes immediately.
The bank said the move underlines its commitment to further improving its digital offering and builds on the success of its ESME Loans platform, which provides loans of up to £150,000,Mettle - the standalone digital business current account, and LenderComm, the first production use of blockchain in the syndicated loan marketplace.
Alison Rose, CEO of commercial and private banking at RBS, said: “We are continuously looking for innovative solutions to meet the ever-evolving needs of our business and commercial customers. Our commitment to helping businesses in the UK access funding is at the heart of everything we do and we want to support them. Accessing larger loans, quickly, is vital, and this new end-to-end digital lending platform allows us to offer just that. The scale and pace of changes in customer behaviour is like nothing we have seen before, and we’re incredibly proud of this new proposition which shows our commitment to serving our customers better.”