UK: Barclays double maximum limit for unsecured business loans

Barclays recently announced that it has doubled its maximum limit for unsecured loans to SMEs from £50,000 to £100,000.

This move is said by Barclays to particularly help businesses in Scotland receive funding quicker, enabling them to take advantage of opportunities that they would otherwise miss due to time constraints.

It also means businesses won’t need to use their home or business premises as security. Barclays’ new limit adds to its unsecured loan offers which include the ability for 250,000 SMEs to have pre-assessed spending limits of up to £25,000 via digital banking, and subsequently apply for, and potentially receive the funds on the same day.

RFi Group data demonstrates that the ease and speed of an application is the most important factor after interest rates when it comes to choosing a provider for borrowing products.

With 1 in 3 borrowing product holders ranking it as one of their top 3 most important drivers of choice.

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