British lender NatWest has introduced a fast credit alternative for SMEs as a substitute of conventional business overdrafts.
The latest offering, dubbed Rapid Cash, offers a dynamic credit limit of between £25,000 and £300,000.
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The credit limit will be based on the applicant’s unpaid invoices, the bank said.
The overall application process is digitised, with eligible customers can receive credit approval within 24 hours.
Designed as digital working capital product, NatWest Rapid Cash is developed in collaboration with Australian fintech lender Waddle Loans.
The offering can be customised to suit borrower requirements, including adjustments to principal amount and time period.
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By GlobalDataOnce repaid, the customers can again draw down against the line of credit up to their approved limit.
Paul Thwaite, head of sales, specialist businesses and business banking at NatWest said: “We are excited to launch NatWest Rapid Cash as the latest in a number of innovative offerings that we have brought to our business customers recently.
“This is a product which we have built to provide an alternative to a conventional business overdraft.
“By continuing to enhance the value, speed and choice of the services we offer, we’re aiming to ensure that customers can remain focussed on what matters – growing their businesses.”
Since the beginning of this year, NatWest Rapid Cash was tested with select business customers of the bank.
Currently, the service is available for all NatWest business customers. In the following weeks, it will be made available to all UK businesses.
