Small firms charged 20% interest by big banks - CPA | The Credit Protection Association

Small firms charged 20% interest by big banks.

02/01/2018.

New research reveals that high street banks are charging some business customers more than 20% in interest, despite receiving billions in taxpayer support to ramp up lending. The financial information start-up DueDil found that NatWest and Santander are the most expensive of the big five high street lenders, with NatWest charging up to 29% for business loans through its Esme online service. The APR on Santander’s online small business loans ranges from 4.9% to 25.9%, with directors required to put up their home or other assets as security.
The Sunday Times, Business and Money, Page: 1

James Salmon from CPA said that cash flow is the life blood of small business and these huge interest charges can be crippling. It is therefore vital that small business owners minimise their need for expensive finance. Reducing late payment of invoices can be key to maximising cash flow. By getting cash into the business when it is due, large interest bills can be avoided.

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

Read about our overdue account recovery service

Read our blog – What is credit management?

Read our blog -What is a credit management company?

Read our blog -Credit Management that works!

Read our blog – How to select a debt collection agency

click to see read about our successes

Please call us on 0330 053 9263 to discuss how CPA can help your cashflow. Alternatively, either email us or use our contact form.

Warning issued over late payments

Economic news 2nd January 2018

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today