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Metro Bank business loans: at a glance
Metro Bank currently offers a variety of short- and long-term finance options that businesses could use for everything from managing cash flow to purchasing assets.
This includes business loans, as well as invoice finance, asset finance, credit cards, and overdrafts.
To access a business or commercial loan, you will need to hold a business bank account or commercial current account with Metro Bank.
Promotion
Metro Bank Commercial Loan
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Representative APRAvailable on application
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Representative ExampleAvailable on application
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Available amounts£25,000 – £25m+
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Available Terms1 – 30 years
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Metro Bank business loans pros & cons
Pros
- You can borrow for up to 30 years with a commercial loan.
- Over the phone customer services available from Monday to Saturday.
- You can potentially borrow over £25 million with a commercial loan.
- Metro has branches in England and Wales for in-branch support.
Cons
- There are limited online support options
- Metro has no branches in Scotland and Northern Ireland..
These pros and cons are based on an exclusive survey of UK business owners on what they found important when selecting a range of business products, conducted by NerdWallet in December 2022.
Metro Bank business loans key features
- Offers fixed-rate business loans of £2,500 to £25,000, tailored rate loans over £25,000, and commercial loans of £25,000 to over £25 million
- Loan terms from 1 to 5 years for business loans, and 1 to 30 years for commercial loans
- Extended call centre hours, from 8am to 8pm, Monday to Saturday
Metro Bank business loans full review
Founded in 2010, Metro Bank was the first new high street bank in England in more than 100 years.
It provides business banking services for everyone from sole traders to large corporations, with a small business and start-up business account, and a large and commercial business account.
Once you have a business bank account with Metro Bank, you can apply for one of its borrowing options. This includes business and commercial loans, as well as overdrafts, business credit cards, invoice finance and asset finance.
We’ve put together everything you need to know about Metro Bank business loans at a glance in our table below.
| Amount borrowable | £2,500 to £25,000 (fixed-rate business loan) Over £25,000 (tailored-rate business loan) £25,000 to £25 million+ (commercial loan) |
| Term length | One to five years (business loan) One to 30 years (commercial loan) |
| Web-based customer service | Twitter: @MetroBank_Help |
| Customer service number | 0345 08 08 508 |
| App | Yes (iOS and Android) |
| Face-to-face customer service | Yes |
| Access to loans without pre-existing account | No |
| Trustpilot rating | 2.5 out of 5 (as of 13 February 2023) |
Metro Bank business loan features
The following are some of the key features when taking out a business loan with Metro Bank.
Loan amounts and terms
When surveying business owners, NerdWallet discovered that the flexibility of a loan’s term length was the most important factor when choosing a lender. The maximum amount borrowable, meanwhile, came in at number five.
At Metro Bank, both the term length and maximum amount borrowable are, in part, determined by which loan you are eligible for: a business loan or a commercial loan.
Business loan
Metro Bank currently offers business loans to Business Current Account customers with more than £2 million in turnover, although it will consider exceptions when it comes to turnover.
The lender also states that you will likely need some kind of security, such as a property or other high-value asset. If that is the case, you will be borrowing using a secured loan, meaning that you could lose your asset if you fail to keep up with your repayments.
Borrowing under £25,000 comes with a fixed interest rate, zero arrangement fees, and no other charges.
Borrowing over £25,000, on the other hand, will mean being offered an interest rate tailored to the loan, with a maximum arrangement fee charged at 1.75% of the loan. There may also be security, valuation, legal and admin charges on top.
Both business loans can be paid back between one and five years.
Commercial loan
The commercial loan is only for existing Commercial Current account customers. It can be repaid over up to 30 years, with an interest rate tailored to each individual loan.
As with its business loan, Metro Bank is likely to need some security for this type of loan.
Customer service
Given the money involved in taking out a business loan, it makes sense that customer service is important to business owners when looking for a lender. In fact, according to NerdWallet’s survey, web-, phone- and app-based customer service came in second, third, and fourth place respectively in terms of ranking factors.
Metro Bank is a bit of a mixed bag when it comes to customer service options. In terms of its web-based offering, you have to tweet the provider @MetroBank_Help if you want online assistance.
Over the phone, you can call the lender on 0345 08 08 508 from 8am to 8pm, Monday to Saturday.
Meanwhile, it does not appear that Metro Bank’s app for iOS and Android has a customer service function.
You could also visit Metro Bank at one of its high street branches or write to the provider at:
Metro Bank
One Southampton Row
London
WC1B 5HA
Security
Most business lending is unregulated. However, if you are a sole trader, a partnership with fewer than four partners, or an unincorporated association, then business lending of up to £25,000 generally falls within Consumer Credit regulation.
This means a lender must be authorised and meet the standards set by the Financial Conduct Authority (FCA).
Under these rules, if you take out a loan of £25,000 or less from Metro Bank, and are one of the business types mentioned above, then your borrowing should be regulated.
Customer reviews
Metro Bank has a ‘Poor’ Trustpilot rating of 2.5 out of 5, based on over 4,000 reviews. It is important to note this is for the Metro Bank brand as a whole, not just its business loan offering.
As for Metro Bank’s apps:
- on the App Store it has a rating of 4.8 out of 5, based on over 150,000 reviews.
- on the Play Store it has a rating of 4.6 out of 5, based on over 36,000 reviews.
These scores are accurate as of 13 February 2023.
Metro Bank business loans eligibility
Whether you are eligible for a Metro Bank business loan depends on what product you are applying for.
Business loans
If you are applying for a business loan, you will need:
- an existing Metro Bank Business Bank Account
- a turnover of more than £2 million a year (although it does consider exceptions)
- an asset to use as a security (although unsecured loans may be available)
Commercial loans
If you are applying for a business loan, you will need:
- an existing Commercial Current Account
- an asset to use as a security (although unsecured loans may be available)
How to choose a Metro Bank business loan
Whether you are choosing between a small business or commercial loan, or comparing Metro Bank to other lenders, it is worth considering:
- how much you need to borrow
- how long you want to pay back the loan
- if you have an asset to use as a security
- if you are comfortable with the risk of losing your asset if you cannot keep up your repayments
- whether you want a fixed or variable interest rate
- whether you want to set up another business bank account in order to be eligible for a loan
- if you want a lender who offers repayment holidays
You may also want to consider the other lending options Metro Bank offers – such as business bank account overdrafts, business credit cards, invoice finance and asset finance – in case they better suit your needs.
» MORE: How do business loans work?
How do I apply for a Metro Bank loan?
To apply for a business loan, you can go into a Metro Bank branch seven days a week. There are branches in England and one branch in Wales.
However, our NerdWallet survey of UK business owners found that face-to-face customer service wasn’t in demand from business lenders, ranked the sixth most important factor.
If you would like to apply for a commercial loan, meanwhile, you can speak to your local director at your nearest Metro Bank branch.
You will need to pass a creditworthiness assessment before you are accepted for a loan, in order for Metro Bank to ensure you can make your monthly repayments.
Review methodology
At NerdWallet Ltd UK we base our reviews on the results of surveys we conduct to understand what key product features are important to those who use them, and align them to the product we review.
Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible but it is likely there are others available that we have not reviewed. The review is our opinion, but it does not constitute advice, recommendation or suitability of your financial circumstances.
You can view our review methodology here.
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