NatWest Rapid Cash

    A flexible overdraft alternative that connects seamlessly to Xero.
    Overview

    Rapid Cash is a flexible overdraft alternative for your business to borrow against your unpaid customer invoices. Rapid Cash is designed to offer complete flexibility over the amount you choose to borrow, for how long, and which debtors to finance against.

    • Pricing is transparent and simple - there are no exit fees or fixed monthly repayments.
    • For limits £25k-£300k, there are no arrangement fees and rates range from 4.5% - 8.5% above Bank of England base rate.
    • For limits above £300k, rates range from 2.75% - 6% above Bank of England base rate and an arrangement fee of 1.5% applies
    • The process is entirely digital, with no paper forms to fill in. Even the legal contracts are signed electronically.
    • Eligible to businesses with an annual turnover of at least £100k, 6 months of trading history and are either a Limited Company or Limited Liability Partnership in England or Wales. The product requires security, including a business debenture. We do not require any property security.
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    NatWest Rapid Cash + Xero

    Rapid Cash connects to your Xero account as part of the application process and this connection is maintained whilst you have Rapid Cash. This minimises the paperwork and any requirement to share information regularly. We only utilise the data that is required to support our product.

    How Rapid Cash works:

    1. Connect Xero to the Rapid Cash platform
    2. Receive your indicative borrowing limit within seconds, up to 85% of the value of your unpaid invoices.
    3. Our team will contact you to cover any initial questions, and to set up your new Rapid Cash account; We target approving new applications within 24hrs
    4. Once set up, you can draw down funds as you require. Customers pay invoices in to your new Rapid Cash account — this repays what you've borrowed
    5. Your line of credit is reinstated - so you are free to borrow again.

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    Additional info

    App details

    Added in 2019

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