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Business overdraft rates comparison: Nucleus O-ID

Business overdrafts provide many SMEs with important financial security that is vital to the success and stability of their business. However, banks are making it harder to secure with inflexible payment terms and impossible approval criteria. In some cases, finance has been secured only to be withdrawn without any notice period, leaving businesses vulnerable to ruin or causing serious setbacks to their long-term growth plans. 
 
When reviewing your finance options, it’s important to do a business overdraft rates comparison of all the possible facilities available to you. As an SME, your needs are unique to your business and trying to meet all the criteria and costs required by many of the traditional banks to secure an overdraft, is time-consuming and often unsuccessful.
 
At Nucleus we consider why you need the finance in the first place and understand your business in-depth. Our approval process pays attention to your specific objectives, timelines and growth targets, and should you qualify, ensures that you receive the funds you need, when you need them. 

Guaranteed funding as you need it

Our Nucleus Overdraft ID product has been designed to provide UK SMEs with fully confidential six month rolling agreements that guarantee funding for any eventuality. With our product, your line of credit will not be cut unexpectedly, leaving your business in the lurch, or worse on the brink of survival.  

Pay for what you use

Our overdraft facility will only charge you for the funds you use and you won’t be penalised with minimum fees. If you have a quiet month, you only pay a discount fee, that will be calculated on a daily basis, of the funds in use.

No hidden fees

Financial assistance can disrupt your budget and become even more expensive thanks to unexpected costs hidden in the small print. We are sticklers for transparency and present all costs upfront to ensure absolute transparency. With the Nucleus Overdraft ID you will always know what you are paying for and when.  

Supporting your growth

The role of financial assistance is to provide your business with the funding it needs to grow. We believe that as milestones are reached and your company’s turnover increases, so too should your overdraft limit. Our product will adjust with your growth, providing your business with the means to continue on its upward trajectory. 

Being approved

We understand the urgency of business critical funding and won’t delay the approval process. The Nucleus Overdraft ID checklist is straightforward and once completed, a decision will be made within 24 hours. Funds will be delivered within 72 hours of all information received and verified. 
 
Documentation required for approval includes: 
  • Six months of bank statements
  • Last audited accounts
  • Last management accounts 
  • Aged creditors report 
  • Aged debtors report
  • Last HMRC returns (VAT + PAYE)
  • Asset liability statements for Directors
  • Signed DPA forms 
There are many financial packages available for you to consider for your business but very few are suitable for your needs. A business overdraft rates comparison is an important exercise for any SME looking to secure the best possible financial assistance for their long-term business growth. As a quick reference we’ve put together a table that outlines industry norms against our Nucleus Overdraft ID product. 
 
Our experienced finance team is ready to answer any questions you may have, and help you secure the finance you need as soon as you need it. Please contact us here

Business overdraft rates comparison table

Our business overdraft rates comparison table

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