Danske Bank Business Loan User Reviews
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Danske Bank UK is a subsidiary of the Danish banking provider Danske Bank, and it was first established in the UK in 1824 in Northern Ireland and was formerly called Northern Bank. There are branches throughout Northern Ireland. They offer personal and business banking services which include a range of business services such as bank accounts, credit cards, overdrafts and loan products.
Danske Bank Loans and Funding Options
Danke Bank offers a range of business finance and funding products which include:
Business overdraft
Danske Bank offers an overdraft linked to their business current account. They will review the overdraft facility every 12 months. Interest is calculated daily, and you only pay for the days that you are overdrawn. There is a setup fee to pay and a renewal fee which will be agreed at the point of application.
Fixed-Rate Business Loan
Danske Bank offers a flexible fixed-rate business loan which offers:
- Fixed rates for 3 or 5 years
- Repayment frequencies to suit your business
- Borrow between £25,000 and £250,000
- Interest-only available
- The arrangement fee is negotiable
- Early repayment charge is applicable
- Requires you to have a business account or servicing account
- Security may be required
- Rates will be determined through an assessment of your business circumstances
Variable Rate Business Loan
Danske Bank also offers a flexible variable rate business loan which offers:
- Option to make higher payments or lump sums and reduce the repayment term and interest payable
- Minimum loan of £1,000
- Interest-only option available
- Maximum term of 25 years
- The arrangement fee is negotiable
- Requires you to have a business account or servicing account
- Security may be required
- Rates will be determined through an assessment of your business circumstances
Asset Finance
Danske Bank offers a range of asset finance products which include hire purchase, contract hire, and leasing products are available for a variety of assets, including vehicles, agricultural equipment, technology, and machinery. At the end of the agreement, there is often the option to either rent the asset or own it.
Trade Finance
Danske Bank offers a range of trade finance products that can assist businesses in minimising credit risks, managing credit terms and payment flows on domestic and international markets for both buyers and sellers. They offer import and exports products which include Letters of Credit and Collections. They also offer a range of guarantees for bids and tenders, performance bonds, retention bonds, advance payment bonds and payment guarantees.
Other financial products
Danske Bank also offers credit cards, invoice financing and commercial mortgages and other products, interest rates and specific terms vary depending on the product.
Danske Bank Loans and Funding Eligibility
Danske Bank’s financial products are only available to those over 18 and individual terms and conditions apply. No other eligibility criteria is available.
Danske Bank Loans and Funding Rates
There are no rates or fees available for Danske Bank products as these are agreed on at the application.
Danske Bank Loans and Funding Calculator
Danske Bank has no loans or funding calculators.
Danske Bank Loans and Funding Reviews
There are very few reviews for Danske Bank and they only feature on 2 of the leading customer review sites. Trustpilot reviews are fairly critical with 70% of reviewers scoring them as bad. Negative comments include that they are dissatisfied with high fees, service in-branch and the banking app. Positive comments include good customer service in-branch, the convenience of online banking and helpful business support.
Smart Money People reviews are more positive and tend to be written by personal customers rather than business customers. Comments include supportive staff, good customer service, easy to use app, good rates and great security.
Trustpilot – 2.9/5 (based on 10 reviews)
Google Reviews – no reviews
Reviews.co.uk – no reviews
Review Centre – no reviews
Smart Money People – 4.23/5 (based on 30 reviews)
How To Apply For A Danske Bank Loans and Funding?
If you want to apply for any of Danske Bank’s loans or funding products, you should call them on the following numbers:
- Overdrafts, fixed and variable rate loans call 0345 850 9515
- Asset finance call 07774 155306
- Trade finance call 07718 153904
Pros
- Offers a variety of loan products to suit a range of needs
- Provides flexible loan products
- Supports importers and exporters with international trading
Cons
- Details about rates and eligibility are not transparent on their site
- Mixed reviews on customer review sites
- Reviews highlight that the app is dated
Website: Danske Bank Business Finance