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Aldermore Bank Review

Aldermore is a UK specialist challenger bank founded in 2009 and headquartered in London. It was created specifically to serve the SME market that mainstream banks underserve, offering asset finance, invoice finance, business loans, and commercial mortgages alongside a retail savings business. Aldermore is part of FirstRand Group following acquisition in 2018, giving it significant capital backing while maintaining its challenger bank culture. The bank is particularly well known for asset finance — covering vehicles, plant, machinery, and technology — and for working with businesses that have slightly more complex profiles than prime high street bank criteria.

Written by the Lendus editorial team. Last updated: April 2026.

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2-minute application
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FCA-regulated brokers

Amount

£2k – £10M

Rates

4.5% – 20%

per annum depending on product, asset type, and credit profile

Speed

Same-day decisions on asset finance up to £250,000; 3–5 days for larger deals

Trustpilot

4.6/5

3,800 reviews

What is Aldermore Bank?

Aldermore Bank (Aldermore Bank PLC) is a UK-based business finance provider founded in 2009 and headquartered in London. Aldermore is a UK specialist challenger bank founded in 2009 and headquartered in London. It was created specifically to serve the SME market that mainstream banks underserve, offering asset finance, invoice finance, business loans, and commercial mortgages alongside a retail savings business. Aldermore is part of FirstRand Group following acquisition in 2018, giving it significant capital backing while maintaining its challenger bank culture. The bank is particularly well known for asset finance — covering vehicles, plant, machinery, and technology — and for working with businesses that have slightly more complex profiles than prime high street bank criteria. They have lent £14 billion to date, helping 120,000+ UK businesses.

Founded 2009 London Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA reference number 529157.

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Products offered

Asset Finance Business Loans Commercial Mortgages Invoice Finance

Rates and costs

Rate range
4.5% – 20% (per annum depending on product, asset type, and credit profile)
Representative APR
9.3% APR representative
Amount range
£2,000 – £10,000,000
Approval speed
Same-day decisions on asset finance up to £250,000; 3–5 days for larger deals

Representative example

Borrow £75,000 over 48 months. Total repayable: £89,000. Cost of credit: £14,000. Your rate depends on your circumstances.

Eligibility requirements

Minimum trading history
12+ months for most products
Minimum turnover
£100,000 for most products; lower thresholds on some asset finance
Credit requirements
Fair to good credit required. More flexible than high street banks but not specialist adverse credit. Asset finance secured against financed asset. Considers businesses declined by mainstream lenders if underlying financials are sound.

How to apply

1

Check eligibility through Lendus — answer a few questions about your business and funding needs (2 minutes)

2

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3

Review your matched options — see rates, terms, and eligibility from multiple providers including Aldermore Bank

4

Choose the best offer and complete the application with your matched lender directly

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Pros and cons

Pros

  • Full banking licence — FCA and PRA regulated with FSCS deposit protection
  • Broad product range covering asset finance, invoice finance, commercial mortgages, and business loans
  • Same-day decisions on asset finance up to £250,000
  • More flexible than high street banks on complex business profiles
  • Excellent Trustpilot rating with nearly 4,000 reviews

Cons

  • Rates are not the most competitive for prime borrowers compared to mainstream banks
  • Minimum trading history of 12 months excludes startups
  • Invoice finance minimum facility sizes may exclude very small businesses
  • Part of a large banking group — less nimble than independent challengers on bespoke deals

Is Aldermore Bank right for you?

Best for

Established SMEs with 1–10 years of trading history that want the security of a regulated bank but need more flexibility than HSBC or Barclays — particularly for asset finance, invoice finance, or commercial mortgages

Not ideal for

Startups with under 12 months trading, businesses with significant adverse credit, or borrowers looking for the absolute lowest rates available from mainstream banks

Aldermore Bank alternatives

If Aldermore Bank isn't the right fit, consider these alternatives:

Close Brothers Lombard Nucleus Commercial Finance Shawbrook Bank

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Frequently asked questions about Aldermore Bank

Is Aldermore Bank legit?
Yes, Aldermore Bank PLC is a legitimate UK challenger bank with a full banking licence, authorised by the Prudential Regulation Authority and regulated by both the FCA and PRA (FCA reference 529157). Founded in 2009 and now part of South Africa's FirstRand Group, Aldermore has lent over £14 billion to UK businesses and holds an Excellent Trustpilot rating from nearly 4,000 reviews. Customer deposits are protected by the FSCS up to £85,000.
What are Aldermore Bank interest rates?
Aldermore asset finance rates typically start from around 4.5% per annum for strong cases and can reach 20% for higher-risk profiles. The representative APR is approximately 9.3% on standard products. Commercial mortgage rates are priced on a case-by-case basis depending on LTV and property type. Invoice finance pricing is based on a service charge plus a discount charge on the ledger. Exact rates depend on your specific financial profile and the product selected.
Can I get Aldermore finance with bad credit?
Aldermore is more flexible than mainstream high street banks but is not a specialist adverse credit lender. It will consider businesses with some credit blemishes — particularly on secured asset finance products — but significant CCJs, defaults, or insolvency on record are likely to be declined. For businesses with poor credit history, specialist lenders such as Nucleus Commercial Finance or a dedicated asset finance broker may offer better options.
How much can I borrow from Aldermore Bank?
Aldermore provides asset finance from as little as £2,000 for small equipment purchases, up to £10 million for larger commercial facilities. Business loan and commercial mortgage sizes depend on turnover and security. Invoice finance facilities scale with your debtor book, typically from £25,000 upwards. Most SME deals fall in the range of £25,000 to £2 million across Aldermore's product range.
Is Aldermore FCA regulated?
Yes, Aldermore Bank PLC is dual-regulated: authorised by the Prudential Regulation Authority and regulated by both the FCA and PRA under FCA reference number 529157. This places Aldermore under the highest tier of UK financial regulation. As a deposit-taking bank, Aldermore participates in the Financial Services Compensation Scheme (FSCS), protecting customer deposits up to £85,000.
How fast does Aldermore approve applications?
Aldermore offers same-day decisions on asset finance applications up to £250,000, making it one of the faster regulated banks for equipment and vehicle finance. Larger deals and commercial mortgages typically take 3 to 5 working days for a credit decision. Invoice finance facility setup usually takes 1 to 2 weeks including due diligence on the debtor book. Business loans may take a similar timeframe depending on the amount and complexity.
Can I repay an Aldermore loan early?
Early settlement options vary by product at Aldermore. Asset finance hire purchase agreements can typically be settled early, though an early settlement charge may apply based on the remaining interest. Commercial mortgages may carry an early repayment charge during a fixed-rate period. Business loans specify early repayment conditions in the facility agreement. Always request a settlement figure from Aldermore before making any early payment.
Aldermore vs Close Brothers — which is better for asset finance?
Both Aldermore and Close Brothers are well-regarded specialist banks offering asset finance to UK SMEs. Aldermore tends to be faster on smaller ticket decisions (same-day up to £250k) and offers a broader product range including invoice finance and commercial mortgages alongside asset finance. Close Brothers has deeper specialist sector knowledge — particularly in agriculture, healthcare, and professional services — and may offer more bespoke structuring on complex deals. For straightforward vehicle or equipment finance, comparing both through Lendus will show you where the better rate lies for your profile.

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