12-minute loans launched for SMEs
Business lender Ultimate Finance has launched a loan with cash available in under 12 minutes, responding to UK SMEs calls for faster finance
Ultimate Finance, part of the Tavistock Group, a global private investment organisation, said SMEs have called for fast, flexible loans to cover short-term funding needs or take advantage of unexpected business opportunities.
The new unsecured loan, Cash Advance, gives a pre-approved quote of up to £50,000 when a business owner inputs their company name online. Ultimate Finance then carries out a credit check without a credit footprint.
Customers must pay back their loan in a single instalment within an agreed 30, 60 or 90-day period with an interest rate of 1.5 percent per 30 days.
Only “Ltd” of “LLP” businesses with two years minimum trading can apply for this type of loan. Ultimate Finance also offers invoice finance, bridging loans and much more.
Ron Robson, chief executive of Ultimate Finance, said: “For many businesses, a slow loan is as useless as no loan.
“The process can also be off putting when you are short of time. Getting a loan should be a quick and painless experience so entrepreneurs can get back to running their businesses.”
Robson added: “The reality of business is that you can never really know what’s around the corner. One minute you’ve got all the cash you need, the next moment you urgently need £25,000 to take advantage of a new opportunity or cover an unexpected shortfall.”