Fintech legends like Funding Options and LendInvest are known for their quick turnaround time when offering business loans to cash-strapped start-ups. Newer entrant, Ultimate Finance, decided to up the ante by slashing the time it takes for small businesses to receive the cash from a loan to under 12 minutes.
The rate at which UK start-ups accelerate is well documented, and according to Ultimate Finance, its bid to speed up the loan process is in line with helping these business grow through flexible short-term loans.
The new loan, Cash Advance, was launched last week as part of Ultimate Finance’s new digital loan platform. Since its introduction, loans have hit customer bank accounts in as little as 11 minutes and 16 seconds.
Cash Advance is aimed at plugging the short-term gaps in cash flow that happen in the day-to-day running of any business. Business owners enter their company name online and secure an instant pre-approved quote for up to £50,000.
The application process takes just six to eight minutes with the cash being released in minutes.
Customers pay back their loan in a simple, single instalment within an agreed 30, 60 or 90-day period.
“These loans are designed to be the fastest out there and we’re pretty excited about it,” says CEO Ron Robson. “One of the biggest headaches for business owners is worrying over where and when they will get the finance they need. They need fast decisions, minimal paperwork and cash in the bank when its required, not weeks later.”
He believes that far too often, there is a gap between loans getting rubber-stamped with conditions attached, and when businesses eventually receive the cash. As someone used to running a business himself, Robson understands the daily challenges faces small firms.
“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,” he adds. “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.”