Cash Advance claims to offer short term finance that’s the fastest on the market
Small business lender Ultimate Finance has launched a new SME loan it claims to be available in under 12 minutes in a bid to offer UK firms the fastest finance in the world.
The firm, which is part of global private investment specialist the Tavistock Group, says it has slashed the time it takes for small businesses to receive the cash from a loan to less than 12 minutes with the launch of ‘Cash Advance’.
It says the move is in response to small business’ call for fast, flexible loans to cover short-term funding needs or take advantage of unexpected business opportunities.
It claims that, since the introduction of the loan, cash has hit customer bank accounts in as little as 11 minutes and 16 seconds.
Ron Robson, CEO of Ultimate Finance, which has offices throughout the UK, including in Edinburgh and Glasgow, said: “These loans are designed to be the fastest out there and we’re pretty excited about it.
“Business confidence is increasing and we want to help SMEs exploit new opportunities with quick decisions and cash hitting bank accounts quickly where it can do good.
“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.
“We couldn’t have made this any simpler and we are setting the benchmark for the industry in what, for companies, is one of the most interesting and challenging economic periods we have ever known.”
Ultimate Finance says Cash Advance is designed to plug 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.
It claims the application process takes just six to eight minutes, with the cash being released in minutes.
Customers pay back their loan in a single instalment within an agreed 30, 60 or 90-day period.
Robson said: “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.
“Far too often there is a gap between loans getting rubber stamped with conditions attached and then it’s days or even weeks before business actually receive the cash. We have abolished all that and made it really simple to apply online, get an instant approval and receive the cash within a few minutes.
“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.”