Ultimate Finance has launched Cash Advance, a business loan which aims to be available to SMEs within 12 minutes of applying.
The loan was launched last week as part of Ultimate Finance’s digital loan platform, and the SME lender said this was to plug short-term gaps I cash flow.
Ron Robson, chief executive officer of Ultimate Finance, said: “For many businesses, a slow loan is as useless as no loan. The process can 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.”
Customers can secure a quote on a loan of up to £50,000, and repay in a single instalment within a pre-agreed 30, 60, or 90 day period.
Robson added: “One of the biggest headaches for business owners is worrying over where and when they will get the finance they need. Far too often there is a gap between loans getting rubber stamped with conditions attached, and then its days or even weeks before business actually receive the cash.”
Ultimate Finance claims the application process takes six to eight minutes, and the funds arrive in the customer’s account within a few minutes of completing the process.