Iwoca launches real-time business loan decisions
In what Iwoca says is an industry-first development, its advanced lending API will offer small business owners actionable loan decisions within 30 seconds, rather than the more typical ‘approval in principle’.
Initially available for loans up to £15,000, the technology enables Iwoca’s partners to offer automated, flexible credit facilities from their own website. Customers are then directed to Iwoca to access the funds.
“We are delighted to have launched this market-leading instant decision experience with our close partners, Funding Xchange and Funding Options, and will be rolling this out to other partners in the coming months, as part of our mission to make access to finance fast and simple for small business owners,” says Iwoca’s commercial growth director, Colin Goldstein.
He adds: “By giving them immediate and hassle-free credit, we are expanding possibilities so that SMEs no longer have to deal with uncertainty and have the information they need to make better business decisions.”
Alastair Preacher, chief product officer at Funding Options, comments that instant loan decision makes a difference at the grassroots level of UK business and providing access to funding for the country’s 5.7 million small businesses is essential to the economy.