Iwoca is providing instant decisions for loans up to £25,000 with the help of credit information provider CRIF
IN BRIEF:
- SMEs who have signed up for CRIF’s open banking-powered Credit Passport service are able to pre-populate applications
- An application can now be made in one minute
- For larger loan sizes of up to £500,000, decisions will be made within 24 hours
What does this mean?
“Our partnership with CRIF will help us make instant finance a reality for thousands of SMEs, offering them a quicker, more transparent and reliable way to apply for and secure lending,” said Harry Cranfield, partner channel manager at Iwoca. “The current lending market poses big challenges to SMEs trying to find capital during an economic downturn. As banks retrench – and narrow their financing options for small businesses – it’s become all the more important that alternative lenders can step in.”
