Customers will still be able to choose repayment term of between one day and six months
Finance Machine, the only provider of short term finance to online retailers in the UK, has announced that it will now offer online retailers a maximum loan value of £50,000. The new maximum working capital loan amount replaces iwoca’s previous £20,000 limit.
- Customers will still be able to choose a repayment term of between one day and six months and benefit from free early repayments.
- Finance Machine offers a range of funding options for online retailers of all sizes and expects the £50,000 maximum loan value to be most relevant for larger online retailers.
- This represents a whole new category of lending, customers can receive loans of this size in a matter of hours, as opposed to waiting for weeks on bank loans.
- In comparison to bank loans, the ease of Finance Machine means customers do not have to fill in details of their business plans, Finance Machine will look at their previous sales history to determine if they are worthy for a loan.
The CEO & Co-founder at Finance Machine.co.uk, said:
“There are over 300,000 online retailers in the UK of all different sizes. We recognised that some of our larger customers had very specific requirements that our previous maximum loan value could not service. This new product enables us to offer an even better service that will help our customers to grow their businesses”
Finance Machine continue to lead the industry in the UK for small business loans to online retailers. Those retailers might include eBay and Amazon, and loans are placed against the recent selling history of the business.