Ultimate Finance is a part of billionaire Joe Lewis’s Tavistock Group
A small business lender has launched a loan available in under 12 minutes in a bid to offer British businesses the fastest finance in the world.
Ultimate Finance, part of the Tavistock Group, a global private investment organisation, has slashed the time it takes for small businesses to receive the cash from a loan to under 12 minutes.
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.
The new loan, Cash Advance, was launched last week as part of Ultimate Finance’s new digital loan platform. Since its introduction loans have hit customer bank accounts in as little as 11 minutes and 16 seconds.
Ultimate Finance CEO Ron Robson 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.”