PayPal Working Capital provides £625m to UK SMEs

PayPal Working Capital has provided £625m of cash advances to over 30,000 UK SMEs since it was launchaed in 2014.

PayPal’s small business finance scheme offers fast, flexible and affordable finance to small business owners.

These figures highlighted a 56% increase in the small business cash advances that PayPal supplied in the last 12 months.

In addition, PayPal Working Capital has seen 70% of cash advances issued outside of traditional banking hours.

PayPal said that it already knew the applicant’s business and sales history, so as soon as the application was completed online, small business owners could receive a cash advance of up to £100,000 in just minutes.

The cash advance comes with no interest and just one fixed fee that borrowers are made aware of upfront.

Repayments are applied automatically as a fixed percentage of a business’ PayPal takings.

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