The lender – which is part of the Tavistock Group – has slashed the time it takes businesses to receive cash from a loan in response to SMEs’ call for fast, flexible loans to cover short-term funding needs and take advantage of unexpected business opportunities.

Cash Advance was launched last week as part of Ultimate Finance’s new digital loan platform and since the launch, loans have reached customers’ bank accounts in as little as 11 minutes and 16 seconds.

“These loans are designed to be the fastest out there and we’re pretty excited about it,” said Ron Robson, CEO of Ultimate Finance (pictured above).

“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.”

Ron felt that for many businesses a slow loan was as useless as no loan and that the process could 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.

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“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.”

Cash Advance allows business owners to enter their company name online and secure an instant, pre-approved quote for up to £50,000.

The application takes six to eight minutes to complete with the cash being released in minutes.

Customers then pay back their loan in a single instalment within an agreed 30-, 60- or 90-day period.

Ron added that one of the biggest headaches for business owners was worrying over where and when they will get the finance they need.

“They need fast decisions, minimal paperwork and cash in the bank when its required, not weeks later.

“Far too often there is a gap between loans getting rubber-stamped with conditions attached and then it’s days or even weeks before [a] business actually receives the cash.

“We have abolished all that and made it really simple to apply online, get an instant approval and receive the cash within a few minutes.”