iwoca’s advanced lending API will give small business owners immediate and actionable real-time loan decisions within 30 seconds.
If a business wants to accept the offer seen on partner sites, they’re then taken to iwoca to drawdown the funds.
The new technology — which was initially rolled out for smaller loans up to £15,000 — means the SME lender’s partners can offer fully automated and flexible credit facilities to customers from their own websites.
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“We are delighted to have launched this market-leading instant decision experience with our close partners Funding Xchange and Funding Options, and will be rolling this out to other partners in the coming months as part of our mission to make access to finance fast and simple for small business owners,” said Colin Goldstein, commercial growth director at iwoca.
Alastair Preacher, chief product officer at Funding Options, added: “The impact of instant loan decisioning is an excellent example of fintechs making a real difference at the grassroots of UK business, giving company owners additional clarity when applying for finance and ultimately allowing them more time to run and grow their business.”
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