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09/05/2012 - New Online Business Lending Facility Offers Loans up to £10,000

Wonga Business Loans is a new online lending facility set up to advance funding to commercial applicants operating a business in the UK.

The service is designed to provide an alternative to bank credit, helping companies that are unable to secure credit from conventional lenders.

Loans of between £3,000 and £10,000 are available, for terms of between one week and one year. Weekly interest will range from 0.3% to 2% (approximately 17% APR as a starting rate). There is an arrangement fee of between 1 and 5%.

Business development and expansion costs can be funded through these loans.

Initially the scheme is open to applications from limited liability companies and limited liability partnerships that have been actively trading for at least the last three years and incorporated in the UK. The business must have had a monthly average turnover greater than £20,000 for the last 12 months.

Speaking about the new scheme, Wonga CEO Errol Damelin said:

"We have already provided millions of flexible loans to individuals, while achieving unprecedented customer satisfaction ratings, and we now plan to disrupt the business loans market with the same technology.

"Having been involved in building a number of companies, I have first-hand experience of how important access to credit can be in staying afloat and growing. All our research and speaking to other entrepreneurs tells us that small business lending is broken and we intend to use our platform to offer a real alternative."

Applications may be submitted at any time.

Click here for more information (opens in new window).

Source: Wonga for Business, 08/05/2012

News provided by j4bgrants.co.uk.