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Swishfund is a fast, flexible source of short-term business finance for UK-registered limited companies. Businesses use Swishfund for all manner of diverse purposes, from bridging short-term cashflow gaps to investing in stock opportunities.
From retail and hospitability to media and tech companies, we can fund any business that has been trading for 12 months, is a limited company based in the UK and has £50k+ turnover.
You can borrow up to £1M over a term of 3, 6, 9 or 12 months, or even 2 years in some cases. Our avarage loan term is 12 months.
Our interest rate starts at 0.8% per month, although the average interest rate is nearer 1.5%, and our maximum is 2.33%. We use a risk -based pricing model to calculate the interest rate, and we are happy to explain how it makes decisions. There is also an Arrangement Fee which we lend to you and you repay over the course of the loan. The interest rate you are offered may vary depending on your business performance and the terms agreed. Contact us for more information or a free quote.
Repayments are based on a pre-agreed weekly repayment schedule and collected by Direct Debit.
No. You do not need to be a homeowner to get a Swishfund loan, though depending on the amount you borrow and your financial profile, we may ask for a different form of security.
We charge what is called an arrangement fee. You don’t pay this fee upfront, it is incorporated into your loan repayment, so the cost is spread over the term of your agreement. Nothing hidden, no surprises. Complete transparency is enshrined in what we do, especially when it comes to charges and fees.
Besides our focus and pride on Customer Service, unlike banks and other fintech lenders (including peer-to-peer and new banks) our interest rates are charged on a flat line basis rather than amortising. When you get an amortising loan then the interest you pay in the first payments is much greater than the interest you pay on the last instalment. So, when they say “no fees for early settlement”, it is because if you settle early then you have potentially paid an interest rate several times higher than you agreed when you took out the loan. Swishfund, on the other hand, does not believe this to be fair for the customer. We charge interest on a flat rate, so the interest part of any payment is exactly the same whether it is the first repayment or the last. Also, there are no fees for early settlement (except interest that would accrue to the end of the month to cover our cost of capital).
To help us lend responsibly and therefore secure the future of Swishfund and our customers, we do run credit and identity checks when you apply for a loan. These are ‘hard searches’ which means they leave a note on your credit report which can be seen by other prospective lenders. Most hard searches stay on your report for 12 months.
When you provide us with access to your bank account, we use industry-leading financial management platforms with multiple layers of encryption and security best practice, ensuring your data is kept safe at all times. We do not have access to your passwords and treat all of your data with the utmost care.
We pride ourselves on our products and high level of customer service. If we ever fall short in anyway, we want to hear from you. If you have a complaint, please contact us by calling 0333 006 2333. Alternatively, send an email to firstname.lastname@example.org. We diligently investigate all complaints and always attempt to respond to and resolve them in a timely manner.