What you need to know!
Scroll down to read more about our process ("How It Works"), and further down the page for how we measure risk and how we calculate your interest rate.
We pride ourselves on being one of the most transparent and fair alternative finance lenders in the UK.
Swishfund is affiliated with the KiFiD
Can't we find a solution to the complaint together? Then you can contact the Financial Services Complaints Institute (KiFiD). Swishfund will always comply with the binding advice in the event of disputes.
To qualify for treatment via the Kifid, you will first have to go through Swishfund's internal complaints procedure. You do this by filing a complaint above.
What is the interest rate?
The interest is paid on the original loan amount throughout the term of the loan. However, we also apply exactly the same amount of Arrangement Fee, Interest and Principal to every repayment, spread equally across the term of the loan. This means that when you are halfway through the term, you will have repaid half the Arrangement Fee and half the Principal.
Other lenders, especially those who only charge interest on the outstanding balance, often "front-load" the interest, so that you pay a much higher proportion of interest at the start of the loan than at the end. This means that when you are halfway through your term with other lenders, you will have repaid much less than half the loan (and will have a much larger early settlement figure than if you had been with Swishfund).
With Swishfund, you know exactly where you stand.
How is the risk profile determined?
With a loan, everyone takes on risk you, as an entrepreneur, and we, as the lender.
That’s why we determine a realistic risk profile together. The lower your risk, the better your rate. We base this profile on clear and fair criteria, so you’ll know exactly where you stand.
EXPOSURE: The loan amount and the term
AFFORDABILITY: The financial health of the business, and its ability to repay the loan over the course of the term
RECOVERABILITY: The net assets in the business and personal guarantors, and any security provided
How does repayment reduce my loan balance?
With Swishfund, you know exactly where you stand.
We apply exactly the same amount of Arrangement Fee, Interest and Principal to every weekly or monthly repayment, spread equally across the term of the loan. This means that when you are halfway through the term, you will have repaid half the Arrangement Fee and half the Principal.
Please also note that there are NO EARLY SETTLEMENT FEES and you only pay interest up to the end of the calendar month that you settle in.
We are happy to help you
Do you have questions or need assistance with your business loan application? Our expert team is here to help.
We’re available on weekdays from 8:00 a.m. to 6:00 p.m.
Want to know more?
You can only use the loan to finance any legitimate business activities. Due to our very favourable early-settlement terms, Swishfund is the“perfect working capital bridge” for your financial needs. You can read more about our loan purposes here.
We only provide loan funds to limited companies that are registered at Companies House in the United Kingdom, and that have a business bank account. In addition, our customers must have a turnover of at least £50,000 in the past year, and have filed at least one set of Annual Accounts at Companies House.
For more information on the necessities for a loan application click here.
The application itself takes 3 minutes. After a working day, we will contact you by email or phone to discuss the first results. Based on this, we may request additional information. We strive to have the money in your business account within 24 hours for loans less than £75k, and within 3 working days for loans up to £400k.
For more information on the application process click here.
Once you have accepted an offer from us, there are a few Know-Your-Client steps that we must take, but for loans up to £75k we can have the funds in your bank within a couple of hours of your acceptance. For loans above £75k up to £400k, we can deposit the money into your business account within 48 hours.
The cost of your loan comprises a one-off arrangement fee and a monthly interest rate. The amount of these costs is a percentage and therefore depends on the amount you wish to borrow. The arrangement fee is added to the loan, so you do not need to make any payment to have your application assessed or to receive the funds.
The arrangement fee covers our marketing and operational costs. The amount of the arrangement fee may be split with your finance broker, if applicable.
The monthly interest is determined based on your company's risk profile and ranges between 1.1%-3% per month based on the total loan amount. You can read more about how interest is calculated here.
Yes, you can.
If you wish to make a bulk payment, we can (a) apply those funds to the end of the loan, thereby saving you some interest, or (b) apply those funds to the next few payments, pausing the direct debit until the funds are used up, or (c) reduce the amount of each of your future repayments.
You can always repay the whole of the loan earlier too. We do not charge any early settlement fees, but you still must pay the agreed interest to the end of the calendar month of settlement. We charge interest on a straight-line basis (rather than amortising like many other lenders), which means that we do not front-load the interest, and when you are halfway through the term of a Swishfund loan you will have repaid half of the amount you borrowed.