A commercial lender backed by Tottenham Hotspur FC owner Joe Lewis has launched a super-fast loan which he says is the fastest way to access finance in the world.
Ltimate Finance, 100% owned by Mr Lewis’s Tavistock Group, said the loan could hit clients’ bank accounts in just 11 minutes and 16 seconds.
The group said the move responds to calls from SMEs for quick and flexible loans to cover short-term financing needs to take advantage of unexpected business opportunities.
Dubbed ‘Cash Advance’, the instrument was launched last week as part of Ultimate Finance’s new digital platform, which offers loans of up to Â£ 50,000.
Ultimate Finance Managing Director Ron Robson said, âThese loans are designed to be the fastest on the market and we are very excited about it.
âBusiness confidence is growing and we want to help SMEs exploit new opportunities with quick decisions and cash that quickly reaches bank accounts where it can do good.
“For many businesses, a slow loan is as pointless as no loan.”
Companies repay the loan in a single payment over a period of 30, 60 or 90 days at interest rates starting at 1.5%.
Bahamas-based billionaire Mr. Lewis owns 100% of Tottenham through ENIC, which is 100% owned by the Tavistock Group.