Iwoca’s lending API will offer small business owners actionable loan decisions within 30 seconds, rather than the more typical ‘approval in principle’.
The technology enables Iwoca’s partners to offer automated, flexible credit facilities from their own website. Customers are then directed to Iwoca to access the funds.
According to Alastair Preacher, chief product officer at Funding Options, instant loan decision makes a difference at the grassroots level of UK business and providing access to funding for the country’s 5.7 million small businesses is essential to the economy.
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