How does a Swoop Finance business loan work?
A business loan from Swoop, like most traditional business loans, is a lump sum of capital that you can use for business purposes, such as buying premises, covering overheads, purchasing shares or general expansion of your business. Swoop is not a lender per se, but rather a virtual financing platform that gives you access to a range of partner lenders offering loans that are best suited to your business.
Just enter a few basic details about your business on the Swoop website and Swoop will connect you with the right lenders through your personalized financial dashboard. Swoop’s financial portfolio includes a wide range of lenders, all with different eligibility criteria, application processes, and interest rates.
Features of the Swoop Business Loan
- Secure and not secure. Go for a secured or unsecured business loan option with Swoop.
- Fast online application. Only a few simple details about your business are needed to match you with the right lenders.
- Term of the loan. 1 year to 30 years.
- Loan amounts. Typically up to 25% of your company’s annual sales, or $ 1,000 to $ 100,000,000.
- Fixed and variable options. While most traditional business loans are fixed rate, there are variable rate loan options when you apply with Swoop.
- Funding time. This varies depending on the lender you choose.
- Good and bad credit options. While it is easier to qualify for financing if you have good credit, Swoop offers options for bad credit applicants. However, you may need to offer a personal guarantee.
- Banks and alternative lending options. Swoop is in partnership with 9 major banks and a range of alternative lenders.
- Secure data. All applications are secure.
How much does Swoop cost?
- Interest rate. Your interest rate will depend on the financial situation of your business, the amount of the loan and the lender you choose.
- Costs. Fees vary depending on your loan agreement
How to register
To apply for a business loan from Swoop Finance, simply click “Go to Site” to directly visit the lender’s website and submit an application. Remember that the eligibility criteria will vary depending on the lender you choose and the loan you are applying for. Swoop will need the following information in order for you to apply:
- Annual turnover of your company
- What financing do you need
- The age of your business
Swoop offers a wide range of different business financing options. For more information on the types of financing your business might be eligible for, compare our business loan options.