Swishfund Review

Promising hassle-free commercial loans of up to £1m, is Swishfund the right lender for you and your business? Get an independent overview of this lender by finance experts, Rangewell. 

If you’re struggling with business cash flow, you may be interested in Swishfund – a finance lender that breaks away from tradition by offering short-term 3-12 month business loans that do away with the traditional red tape to deliver capital injections when you need them. 

At Rangewell, we’re experts in finance for every type of business, so we’ve put together this overview of Swishfund as a lender to help you decide if it’s the right company for you. 

Whether you’ve already applied to Swishfund in the past or you know nothing about the lender, you’ll find out everything you need to help you make a more informed decision. If you’d rather cut out the time you might spend researching each lender and instead get free advice to help you get the right type of finance for your business, contact our team today.

What is Swishfund? 

Swishfund is an alternative finance provider that was originally founded in the Netherlands in 2016. Having expanded into the UK in 2018, Swishfund now operates from Fitzovia in London and works with businesses across the UK.

A unique part of Swishfund’s approach is the commitment to environmental, social and governance (ESG) issues cemented in how the business operates. If you’re looking to work with lenders that prioritise ethical practices, Swishfund is worth looking into. 

What types of loans does Swishfund offer?

Swishfund offers cashflow-based finance, which is a business loan designed to ease any potential irregular capital challenges you may face. With a loan based on your 12-month financial performance rather than your most recent months, Swishfund aims to offer more generous acceptance criteria than traditional banks.

Loans are approved and issued within 24 hours when you apply, which will be beneficial if you’re in need of rapid access to cash to bridge cashflow issues. Loans are capped at a maximum of £1m, so businesses that need larger amounts will have to look for a different lender. 

Remember, speak to Rangewell first before you make any finance decisions. Our free advice can help you better understand the finance options on the market and show how a business loan may not always be the ideal finance product for you. Other options such as asset finance and commercial mortgages, may be more suitable. Get in touch now to learn more. 

Are you eligible for a loan from Swishfund?

As with all finance providers, you’ll need to meet some key eligibility requirements to be able to take out a loan with Swishfund. However, compared to traditional lenders, the brand has a simple set of eligibility criteria based mainly on your business’ recent performance.

To be eligible for a loan, you’ll need to have 12 months of trading history and be a registered limited business. You’ll also have to have evidence of proven profitability in your most recent set of accounts and bank statements. 

What information do you need to provide? 

To apply with Swishfund, you’ll need to fill out their online application form which includes details about you and your business. In addition, their team will request some core documents that contain key information for their loan offer. 

Firstly you’ll need to provide your latest set of accounts in full. Secondly, you’ll need to provide 12 months of bank statements – which differs from other lenders, where you’ll generally only provide 3-6 months’ worth of statements. This is due to Swishfund’s commitment to taking a longer-term view of your business into account. 

What are the rates and terms? 

Swishfund’s loan terms and rates will depend on the amount of capital needed, your business’s financial performance and your creditworthiness. Interest rates start from as little as 0.8%, and the average rate of borrowing is 1.5%, according to Swishfund’s own site. 

Terms can vary depending on your agreement – with lengths of 3, 6, 9 and 12 months all offered. Some loans can also be for 2 years, but this will have to be agreed with the lender. 

Want better rates or different terms? 

If you’ve had an offer from Swishfund and you’re unhappy with the rates or term length offered, contact Rangewell now. We can help you understand the offer and plan a route towards securing a better agreement with this lender or another more suitable option. 

Does Swishfund offer secured or unsecured lending? 

The answer isn't straightforward: Swishfund will make a bespoke offer that may be secured or unsecured, based on your application and their decision making process. The website states that borrowers don't need to be homeowners, but other forms of security may be requested for certain loans. 

What are the fees and charges?

Swishfund charges an arrangement fee on its business loans, which will be based on the loan amount and outlined in your initial offer. Unlike some other lenders, your arrangement fee won’t be charged up-front and will instead be spread across your monthly repayments. Make sure you review the offer carefully to understand the fees and how they’ll be applied. 

How do I apply?

Swishfund is, like many modern lenders, a digital-first platform. You can make an application on the website by following the instructions, filling out each form with the required information and uploading the documentation we mentioned earlier. Swishfund may ask you to share bank account access with its team through Open Banking, which will speed up your application. 

What if you are rejected by Swishfund? 

If Swishfund has rejected you, don’t despair – there are plenty of reasons a lender may turn you down, none of which mean you’re ineligible for finance in the future. You may be able to explore other options from a different lender or even re-apply to Swishfund after making a few simple changes. 

Regardless of why you were declined, contact Rangewell if you still want a business loan such as the one offered by Swishfund. Our team can help you at no cost to you, whether that’s determining why you may have been declined and what you can do to improve your chances of future success – or identifying different lenders more suited to you. 

What to do if your Swishfund loan is coming to an end

Swishfund’s loan terms are relatively short – so if you’ve got ongoing capital requirements which aren’t as easily solved by a cashflow loan, you’ll need to look into other options. Alternatively, if you want to apply to Swishfund for a new loan, we can help you improve your overall offer. 

Need more funding? 

If the £1m funding limit provided by Swishfund doesn’t suit your requirements, you’ll need to look into a different lender. Speak to Rangewell today, and we’ll help you arrange finance for any level of business need – whether that’s a multi-million-pound commercial property purchase or a new property development project.