See how Waddle can help your business grow!
Find out if our innovative invoice finance platform is right for you. Simply connect your accounting package for a tailored finance offer.
There are various financial products available to business owners. The most suitable will depend upon a variety of factors, including the purpose of the loan, the level of funding required, as well as how established the company is, their assets and credit rating.
Loans are available from large traditional banks as well as online lenders and fintechs. Big banks tend to offer secured loans, lines of credit and overdrafts and non-bank lenders often specialise in unsecured business loans and alternative types of funding such as invoice finance, trade finance and equipment finance.
The lending criteria for different types of loan will vary. To apply for a business loan with a business bank, a company will need a strong credit history and will generally be subject to a rigorous loan application process with stringent terms and conditions. Smaller lenders will tend to favour online applications with funds available in days rather than weeks. With these financiers, loan amounts tend to be smaller and fees and charges higher.
Whether a loan is secured or unsecured will affect the repayment terms, with unsecured loans attracting higher interest rates and fees due to the increased risk for the lender.
Invoice finance is a flexible alternative to a small business loan. Waddle helps growing businesses to overcome cash flow shortages that are holding them back by extending a line of credit secured against their accounts receivable ledger. Our custom-built platform connects with leading accounting software like Xero and MYOB and uses real invoice data to generate an instant finance offer.
Unlike traditional forms of invoice finance, such as factoring, you can choose which customers you want to fund, there are no lock-in contracts or unfair fees and it is completely confidential. Also, the accounting platform sync means that admin is greatly reduced. No more uploading of invoices, the Waddle platform does the hard work allowing you to focus on running your business.
To see if it's the right solution for you, click ‘Get a Quote’ and connect your accounting platform. If you’re eligible you’ll be taken to the Waddle dashboard to get a first look at things. Here you’ll be able to select which customers you want to fund and will be shown a potential credit limit, which is usually around 80% of the total invoice value.
Following this, a Waddle team member will be in touch to discuss your application further. If all goes well we can have you set up and drawing down on funds within 48 hours. Your customers will pay their outstanding invoices into a bank account Waddle sets up in your name and this repays your loan balance. As more invoices are raised and paid you’ll see your balance update in real-time.