Swiftfund review: fast unsecured business funding for UK SMEs

Swiftfund is a Cheshire based provider of short-term unsecured business funding, which it calls business advances. As the name suggests, its selling point is speed: a short application, a decision often within hours and money in the bank within a day or two. Smart Funding Solutions is an independent broker and is not part of Swiftfund. Swiftfund is one of the lenders on our panel, so we can show you its offer next to other fast funding options before you sign.

01About Swiftfund

Swiftfund is based in Altrincham, Cheshire, and serves businesses across the UK. Its team says it has years of experience in business finance and puts weight on talking clients through the process rather than leaving them to an online form alone.

It works with a broad mix of trading businesses. Its website names retail shops, pubs and restaurants, hotels and other accommodation, motor garages, transport companies, ecommerce sellers and manufacturers among the types of business it funds. Swiftfund does not publish its founding date or ownership on its website, so we have not stated them here.

02What Swiftfund funds

Swiftfund offers short-term unsecured advances for working capital. Its website gives a range of £10,000 to £1,000,000, and says the money can be used for equipment, stock, expansion or general cash flow.

As with any short-term business loan, a short term means larger repayments, so it is important to be confident the cash flow can support them. Ask for the full repayment schedule in writing before you sign, so you can see how often payments are taken and for how long.

Swiftfund does not set out its pricing or repayment mechanics in detail online, and costs vary with each business. Ask exactly how repayments will be collected, how often, and what the total amount repayable will be, before you accept any offer.

03Who Swiftfund suits (and who it may not)

• Good fit: trading businesses with healthy, regular bank account turnover that need funds urgently.
• Good fit: owners who would rather provide bank statements than full accounts and a business plan.
• Good fit: larger requirements than many fast funders will handle, given the stated upper limit.
• Less likely to fit: start ups without six months of bank statements to show.
• Less likely to fit: borrowers looking for low monthly repayments over several years.

If the need is truly urgent, our page on emergency business loans sets out the fastest routes and what to watch for.

Swiftfund does not set out its pricing or repayment mechanics in detail online, and costs vary with each business.

04What Swiftfund looks at

Swiftfund keeps its document list short. It asks for:

• A quick application form.
• Six months of business bank statements.
• A copy of photo ID.

Beyond that, lenders offering short-term unsecured funding typically assess the level and consistency of money coming into the account, existing borrowing and repayments, any returned payments, the credit history of the business and its directors, and the trading record. A director's personal guarantee is common for unsecured funding of this kind. Our guide on how long a business loan takes explains what slows applications down.

05Pros and cons

Pros

• Very quick decisions and funding.
• Light documentation: bank statements and ID.
• Unsecured, with no property charge.
• Wide range, up to £1,000,000.
• Experience across retail, hospitality, motor and transport sectors.

Cons

• Short terms mean high repayments relative to the amount borrowed.
• Fast, unsecured funding is often more expensive than a longer term loan.
• Limited public detail on repayment structure and terms.
• Not a solution for long term investment such as property.

06Applying through a broker vs going direct

When money is needed quickly, it is natural to accept the first offer. But fast funders vary a lot in total cost, repayment frequency and flexibility. A few hours spent comparing can save a meaningful sum, and sometimes reveals that a cheaper product, such as a longer unsecured loan or a merchant cash advance for card based businesses, is available just as quickly.

We search the market, present your bank statements and story to the lenders most likely to say yes, and keep you to one application. It is free to enquire; any broker fee is disclosed separately before you proceed. Our Instant Quotes tool compares lenders in minutes.

07Alternatives to Swiftfund

• Simply Funded is another fast, unsecured short-term lender that bases decisions on Open Banking data.
• iwoca may suit smaller businesses that want a flexible credit line they can dip into.
• Capify is worth comparing for businesses that want a second quote on short-term working capital.

You can visit Swiftfund's website for more. Any firm's details can be checked on the FCA Register.