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Iwoca introduces open banking-powered instant decisions for SME loans


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Alternative Lending

With the help of credit information provider CRIF, decisions can be made within a minute.

Image source: Christopher Rieche (right)/Iwoca.

Alternative lender Iwoca is rolling out instant decisions for loans up to £25,000 with the help of European credit information provider CRIF.

The technology enables SMEs who have signed up for CRIF’s open banking-powered Credit Passport service to pre-populate their applications and securely share their financial information.

With CRIF’s help, an application can now be made in just 1 minute, with decisions made instantly thereafter.

For larger loan sizes of up to £500,000, decisions will be made within 24 hours, again a vast improvement from before.

Iwoca says the speed is due to it being able to draw on the most up-to-date financial information from each applicant, rather than submitted documentation that might already be out of date.

“Our partnership with CRIF will help us make instant finance a reality for thousands of SMEs, offering them a quicker, more transparent and reliable way to apply for and secure…

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