Online lending company Wonga, based in London, is restructuring its portfolio to offer SMEs and entrepreneurs unable to acquire loans from conventional banks a new service. The financier says its planning to revolutionize the industry by launching a unique service that can allow companies access to cash in 15 minutes.
The service will operate in the same way as Wonga’s consumer application: initially offering cash injections in increments of £50 for between £3,000 and £10,000 for any term spanning between one and 52 weeks. The lender will initially extend this offer to companies that have been established for three or more years with sales exceeding £20,000 per month; however, there are plans to expand operations and amend loan terms.
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