It offers unsecured loans of £500 to £50,000 for up to 12 months with a decision typically made within less than an hour and funds made available on the same day.
Ezbob‘s decisions are based on business data you link-up to its website, such as HMRC information, your bank account and accounting platform. This speed obviously comes at a cost – the cost calculator on its website gives an illustrative example of a total repayment cost of £27,118 for £25,000 borrowed over six months (dependant on circumstances). The process used is somewhat evocative of the way consumer payday lenders function, but when applied to business lending this needn’t be controversial. Co-founder and business development director Sharone Perlstein says Ezbob’s technology-driven approach is what enables it to deliver business funds at such a speedy rate – and to lend to businesses deemed too risky by other sources. “We’re looking at real-time data which allows us to make better decisions and quicker decisions and there’s no need for human interaction,” he says – although in some cases when the machine can’t make a decision the case will be passed to a human underwriter. He says in February the company lent £1m, rising to £1.2m in March and was on track (at time of interview) to do £2m in April. It’s also received equity investment from the government’s Angel Co Fund and received the backing of the EU’s European Investment Fund. “People think of lending as ‘Ahh I’ve got to go to the bank, I’ve got to wait in line, I’ve got to prepare paperwork, business plans, financials, I’ve got to go to my accountant’. “You don’t need to do that anymore. There’s enough data out there where companies such as ours can come on in, fill out a form and not waste your time.” Read more on the future of funding.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.