The new product is aimed mostly at medium-sized (SME) entrepreneurs in the ecommerce and eservice industries, who will be able to get credit approval rating at a faster rate. The solution allows the entire lending process to be completed online. SMEs entrepreneurs can submit a loan application for up to PLN 20 thousand and receive approval in a few minutes. However, applications for loans larger than PLN 20 thousand (up to PLN 150 thousand) will take a few hours to process.
This fast lending process is possible due to the role that each company plays: iwoca provides the loan, while PayU assesses the applicant’s creditworthiness.The partnership can be advantageous for Polish SMEs, especially since 80% of microbusinesses do not have access to loans.
Iwoca has established similar partnerships with banks, finetech companies and online marketplaces across Europe. Alibaba offers an iwoca loan as a payments method for orders in several markets and Commerzbank, RBS, NatWest along with other European banks redirect loan applicants who do not meet the strict credit ratings to iwoca.
For more information about PayU, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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