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Loading ...Swift Financial issued a press release highlighting that it raised $20 million in funding today. This supplements the $6.5 million that Swift had already raised. According to the press release, investors included Sutter Hill Ventures, Village Ventures, Permit Capital and a subsidiary of Marshall & Ilsley Corporation.
Swift’s motto appears to be KISS - keep it simple stupid. See below for some of items it lists on its website and some comments on its online application. Overall, it basically seems like it’s nothing more than a credit card - just with different marketing spin.
According to Swift Financial, its key selling points are as follows:
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Unsecured lines of credit up to $100,000
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No excess fees
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Quick turnaround on loan decision
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Flexible borrow and repayment terms
The company’s online application obviously asks for some private information but it is only one page. Some of you may be hesitant to provide a social security number as part of the initial application but it is required. No supporting documentation is required (i.e., business financial statements, bank statements, etc.). Swift merely wants to know how long you’ve been in business, what your annual revenue is and what your household income is.
Looking at the application, the interest rate has a wide range of Prime to Prime + 13.99%. That would be 6% to 20%. In addition, if you default on a payment, the rate jumps to Prime + 19.99%, or 25.99% - similar to credit card APRs.
