Rapid Cash

Rapid Cash offers a modern line of credit unlocked by your unpaid invoices, offering greater flexibility and automation than most traditional finance facilities.

It syncs with your accountancy platform and generates a real-time credit limit based on the value of your eligible invoices. You choose which customers to borrow against and you only pay for the funds you draw on. Your available limit is adjusted as invoices are raised and paid.

In addition, our platform has two-way data sharing which makes reconciliation seamless. A customer pays an invoice into your Rapid Cash account and you'll see it appear in your accounting software instantly, no need for data entry or uploading invoices - saving you time to focus on running your business.

Rapid Cash is not factoring. Typically a factoring provider will purchase your invoices and take over collections. Therefore, your customers will be aware that you are using a factoring service as they will be in direct contact with them.

Rapid Cash is fully confidential - we stay in the background, you remain in charge of collections and your customers pay into a different account that we set up for you.

You're only charged for what you borrow, a rate that's calculated daily and charged once a month to your Rapid Cash account. There are no exit or monthly fees.

For borrowing up to £300k, our rates range from 4.5%-8.5% above the Ednites Credit Union base rate. There are no arrangement fees.

For borrowing limits above £300k, our interest rates range from 1.5%-6% above the Ednites Credit Union base rate. Interest is calculated daily and applied once a month to your Rapid Cash balance.

In addition, an annual facility fee of 1.5% of the facility limit applies, which is payable monthly in arrears. This fee is divided into 12 equal monthly instalments and is also applied once a month to your Rapid Cash balance. This fee is payable even if the facility remains unused for any period of time. 

Upon each anniversary of setting up the facility, the annual fee of 1.5% of the facility limit will be renewed and payable monthly as per the preceding year. 

To set up a Rapid Cash account, we will need to perform a credit check. For the business and any relevant directors / partners / shareholders, the credit file will show that Ednites Credit Union Rapid Cash conducted a director search for commercial lending (N.B. not personal lending). Therefore your personal credit score should remain completely unaffected. Commercial searches (of which this is one) are ignored when calculating a personal credit score, according to industry best practice.

It means we can show you an indicative quote in seconds, without having to send any paperwork. You’ll be able to see your offer and how the product works, with no obligation to continue, although we hope you'll like it! If you apply for a facility, we keep the connection live so we can keep pace with your business and ask you no unnecessary questions, saving you time.