Business Loan Faq

Clear your doubts

Frequently Asked Questions

Any business (limited company, sole trader, partnership) that takes some, a lot or all of their revenue through debit/credit card, by card machine or online using a payments processor. The business must be registered in the Republic of Ireland, trading for 12 months minimum. Your loan will be repaid by a small % of your credit card takings on a daily basis.

Personal Loans
We only provide business loans to Irish registered businesses, if you are seeking a  personal loan please contact your Bank / Credit Union or other provider.

Loans are available from €10,000. The amount you are eligible for will depend on how much revenue you take by debit/credit or online payments. For typical businesses, this would mean a minimum card income amount of €10,000 per month.

Business loans are designed to be short-medium term finance and are most suited for working capital purposes. The loans are designed to be a rolling credit facility over time and once onboarded you will be building up information and credit history with Wp to support further applications. Each individual loan(s) runs over 12 months but we can design funding solutions with multiple drawdowns over time (tranches).

You can apply for additional facilities at any time during the course of your Wp loan by simply accessing your Wp account, Wp will also contact you when you have repaid your current loan sufficiently to invite renewal applications.

We understand that businesses can be structured in many ways. The Woohoo pay Team will aim to design a repayment structure to suit your business needs.

We know that your time is limited which is why we have made it easy for you to apply 24/7 from the comfort of your own office, premises or home. Apply online by completing some simple information about your business and uploading easy to access supporting up to date documents. This is best completed on your desktop computer for ease of uploading documents.

The application itself takes 3 minutes to complete online. At minimum, you will be asked to upload

  1.  6 months up to date bank statements,
  2. 1 months most recent merchant statements
  3. Up to date tax clearance cert (or letter from your accountant if no tax cert is available) – to make the process easier this can also follow the approval process, prior to the loan being funded

For larger loans, we may also require audited financial accounts and management accounts. For more details please check our FAQ “What are the Wp product types and information requirements?”.

When our team have a complete application, approval can be given within 24 hours. To complete the online loan documentation and to set up your flexible repayments, this may take 3 – 7 workings days, after which we will transfer your funds to your nominated bank account.

We have a high approval rate because our approval decisions are based on the strength of the revenue that you are collecting by debit/credit card and/or online payments, your time trading as a business and the tax status of the business. If a tax clearance cert is not available, a letter from your accountant stating the tax status/ outstanding position will also be accepted.

  • The WM product suitable for you will be determined on your business type, sector, length of time trading, repayment capacity & credit criteria, monthly credit card and/or online turnover and amount of loan you require.

Yes, you can have more than one loan facility with Wp. the Wp Team will assess all existing facilities and debt before approving a new loan. Depending on your current repayment levels with us, we may need to refinance your balance to ensure there is no pressure on your ability to repay on a daily basis and manage your cashflow. The further you are through you are repaying your loans the better value you secure from the finance.

There is no formal security such as property required for the loans. In all instances we seek a personal guarantee from the signatories of the loan. For larger loans we may also seek a deed of assignment over the merchant/card receivables. More details are provided in our FAQ “What are the Wp product types and information requirements?”.

Yes – Wp understands there may be arrangements in place or some tax arrears at certain times of the year. If a tax clearance cert is not available you can provide Revenue screenshots or a letter from your accountant outlining the situation so we can understand the position and underwrite your loan. This can follow the original application if you want to secure your approval first.

The advantage of the Wp loan is that your repayments are flexible and are made using a small portion of your daily debit/credit card income or online payments. These small portion repayments are collected directly from your merchant services account. We do this by creating a smart settlement account between your merchant services account and the Wp Repayments Account.

We will provide you with a dedicated settlement account that will become your settlement account for the duration of your loan. We will provide you with what you need to instruct your merchant services provider to add your smart settlement account to their system.

Wp have partnered with Fire Financial Services to provide WM customers with a free smart settlement account. Fire Financial Services is a digital payments processor that is regulated by the Central Bank of Ireland. To learn more about Fire Financial Services and our partnership.

Many customers keep the smart settlement account in place so that they can renew their loan, draw down further funds and continue to make flexible repayments. If you do not require further funds and do not wish to renew your loan, the smart settlement account can be changed with your merchant services provider and your settlements will revert back to your own bank account.

Repayments will begin the same day that the funds are transferred to your nominated bank account.

1. We review your last 6/12 months of card volume and set the % based on that. If we expect seasonality we apply an additional % (Buffer%) to ensure that the loan is repaid on time. A buffer % may also be applied if the case is deemed higher risk. 

2. The loan is designed to be flexible so at different times of the year the loan may be behind target and at other times it may be ahead but we are okay with that as we set the overall % to ensure the loan is repaid on time.

Example: 1

Amount of loan: €30,000
YOUR CARD VOLUME: 
Average monthly Card Volume as assessed during credit review: €39,652
Based on 240 working days per year this implies daily credit card receipts of 1,983. 
YOUR REQUIRED REPAYMENTS:

Amount to be repaid over 12 months: €33,600
Based on 240 working days per year this implies a daily repayment of €140
€140 per day as a % of €1,983 us 7%. As we only received 6 months bank statements and the business is highly seasonal an additional buffer % of 2% has been applied. The final batch % is 9%.

It is the responsibility of the customer to monitor the performance of their loan. Where a business is repaying more quickly than expected (normally due to the business doing much better than historically) the customer can apply for a reduction to the repayment (batch %) if they do not want to repay early. Applications for a reduction in batch % can be completed by emailing

No, depending on when they are received to us within the day they are typically received by you within half a business day to your own bank account. For example, if they are received by us before 9:30 you will receive them by c 2p.m. Between 9:30 and 1 o clock will be received by you before 5p.m the same day and anything received in the afternoon will be received by you by lunch time the next day. You can use your WM account to see all payments coming in and out and easily reconcile all your transactions on a live basis.

The cost will depend on the amount of activity in the account but there is no set operation activity for setting up or holding the account. Each transaction in or out costs 49 cents so if there was 1 lodgement received and 1 payment back to your account then this would cost 98 cents for that day. For a larger loan that had 3 terminals settling, if they were all from the same provider and lodgement received at the same time of the day this would cost €1.96 (3 lodgement in and 1 withdrawal out).

There are no early repayment fees on our products.

There are no hidden fees on a Wp business loan. The cost of your loan is made up of two items.

The first item is the Wp Arrangement Fee, this is fixed at €5 per €100, for instance a €10,000 would translate to a Wp Arrangement Fee of €500 (excl. VAT). This is only charged when you drawdown the facility and we will incorporate this into your loan so you receive the full €10,000 you have requested

The second item is the Cost of Capital, this is determined by the term and amount of the loan.. The Cost of Capital depends on your product type but for our most common loans are typically 1% cost of capital per month so depending on the term that is requested and agreed but for a 12 month term this would be €1,200 (12%) (no VAT charged) or €600 (6%) for a 6 month term.

All

There are no hidden fees on a WM business loan. The cost of your loan is made up of two items.

The first item is the Wp Arrangement Fee, this is fixed at €5 per €100, for instance a €10,000 would translate to a GRID Arrangement Fee of €500 (excl. VAT). This is only charged when you drawdown the facility and we will incorporate this into your loan so you receive the full €10,000 you have requested

The second item is the Cost of Capital, this is determined by the term and amount of the loan.. The Cost of Capital depends on your product type but for our most common loans are typically 1% cost of capital per month so depending on the term that is requested and agreed but for a 12 month term this would be €1,200 (12%) (no VAT charged) or €600 (6%) for a 6 month term.

All Wp Lite and Lite+ Products operate at a fixed cost of capital of per month and Wp Growth products are priced on risk so may vary slightly depending on the output of the underwriting assessment. For more details please check our FAQ “What are the Wp product types and information requirements?”.

Lite and Lite+ Products operate at a fixed cost of capital of per month and Wp Growth products are priced on risk so may vary slightly depending on the output of the underwriting assessment. For more details please check our FAQ “What are the Wp product types and information requirements?”.

The loans are designed to be flexible so that it will flex with your business cashflow and there are no fixed monthly amounts to be paid. If you have a quiet period in your business for 3 months then you are paying less in that period and the loan will catch up during your busier period. We simply charge an interest rate for the period at the outset of the loan based on the term for simplicity purposes.

Still having doubts?

Contact our call center

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