What is Payroll Finance?

This is a new type of working capital providing a rolling 60 day credit line to finance wages and PAYE. This is ideal for companies seeking a flexible line of credit that can be drawn at peak cash flow times, ie VAT quarter and rent quarter and repaid 60 days later.

The lenders do not require personal guarantees or any type of security. However you will have to have a minimum turnover of £100,000 and employ at least 5 people and  ideally they will have expected you to have traded for at least 12 months.This arrangement does not interfere or conflict with any other existing facilities you may have.

The Current Position

Due to the failure of a major provider of Payroll Finance there are currently no companies providing this type of finance