Business Loans

Business Loans

GET A BUSINESS LOAN TODAY

Woohoo Bank has thousands of lenders willing to fund a business loan for SMEs. These lenders support businesses they believe in, understand and want to see succeed.

Our business loans offer a fast, fair and affordable alternative for financing your plans to run and grow. You can apply for your loan online in minutes.

We’ve supported over 600 businesses access working capital loans, stocking loans and loans for growing their businesses in the last two years, lending over €30m into the Irish economy.

Why not join them and feel the difference working with us?

Calculate your rate with a single click

Loan Amount - EUR
2500
300000
Repayment Period - months
12
60
Monthly Salary:
Deposit % 4.99

Easy to apply

24 hour decision

Fast drawdown

Finance for every business need

Working Capital
Stocking Loans
Automotive Loans
New Equipment
Safety measures
New employees

Ireland’s Newest Peer to peer business Lender

Woohoo Bank was set up with the purpose of giving SMEs an alternative, faster way to access finance. From 2021, we are providing business loans to hundreds of ambitious SMEs across the country.

1,690

SMEs that have benefitted from business finance

2,690

Registered members of our P2P investment community

€102,731

Average business loan size in last 8 months

Our Business Loan Packages

When a business opportunity presents itself, you want to move fast.

Whether you need working capital to fulfil a new contract, a short term stocking loan to meet customer demand, or finance to purchase new equipment, Woohoo Bank is here to support you realise your business goals, quick and with no hassle. 

We have a range of stocking loans, working capital loans and business growth loans to suit all circumstances.

Simple application process
Fast 24-hour credit decision
No drawdown restrictions
Penalty-free early repayment

Credit guarantee scheme

Government-supported low cost loans

6 month – 5 year terms

Loans from €10,000 – €250,000

Fixed rate from 4.75% p.a.*

“kickstart”

Fast working capital

6 month – 3 year terms

Loans from €5000 – €300,000

Fixed rate from 6% p.a*

“restart”

Flexible Stocking Loans

Typical 6-12 month terms

Loans from €5000 – €300,000

Fixed rate from 6% p.a.*

“Deferred start”

3 month break

3 months payment-free

12 fixed monthly repayments

Loan value up to €100,000

Fixed rate of 10.45% p.a

“BillPay”

For tax bills & fees

Typical 6-12 month terms

Loans from €5000 – €300,000

Fixed rate from 6% p.a*

* The interest rate that will apply to our Credit Guarantee Scheme, Restart, Kickstart and BillPay Loans will depend on the credit grade applied based on your business circumstances, and the term required for the loan.

The minimum amount you can borrow is €5,000. The maximum is €300,000. The loan is at a fixed rate of interest* and the term of the loan is up to 5 years. The loan is repayable in monthly instalments and by direct debit.

The loan should be used to help grow your business. For example, you might use it for:

  • improving working capital
  • asset finance (such as the purchase of new machinery, vehicles or information technology)
  • expansion capital (which could involve employing a new salesperson to help grow your business)

*Further details on interest rates may be seen in FAQ 4

Any established and creditworthy business, whether it is a limited company, sole trader or business partnership, can apply for a loan on Woohoo Bank.

Some conditions apply. These include:

  1. If you are a sole trader, you must be a permanent resident of Ireland.
  2. If your business is a partnership, it must have a permanent place of business in Ireland and at least half of its partners must be permanent residents of Ireland.
  3. If your business is a limited company, it must be registered with the Companies Registration Office (CRO).
  4. It must have filed accounts with the CRO (if required to do so) at least once and at least half of its directors must be Irish residents.
  5. Your business must have been actively trading for at least the past two years.
  6. Your business must meet our minimum credit risk and fraud criteria.
  7. Your business must not have any outstanding judgements for more than €250.
  8. In special circumstances, we can support younger companies who have demonstrated strong growth potential over a shorter trading history but this is at Woohoo Bank’s sole discretion.

Our lenders will be ordinary individuals,companies or other organisations. All lenders must hold an Irish bank account. When a lender registers on Woohoo Bank, we check their identity according to the highest industry standards. By doing this, we know exactly who is joining the network.

To ensure you get a fair interest rate on a Woohoo Bank loan, the rate you pay is always determined by our credit evaluation process. The rates available range from 6% to 17.5% depending on the term and the loan grade we assign to your request.

First, register as a borrower on Woohoo Bank. Second, complete our online loan application form. Once you have done this, we will request supporting documentation from you in order to carry out credit and fraud checks using the information you have given us. Your application cannot progress until we have received this documentation.

Then we will decide if we will allow your application to be listed on Woohoo Bank. If you are successful, we will tell you the loan grade we have assigned to your rate and the relevant rate. At that point you can decide if you would like to have your loan request published.

Once your loan request is posted on the site, the bidding process will start.

Once your loan request goes live on the site, bidding will commence. A limit of 14 days is typically placed on each loan request but loans generally fund a lot quicker. You can check out the ‘Live Loans’ section to see how long it has taken other businesses to fund.. Once your loan is fully funded, you can accept the loan and have the funds within 24 hours.