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Irish peer-to-peer lender Linked Finance has unveiled a five-year unsecured business loan for the country’s small- and medium sized enterprises (SMEs).

The Dublin-based platform said loans of up to €300,000 (£252,000) can be made available within 24 hours with no requirements to provide collateral or arrange for a security.

Rates for borrowers on the five-year loan start at 7.95 per cent.

Investors on the platform can earn seven to eight per cent with a diversified portfolio.

“This new loan facility is unique in the Irish market as the only unsecured lending to companies over a five-year term for amounts of up to 300,000,” Niall Dorrian (pictured), chief executive of Linked Finance, said.

“It allows Linked Finance to serve companies with big ambitions and more complex funding requirements without the need for them to deal with complex collateral or security pledges and expensive legal fees.

“This marks a new milestone for P2P lending in Ireland as an alternative to traditional lenders.”

Linked Finance is Ireland’s largest P2P lending platform and specialises in small business loans for Irish SMEs.

It has previously announced plans to Read more: Linked Finance passes €100m in loans and plans hiring spreein 2020 and has hired 11 new employees so far.

There are further plans to expand throughout the year as the company builds its sales organisation to bring the benefits of P2P lending to an even wider SME audience right across Ireland, the platform said.

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