Kriya business loan (formerly MarketFinance loans) 2023 review
As well as offering straightforward but flexible business loans, Kriya can help companies free-up money in unpaid invoices for fast and simple access to working capital.
When MarketInvoice (as it was then known) launched in 2011, it became the UK’s first online-only invoice finance provider. It’s grown to become one of the largest invoice finance providers in Europe, having now funded billions of pounds worth of invoices.
It’s a peer-to-peer (P2P) lender and member of the Peer-to-Peer Finance Association, with both public and private investors.
The platform rebranded in November 2019 and now provides a quick, simple application process and a range of invoice finance arrangements to choose from. You can choose to pay a fixed monthly fee or work with the company on a pay-as-you-go basis. In the future, Kriya has stated it is also planning to offer traditional business loans of up to £500,000 paid over 12 months.
Quick overview of Kriya business loans
|Minimum trading period||1 year|
|Loan terms||Terms not specified|
|Loan amounts||Loan amount not specified|
Kriya invoice financing options
What fees will I pay?
Fees are charged as a percentage of the amount borrowed. These percentages are dependent on a number of factors, including the size of your business, expected payment date, the amount of trades performed on the website and the type of loan you sign up for.
You can expect fees to total between 1% to 3% of your invoice values. You’ll be offered a quote before each transaction (pay-as-you-go) or before signing up to a contract (confidential).
If you sign up for a 12-month subscription, you’ll pay a flat monthly fee, plus a smaller percentage of your invoices. This is likely to save you money if you’re planning to use the service regularly.
Key features of Kriya invoice financing at a glance
Here are some of the features that Kriya has added to make securing business finance fast and effective.
- Release up to of the capital in invoices within 24 hours.
- Easy-to-use online account management.
- Choose between pay-as-you-go or monthly payment options.
- Automatic payments via confidential invoice discounting service.
- Credit insurance to protect you against clients failing to pay.
- Credit control services allowing you to optimise your sales ledger performance.
- Telephone and email support during business hours.
Am I eligible for Kriya invoice finance?
|Minimum trading requirement||1 year|
|Business types||Limited Company,Limited Liability Partnership|
|Additional eligibility info||Must not have any form of insolvency notice or proceedings against the business. Must not have a principal owner/director that is disqualified, bankrupt or subject to other form of personal insolvency.|
To be eligible for selective invoice finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of at least £100,000.
To be eligible for confidential invoice finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of least £500,000 (or £250,000 with credit control). You’ll need to provide two years of trading history (or one year with credit control) and use one of the accounting software brands supported by Kriya.
To be eligible for contract finance, you’ll need a limited company or LLP based in the UK or Ireland with an annual turnover of least £300,000. You’ll need to provide 2 years of trading history and you’ll need to have contracts with UK companies with minimum turnover of £6.5 million p.a. or non-UK companies with minimum turnover of £50 million p.a.
Kriya business loans
|Loan type||Fixed rate Unsecured Peer-to-peer loan|
|Credit limits||No specified loan amounts|
|Loan rate type||Fixed|
|Funding speed||Kriya states that you could receive the funds in as little as 48 hours|
|Personal guarantee||A personal guarantee may be required|
Am I eligible for a Kriya business loan?
As well as being confident you can meet the repayment schedule, you’ll need to meet the following criteria in order to be considered:
|Minimum trading requirement||2 years|
|Business types||Limited Company,Limited Liability Partnership,Public Limited Company|
Alternative sources of funding
Invoice financing is likely to be a suitable option for businesses that invoice their clients with long payment terms and need a smooth cashflow.
It’s commonly used by companies in the transport, construction, recruitment and marketing industries, as well those involved in exporting and distributing goods.
However, it’s likely to not be the only form of business finance available to you.
- If you’re only looking to borrow a small amount of money on a regular basis, a business credit card could prove more suitable.
- If you’re after flexible access to emergency funds for working capital, you may be better suited to a business line of credit or an overdraft on your business bank account (but check the charges for this final option, because they can be extortionate).
- If your revenue comes from card transactions, a merchant cash advance lets you borrow a lump sum upfront for a flat fee, then make repayments as a small percentage of future card transactions. The advantage of this is that if business is slow, you repay more slowly, and if business is good, you repay faster – either way, the overall cost is the same.
Kriya customer reviews
Kriya has received positive reviews from its customers, according to customer review sites like TrustPilot and Google Reviews.
It currently has a TrustPilot rating of 4.8 out of 5, based on 477 reviews (updated May 2022). Those Kriya customers who rated the P2P lender below average complained of the “lack” or “slow” communication they received. On the flip side to this, 85% of reviewers who rated the lender the full 5 stars, stated that the service is “quick, efficient and reliable”.
On Google Reviews, Kriya currently has a rating of 4.5 out of 5 stars, based on 50 ratings (updated May 2022). Like the TrustPilot reviewers, those who rated Kriya with low scores said that they experienced poor communication. However, those who rated the service highly, gave praise to the quick and simplistic nature of the process, as well as the helpfulness of the team.
For any queries regarding your business loan, you can fill out an online form found on the Kriya website or you call customer support on +44 (0)808 169 4200.
The bottom line
Kriya changed the game when it became the UK’s first online invoice finance service. It’s faster and more flexible than its brick-and-mortar based competitors, and offers competitive fees. If you’re looking for a simple and quick invoice finance service, this company is worth a look.
Frequently asked questions
More guides on Finder
Interest inequality: Major UK banks lag behind global savings rates
Finder collaborated with the smart money app, Plum, to compare how easy access savings rates around the world compared with the local base rate.
How to buy OpenAI shares when it goes public
Everything we know about the OpenAI IPO, plus information on how to buy shares.
7 simple ways to boost your savings
Many households in the UK are struggling to save, so Finder’s experts have put together these tips to help you boost your savings.
Autumn Statement 2023: What it means for you
Finder’s experts explain the impact of the changes your finances.
How to open a business bank account in the UK
Discover how to open a business bank account in the UK, from the documents you’ll need to whether you’re eligible for a business bank account, we’ve got it covered.
Global savings: Comparing interest rates across countries
We looked at how global savings interest rates fared against the UK base rate in 10 countries around the world.
Your survival guide to the Black Friday sales 2023
Learn Finder’s 7 tips for how to play the sales and win. Plus, our video reveals the discounts we expect to see from top brands this year.
How to invest in mutual funds
Looking to diversify your investment portfolio? Mutual funds could be a good addition. Here’s how they work.
Financial stress and mental health statistics UK
7 in 10 Brits (70%) have experienced financial stress, so we look at the latest statistics to see the impact money has on our mental health.