Select Invoice Finance Review
Select Invoice Finance is an independent UK selective invoice finance provider, founded in 2016 (company 13591630). Rather than taking your whole sales ledger, it funds the invoice or group of invoices you choose, on facilities from £25,000 to £250,000, and lets you draw up to 80% of the invoice value. It charges no set-up, arrangement, early repayment or termination fees and does not publish its rates (Select: how it works, about us).
What this page covers
This page covers
Select Invoice Finance selective facilities, facility range, advance rate and fees
Not covered here
General invoice finance education (see /guides/), sector pages (see /industries/), the full provider directory (see /providers/)
Key Facts
When Select Invoice Finance Fits
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Manufacturing or wholesale businesses turning over £500k-£3m with seasonal invoicing patterns
Because Select funds chosen invoices rather than the whole ledger, you can draw in busy months and leave the facility idle in quieter ones, paying only for the funds you use.
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Owner-managed businesses that need to fund one large invoice or contract rather than the whole ledger
Select agrees an invoice or group of invoices with you and releases funds once they are verified, with same-day payments at no extra cost and no termination fees when you stop.
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Established businesses switching from a bank-owned provider after service deterioration or inflexible covenant changes
Select says approval rests mainly on your customer's creditworthiness rather than your own credit history, with no long-term contract and no obligation to commit your whole sales ledger.
When to Look Elsewhere
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Start-ups or businesses under £250k turnover needing their first invoice finance facility
Better fit: Sonovate. Sonovate specialises in smaller recruitment and contractor businesses with lower minimums and faster digital onboarding.
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Businesses needing more than £250,000, a whole-ledger facility or multi-currency invoicing
Better fit: HSBC Invoice Finance. HSBC's international trade finance integration and multi-currency ledger systems suit larger exporters better than most independent providers.
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Construction subcontractors with retention-heavy contracts and application-stage funding needs
Better fit: Optimum Finance. Optimum offers construction-specific products including retention finance and stage payment advances that standard invoice finance doesn't cover.
How Select Invoice Finance Compares
| Provider | Type | Min facility | Fee from | Advance to | Speed |
|---|---|---|---|---|---|
| Select Invoice Finance | selective | £25k (to £250k) | Not published | 80% | From 48 hours |
| Ultimate Finance | both | Not published | Not published | 95% | Up to 5 days |
| Pulse Finance | both | £200k | Not published | 90% | From 5 days |
| IGF Invoice Finance | both | £5m+ turnover | Not published | 90% | 10 days |
vs Ultimate Finance: Ultimate advances up to 95% on facilities up to £10m; Select is selective only, capped at £250,000 and drawing up to 80%, so it suits smaller, occasional needs.
vs Pulse Finance: Pulse works on facilities of £200k to £5m for businesses turning over £1m or more, so it starts close to where Select stops. Both give each client a dedicated account manager.
vs IGF Invoice Finance: IGF works with businesses turning over £5m or more on larger receivables and asset-based facilities; Select sits at the small end of the market, funding individual invoices.
Illustrative worked example
Hypothetical: A Coventry-based engineering components distributor with £1.2m turnover
Not a real client. The charges are illustrative assumptions, not Select Invoice Finance's published rates; Select Invoice Finance quotes each facility individually. Monthly cost = £570 service charge (0.6% of £95,000) plus about £459 discount charge (7.25% a year on £76,000 drawn for a month, at the 3.75% Bank of England base rate).
Setting Up With Select Invoice Finance
- 1
Sign up
After you get in touch, Select works through your cashflow requirement and a short application. It says first contact to funds in your account can take as little as 48 hours.
- 2
Invoice approval
You and Select agree the invoice, or group of invoices, from your unpaid sales ledger that you want funded. Select verifies them before paying out.
- 3
Payout
Once the invoices are verified and you confirm your requirement, Select releases up to 80% of their value by same-day faster payment at no extra cost. The facility clears when your customer pays the invoice.
FAQs
What's the minimum turnover Select Invoice Finance requires?
Select does not publish a minimum turnover. What it publishes is a facility range of £25,000 to £250,000, so the practical test is whether you have invoices of that order to fund. Businesses needing more than £250,000 should look at whole-ledger providers; Pulse Finance, for example, starts at a £200,000 facility and £1m turnover.
Does Select offer selective invoice finance or whole ledger?
Selective. Select funds the invoices you choose and you use the facility only when you need it. If you want a whole-ledger factoring or confidential invoice discounting facility, compare the independents and banks in our provider directory instead.
What does Select charge?
Select does not publish its rates. It says there are no set-up or arrangement fees, no early repayment penalties, no termination fees and no charge for same-day payments, and that you pay only for the funds you are using. Ask for the full cost of funding a specific invoice before you commit.
Is selective invoice finance a loan?
No. Select advances money against an invoice you have already raised, and the facility clears itself when your customer pays that invoice. Longer payment terms mean the advance is outstanding for longer, so ask how the charge is worked out for your customer's terms.
Our Verdict
Select Invoice Finance is worth considering if you need to fund particular invoices, up to £250,000, without signing up to a whole-ledger facility. The lack of set-up and exit fees makes it easy to try; the 80% draw and the £250,000 ceiling are the limits. Compare their terms alongside other independents to ensure you are getting the best deal for your specific circumstances.
Official site: Select Invoice Finance
Founder & Managing Director, Muswell Rose, founder and PSC of Best Business Loans Ltd
Adam is the founder and managing director of Muswell Rose and a founder of Best Business Loans Ltd, the company behind Market Invoice. He spent over three years as managing director of Penny, a UK invoice finance business, and his career runs through insurance, mortgages, commercial finance and fintech lending. He writes the Market Invoice library.
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