While the traditional lenders took weeks to process the small business loans. The leading digital lenders are revolutionizing the entire process of proving fast short term business loans.
Small Businesses need business loans to overcome the gap in funds they face and while the traditional lenders offer the small business loans, they are still not of much use for the small businesses as the traditional lenders ask for collaterals which are not always available with the small businesses and another major reason is the long time taken by the traditional lenders to process the small business loans. The traditional lenders ask for multiple documentations, branch visits and several formalities that take more than a few weeks or even months to process the small business loans application.
Such a long time needed by the traditional lenders has stopped the small businesses from getting access to small business loans. However, small businesses now have faster access to small business loans with the arrival of digital lenders like Indifi. Let us take a look at the process followed by digital lenders like Indifi to understand the time taken to get access to the small business loans.
- Application Process
The application process with the top digital lenders like Indifi is really simple with the small businesses only needed to fill an online application form with the basic business and KYC details to avail the fast short term business loans. The filling of this online application form needs just a few minutes. Unlike the traditional lenders which require the small businesses to fill lengthy physical forms and visit the lender’s branch offices, the digital lenders like Indifi have an application process of just a few minutes for the small business loans.
- Requirements
While the traditional lenders require collaterals in the form of home or office properties along with guarantors and other formalities. The digital lenders like Indifi provide small business loans based on the business transactions itself and do not require any collaterals or guarantors. The digital lenders like Indifi look at the digital trace of transactions to provide small business loans. While traditional lenders need multiple days to gather the requirements, it is absolutely real time with the digital lenders like Indifi.
- Underwriting
Underwriting the small business loans has been a tricky affair for the traditional lenders as they evaluate the creditworthiness based on collaterals and valuations, it takes multiple days or weeks to get the evaluations done which causes a huge delay in processing of the small business loans. Whereas the digital lenders like Indifi look at the digital trace own transactions. For instance, Indifi looks at the transactions of a restaurant with the food delivery apps to evaluate the creditworthiness of a small restaurant. Hence, while the traditional lenders take days and weeks to underwrite the small business loans. Same is made possible by the digital lenders like Indifi in real time as it is done using advanced machine learning and analysing the digital trace of transactions in real time without any human involvement for analysing the creditworthiness of a small business. A small business can thus get a decision on the fast short term business loans in real time and well within 24 hours of the online application fulfilment.
- Acceptance
The leading digital lenders like Indifi provide quick offers to the small businesses for their small business loans and the small businesses can provide their online acceptance of the offer to avail the fast short term business loans.
The entire process from filing an online application form to underwriting and assessing the creditworthiness of a small business and proving the offer for the best fit small business loan can be executed as quickly as in few minutes for a small business with the leading digital lenders like Indifi and then one just needs to send online documentation to get the funds transferred to their account. The entire process of availing the fast short term business loans thus takes under 24 hours to get the decision on the small business loans.
This is helping thousands of small businesses across the country by getting access to quick and simple fast short term business loans from the top digital lenders like Indifi who provide small business loans from INR 50 thousand to INR 50 Lakhs without any collaterals.
