10 Minute Small Business Lending vs 25 Hours

The July, 2015 Study on Alternative Finance summarizes in a single chart why digital lenders are growing so fast and stealing revenues and customers from banks.  Digital technology today can provide in 10 minutes what requires 25 man hours by a bank. 

Why?  Because banks use the same underwriting and risk-monitoring process for $15,000 loans as they do for $250,000 loans.  Digital technology uses proven, sound underwriting but automates the customer identification, contact, analysis, delivery and ongoing risk rating and monitoring requiring no paper.  The result is a much better and simpler process for customers, a much lower cost and profitable process for banks and a growth strategy for banks to penetrate the 60% of their business checking customers who currently have no loan with the bank but have loans elsewhere averaging $15,000..  You can turn your entire Retail force in to business lending sales people with no lending knowledge required!

Want to see an example?  Let us show you how our MinuteLender provides a 10-minute set up and delivery of loans in the branch or on a the customer’s mobile device or computer.