On March 3rd the FRB released its latest Small Business Credit Survey
and it shows online lenders have already penetrated as much as 20% of the loans for small
business with digital technology! The opportunity for community and regional banks is to provide the speed and simplicity of digital lending technology with bank pricing and terms.
Small Business Prefer Digital Lending Speed and Simplicity
But Want Bank Terms
The research shows the great opportunity for banks is to use digital technology themselves to efficiently deliver small business and other loans. Small businesses love digital lending for the speed of the process and simplicity of the application and prefer it greatly over community and regional bank processes, However, Marketplace Lenders like OnDeck sometime require high interest rates and require repayment as frequently as daily
Source: FRB, American Banker
The research shows the great opportunity for banks is to use digital technology themselves to efficiently deliver small business and other loans. Small businesses love digital lending for the speed of the process and simplicity of the application and prefer it greatly over community and regional bank processes, However, Marketplace Lenders like OnDeck sometime require high interest rates and require repayment as frequently as daily
Our clients are providing digital delivery
technology that allow customers to see their loan available in seconds and set up loans in minutes all with sound bank pricing and underwriting, with final review and funding taking a few days. The financial institution controls the brand, underwriting, and security, and owns the loans. For more information, click her to join us for our next webinar.
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