If there’s one thing business owners can use more of, it’s time. As a business leader, you wear many hats – CFO, CMO, HR manager, sales rep, to name a few – in addition to overseeing day-to-day management and operations. When it comes to borrowing, business owners want convenient options, especially when their financial need is immediate.
For those critical times, digital lending platforms can speed up the application and funding process.
Speed and convenience win out
Some business owners feel they don’t have time to go through the conventional process of applying for a business loan, waiting for a decision, and then getting funding. A digital lending platform speeds up all three of these processes.
Here is what differentiates a digital business loan from a conventional business loan:
Apply in minutes
Most or all of the application process is done electronically. You provide basic information about your business and its owner(s), upload all required documents and submit your application. It’s quick and easy.
Paperwork is limited
Part of the hesitation business owners have in applying for a conventional loan is the tedious task of gathering the paperwork, which is where the express digital business loan process stands out. Some lenders, for example, only require a valid driver’s license, tax ID, the applicant’s latest tax return, and information about the owner(s) of the business.
Quick decisions and financing
Less paperwork means less review time than the traditional underwriting process. A digital business loan provides an instant decision and approved loans are funded within days of signing loan documents electronically.