Fintech services are generally quicker than traditional finance institutions as the application process is carried out online without the need to send documents via the post.
Being able to complete business loan applications using web portals will allow you to upload files, digitally sign forms and keep your details up to date to further speed up your loan requests.
You will need to send documents when requested, sign privacy statements as well as consent forms and answer any questions in relation to your application.
Delays in replying when asked for documents required to process your business loan will increase the time it takes for your loan to be approved
Following these steps you, as long as you have used a good lender or finance broker, you can have a decision on a business loan within 48 hours and the money in your account within 24 hours of your application being accepted.
You usually receive a decision within 24-48 hours and funds within 24-48 hours of your application being accepted.
It is important to review all documents, make sure the loan is right for your needs, before signing the agreement.
Things to consider when deciding which business loan is the best fit for you and your business are;