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Jun 2015

5 Ways You Can Automate the Business Loan Process

June 20, 2015
Capify Australia

Starting a business is not a walk in the park. There are a lot of considerations and plans to make. One of the most important things that business owners should do is to secure funds for capital, and not everyone has instant cash to spend on building a business. The good thing is that there are financial companies offering small business loans to those who need them. What’s better is that in today’s technological age, business loan processes are automated for convenience and faster customer service.

Computer systems and devices make it possible for entrepreneurs to easily borrow money as long as they meet the requirements. Moreover, financial companies such as AUSvance offer a variety of alternative loan options so entrepreneurs can find a way to inject funds into their business.

While applying for a loan can be tiring, here are some ways companies such as AUSvance to speed up the process:

Branch Automation

There are financial institutions using branch automation with the help of computer systems or kiosks. Through a system that processes loan applications, customers can either apply or receive their funding in no time, as there is no longer a need to manually review applications. Kiosks, on the other hand, are also being used for customers seeking fast business loans. They simply enter all the necessary information without having to consult staff.


Imagine all the documents needed for a loan application stored in one place, which can be accessed in a few clicks? That’s what happens when a lending company uses a software program that centralises all data, allowing the board that reviews applications to easily survey applicant documentations. Such files may include credit scores, appraisals, financial statements, references and checklists that are necessary for deciding whether to approve or deny a loan application.

Real-Time Communication

Inquiries regarding your loan application are answered real-time when the process is automated, as the loan officer has access to all updated documents. Moreover, they can update data or the status of an application as soon as possible. This improves the communication between the two parties, reducing the risk of misinformation.

Automated Underwriting

This is a system where a computer is tasked to make the decision to underwrite a loan or not. When a loan is underwritten, it means that there is a guarantee that the borrower will get the money. Automated underwriting uses a formula from which the objective decision is based. Such systems allow the loan application process to be completed in just seconds without the need for loan officers to assess the documents and data. The decision whether to approve or deny the loan application is purely dependent on the rules rather than on human judgment.

Merchant Cash Advance

There are alternative methods to traditional business lending that use automation as well. One of these newly developed products is called a “merchant cash advance”, a process in which you can borrow money in only a matter of days. Its repayment structure is what’s unique about it, because you can refinance your loan with a fixed percentage of the credit card sales your business will generate to ensure cash flow remains constant. The payment is automatically debited from as a percentage of your sales.

The Unsecured Business Lending Industry Revolution

Automated loan processes make the lives of small business entrepreneurs easier. They don’t only offer convenience, but give them a chance to focus more on the nitty-gritty as well as the company’s target demographics. Furthermore, benefits are not limited to business owners because the automation of loan processes is also good for other businesses processes. Here are some of the reasons why:

Promotes paperless work environment – Processing small business loans through a system cuts down the need for paperwork. This helps employees save time on leafing through countless pages of documentation, fostering improved efficiency.

Ensures accuracy – Because information is entered, updated, and reviewed via a computer, human errors are minimised. Corrections are also easier to perform; all the information entered is accurate and up to date.

Reduces processing time – When the loan process is automated, the financial institution can decide on the application in just a few days or even minutes, much faster than the normal waiting period of one month. This is because a program is used to calculate and assess all the necessary data.

All in all, the business lending industry is making progress as technology advances. Many of the recent developments have a significant impact on enterprises as more business owners now have a greater opportunity to turn their profit-generating ideas into reality, in record time (rephrase).

Of course, one must still understand the loan process and learn the basics before agreeing to any financial deal, regardless of automated process and convenient application requirements. This way, they can make the necessary preparations before applying for a loan, dramatically increasing the likelihood of being approved as well as securing the best possible terms for their business models.

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