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Technology is changing everything. From the way we make travel arrangements, shop at the department store, hail a cab—and even the way business owners apply for a small business loan. Similarly, many lenders are turning to online applications for small business loans.
As more and more people do business on their smartphones, tablets, and computers, it’s no wonder that online applications for small business loans are the preferred choice of many business owners.
In fact, one of the top three reasons cited for choosing an online business loan in a survey conducted earlier this year by the Electronic Transactions Association, was the easy application process.
Along with speed to funding (63 percent) and affordable total loan cost (51 percent), 57 percent of those surveyed identified that easy online applications are one of the primary reasons they opted for an online business loan. When you consider the traditional weeks-long process and reams of documents associated with a traditional loan application, a simple, easy-to-understand, online loan application makes a lot of sense for time-crunched small business owners.
Nevertheless, Simply Putting an Application Online Isn’t Enough
A small business owner shouldn’t have to be a financial expert to complete a loan application; and small business lenders (like OnDeck) are embracing a new paradigm to provide business owners with efficient access to the capital they need to build growing businesses that strengthen communities and create jobs.
By looking at small business lending and the qualification process differently, these lenders are turning traditional credit models that rely heavily on personal credit score and specific collateral on their heads. Since we opened our doors in 2007, we’ve loaned over $10 Billion to more than 80,000 small business owners—which has taught us a thing or two about small business borrowers and how to evaluate a small business’ creditworthiness.
Additionally, a safe and secure online applications process is important to business owners whether they’re borrowing $5,000 or $500,000. At OnDeck, your loan application is protected by encryption and Transport Layer Security (TLS) protocol to ensure your sensitive information is securely sent to OnDeck.