Small Business Loans
Lendsmart’s lending technology enhances the customer experience while providing expedited small business loan approvals. Here’s how it works:
1. Loan Officer Selected
After logging into the platform, the applicant selects a dedicated loan officer to accompany them throughout the loan application process.
2. Documents Provided
The applicant uploads relevant documents. The loan officer receives a notification when documents have been uploaded to review the application documentation.
3. Borrower Information Collected
The applicant uses a secure, chat-based interface to provide information in a Q&A format. Lendsmart’s automated, AI-based application populates applicant information based on answers from the chat. The loan officer adds tasks for the applicant to complete if additional information is needed.
4. Application Underwriting
The loan officer provides remote assistance to the applicant in the event help is needed. The loan officer can also add team members from the Back Office team to assist the applicant in underwriting the application.
5. Loan Approval & Funding
Small business lenders are able to make funds available to the applicant in record time (often within 10 days!)