IOU Financial is raising the bar for technology in the lending space, which is why we can process and approve loans in a matter of days, compared to the weeks or months that are most often the case for traditional lenders. And, as we continue to add more API connections, we will be able to automatically gather data from even more data sources. Our expectation is that in the future, these and other technology advances will allow us to go from application to funding in just minutes or hours.
https://ioufinancial.com/wp-content/uploads/2015/04/Behind-the-Scenes-Technology-Makes-it-Possible1.jpg 351 960 Robert Gloer https://ioufinancial.com/wp-content/uploads/2016/06/IOUFinancial_HeaderLogo-300.png Robert Gloer2013-07-30 16:50:172015-06-09 20:17:23Behind the Scenes: Technology Makes it Possible
https://ioufinancial.com/wp-content/uploads/2015/04/Bridging-the-Gap-Between-Banks-and-Online-Lenders1.jpg 801 2189 Robert Gloer https://ioufinancial.com/wp-content/uploads/2016/06/IOUFinancial_HeaderLogo-300.png Robert Gloer2013-07-05 16:52:262015-06-09 20:17:34Bridging the Gap Between Banks and Online Lenders
Bankers, of course, feel as though they are lending to many or most of the qualified candidates that come through their doors. But the reality is that many of those candidates don’t even make it halfway. Take the example of a small retail boutique owner who needs a loan but has little to offer in assets to secure it. Say this owner goes to her local bank and applies for a $20,000 loan. The odds are that she won’t get a loan approval, but will instead walk away with a credit card application.
The key is figuring out how traditional banks and small business lenders can best coexist to create the most optimal long term solution for the small business owner, while still meeting their own unique objectives. As the article suggests, finding this solution can open up new opportunities for virtually everyone involved.