Technology & Internet Business Loans
The face of lending has changed thanks to the Internet and technology. Once upon a time not very long ago there was simply no such thing as Internet business loans. Technology touches us daily, in so many different ways. It changes the way we live our lives from doing groceries to the way we conduct our business. But emerging technologies have changed the face of most industries forever, it has also given birth to a culture of innovation through disruption.
Disruption is destructive and creative at the same time, it takes a left turn off the beaten path and changes the way we think and do. It displaces the status quo and produces something new and more efficient, most often through the use of technology. Great examples of disrupters are Uber, Air b&b, and Square.
The FinTech lending space is another great example of positive disruption. Companies like Evolocity saw an increasing demand for services that were, less than a decade ago, rooted firmly offline like business loans.
Evolocity was actually the first company to launch small business loans online in Canada with a fully online application. We built our site to be responsive and you can even apply for your loan or log in and manage your account on any of your devices, through our online merchant portal.
How technology has changed how we approach Internet business loans
Not so long ago, Internet business loans simply did not exist. If your business needed extra funds your only option was the bank. The economic downturn in 2008 saw bank lending criteria tighten up, leaving many small businesses without access to additional funds for their businesses. The industry was ripe for a change; enter the disrupters.
Evolocity wanted to do more than offer an alternative to the banks; we wanted to completely re-think the whole lending process from application through to funding. Being able to offer small business loans online was important to us, so we developed our technology keeping in mind that the whole process needed to be easier and a whole lot faster than the traditional bank route.
In order to build the technology, we approached this problem from 2 angles: the application and the approval process.
Internet business loan application
The application needed to be easy, uncomplicated, and fast. The application can be completed online from start to finish, from building your loan to submitting your supporting documents.
Internet business loan approval process
It wasn’t just the ease of application that needed to be overhauled but the way a loan application was reviewed as well. Small businesses are all unique and the traditional set of lending criteria was not serving them well, so we developed our process keeping this in mind.
We base our reviews on a hybrid approach using traditional methods like cash flow analysis and credit reports, as well as new methods like looking online reviews and social media in order to get a good picture of the health of the business.
Our lending mantra: Speed & Ease
The main criteria for us when we were developing our technology was about making things easier and faster for business owners to get the funds they needed for their businesses. Speed and ease was our lending mantra.
Speed & Ease of Application
- No face-to-face meeting required – apply online from start to finish from wherever you are in minutes
- BYOL: Build your own loan - you decide how much you want and how fast you want to pay it off
- Simple document requirements – upload your supporting documents directly online. No business plan, financial statements, collateral documents, or tax returns are necessary. All we need are your processing information and bank statements.
- Track your progress and complete your application when it’s convenient for you.
Speed & Ease of Funding
A decision is provided in as little as 48H with funds deposited directly into your business bank account.
Speed & Ease of Repayment
- Automated repayments - daily, fixed repayments are automatically withheld from your debit & credit card processing which makes managing your loan a breeze.
- Online account management – manage your account 24/7 from virtually anywhere by logging into our online merchant portal.
Internet business loan application: step-by-step guide
There are 5 sections to the online business loan application. We kept each section short & sweet because there’s nothing we hate more than filling out long, tedious forms.
All said and done, this takes about 5 minutes tops if you’re already prepared with the following information:
- Business start date and general business info – business name and address
- If you lease your space, the lease expiry information
- Online banking statements for your business for the last 3 months
Step 1 – Registration
Provide your name and contact details. You will be sent a confirmation email, click the link and pick up right where you left off.
Step 2 – Build your loan
Use the slider to choose how much you want and over how long you want to repay.
Step 3 – Business information
Tell us a little about your business.
Step 4 – Personal information
Tell us a little about yourself.
Step 5 – Upload banking documents
Upload any supporting documents directly online. No muss, no fuss.
And you’re done!