FinTech Alliance company Funding Xchange and Experian have launched a service to help businesses check if they reach lending criteria.
The service, available to banks, will instantly assess funding applications.
This covers all loans but will particularly help those seeking CBILS loans amid Covid19.
A business can check eligibility with its own bank as well as over 40 alternative lenders.
What does this mean?
According to Funding Xchange, four in five business loan applications to not meet lender’s qualifying criteria. Now, as many apply for loans through schemes like CBILS, it is an uncertain time for companies and so being able to find out their eligibility straight away can remove stress as well as helping them look for other options if unsuccessful.