SPONSORED: Dollar Bank – When a digital business loan makes good business sense

If there’s one thing business owners can use more of, it’s time. As the head of your company, you wear many hats — CFO, CMO, HR director, sales rep, to name a few — in addition to overseeing day-to-day management and operations. When it comes to borrowing, business leaders want convenient options, especially when their financial need is immediate.

For these critical moments, digital lending platforms can speed up the application and funding process.

Speed and convenience win the day

Some business owners feel they don’t have time to go through the conventional process of applying for a business loan, waiting for a decision and then funding. A digital lending platform accelerates all three of these processes.
Here’s what differentiates a digital business loan from a conventional business loan:

Apply in minutes

Most or all of the application process is done electronically. You provide basic information about your business and its owner(s), upload any required documents and submit your application. It’s fast and easy.

Paperwork is limited

Part of the hesitation of business owners to apply for a conventional loan is the time-consuming task of gathering paperwork, which is where the digital express business loan process sets itself apart. Some lenders, for example, require just a valid driver’s license, business tax ID, the applicant’s most recently filed business tax return and information about the company owner(s).

Fast decisions and funding

Less paperwork means less review time than the traditional underwriting process. A digital business loan provides an instant decision and approved loans are funded within a couple of days of e-signing the loan documents.