This article originally appeared on CBInsight.com, May 2, 2017.
If you have questions of your own regarding Digital Lending, feel free to submit them in the Comments box below and we will answer them right away.Is there any human intervention prior to funding the loan?
The level of human intervention in the loan approval process can be defined by your institution.
The MinuteLender™ technology can automatically approve individuals and small businesses for loans based on your institution's underwriting and risk tolerances with a matrix. Alternatively, your institution can employ processes after the submission of an application to add steps for final approval. For example, some community institutions like to personally review the loan accounts before completing and funding the loan. The MinuteLender platform provides the flexibility to be tailored to your institution's objectives.