Applying for a small business loan can be daunting, time-consuming, and tedious. Plus, if one bank turns you down or doesn’t offer favorable enough terms, you have to start the entire process over again with another lender.
We saw this problem over and over again with our small business customers, and we set out to solve it. FINSYNC customers can now apply for business financing from any bank in our network of lenders in under 10 minutes. Here’s how it works.
Apply for Business Financing in Three Easy Steps
FINSYNC customers start by logging into their accounts. If you don’t have a FINSYNC account, you can create one free here https://info.finsync.com/free-trial-payments.
Once you log in, you’ll arrive at the main user dashboard. At the top right, you’ll see the green PLUS sign. Click here to expand that menu. Then click on “Apply for financing”.
The next three screens are straightforward information gathering screens, some of which are already pre-populated from your FINSYNC account.
The first screen is information about the loan itself. Banks, credit unions, and other lenders refer to this as their “product type”, and this information helps the lender know what category your loan fits into in their business model. The information needed for the loan includes the following:
- type of loan
- purpose of the loan
- what collateral you have
- term of the loan
- payment frequency you’d like to request
At the bottom of this page, once you’ve entered all the loan information, we provide an estimate of the principal payment amount. Not that this estimated payment does not include interest.
The second screen is all about your business. The lender needs to know standard information about your business. The fields to complete include the business’ name, address, and phone number, how long you’ve been in business, your current debt, and whether or not you own or rent your property.
The final screen is where you’ll enter or update your personal information. This information is mostly pre-populated from your FINSYNC account and otherwise pretty self-explanatory. At the bottom of that page is the personal authorization form. You’ll check the consent box, which authorizes the lender to perform a credit check, and type in your name, and click submit.
That’s it, you’re done.
What’s next? Well, generally in 1 to 4 days, you’ll get a decision from a lender. In the event that a lender needs more information from you, we’ll contact you directly.
FINSYNC’s intuitive online tools can help you easily visualize, manage and protect your company’s cash flow so you can gain insights that will optimize your chances of getting the best financing to grow your business.