Funding Options launches finance Pre-Approval Solution to support UK small businesses
3 July 2019
We're happy to announce that Funding Options is now offering pre-approvals with select lenders, giving small businesses clarity about whether they are likely to be accepted for funding before they apply.
Through their finance Pre-Approval Solution, Funding Options will give small businesses the peace of mind to know that they have a conditional approval for their funding before they complete a full application with a lender. The pre-approval process will also happen before the lenders carry out their full credit checks, meaning that business owners’ credit scores won’t be affected by checking their options with a pre-approval from Funding Options.
Alastair Preacher, Chief Product Officer at Funding Options, says:
“Our new Pre-Approval Solution will bring certainty to many small businesses, knowing that they are eligible for credit before they complete a full loan application. This is an excellent example of technology and Open Banking making a real difference at the grassroots of UK business.
“Access to much-needed funding for the UK’s 5.7 million small businesses is essential to the overall economy. Thanks to our Pre-Approval Solution, integrated with our innovative technology-led platform, business owners now have even more clarity when applying for finance. We’re making the whole process easier and giving them more time to run their business.”
Using API integrations, Funding Options is now offering the service to small businesses applying for loans up to £15,000. If pre-approved, businesses can then finalise their full application within minutes and access their funds almost immediately.
By offering live results from lenders, Funding Options can provide customers with confidence and reassurance, knowing that they’ve found a suitable lender early in the application process. This will save customers time searching for other finance options which may not be successful.
Find out more here.