In what it's claiming as a New Zealand banking first, Kiwibank says a new service it has launched means small businesses can now get a loan decision in five minutes instead of having to wait about five days.
Nicole Pervan, Kiwibank's general manager for product, says Fast Capital is a digital platform enabling automated decision-making for lending to companies. It links Xero or MYOB company accounting data to Kiwibank, with companies able to apply for up to $100,000 for a business overdraft, a business loan or a credit card, getting a decision in five minutes.
“This online automated application and decision process provides Kiwi businesses with a quick and painless borrowing experience. It drastically reduces the time spent by both the borrower and the lender in assessing and approving an application," Pervan says.
“In comparison the time it takes to get a credit decision through a normal process can be five or six working days. We know time spent dealing with bank administration is a point of frustration for many businesses so it’s great to deliver an innovative solution so businesses can focus on other priorities."
The software being used was developed by Auckland company Ranqx in partnership with Kiwibank.
To apply for a loan, a New Zealand registered company must have at least two years of accounting financial history with Xero or MYOB AccountRight.
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