Many small businesses would like to do more business with their community bank to help their customers finance large purchases. Unfortunately, digital lending programs from the Fintech’s have made bank’s lending products for customers of your small businesses a secondary choice.
Companies like GreenSky (now owned by Goldman Sachs) and CareCredit are providing a source of financing for consumers that purchase services from your small business customers. Take the HVAC or home improvement customer and see where their customer’s are getting financing. How about the local dentist or vet when a consumer has an unexpected emergency that makes it difficult to pay for those services out of pocket?
Using your bank’s underwriting criteria you now have an answer to the question with Quilo…quick installment loan. Quilo is a digital lending platform (personal computer or smart phone) that provides instant access to funds from your bank. It takes about 20 seconds once the consumer applies for the loan to have the funds ready for your small business customer to get paid.
It is simple and easy to manage and the interest rate is about half what credit card rates would be. Furthermore, your small business customer gets 100% of the sales price, not a discount like they receive now when providing financing via the Fintech’s to pay for the purchase. Industry experts say that all small businesses will have a buy now pay over time solution by the end of 2023. Quilo will allow your bank to compete in this space and help increase sales for your small businesses.
To see how Quilo will work for your bank contact Strunk at firstname.lastname@example.org for a 45 minute web demo.