This allows SMEs to exchange documents and data for the loan conclusion and make credit decisions faster (within 15 minutes). Thanks to the API connection between the FinCompare platform and ING, loan application processes can be largely automated up to a financing amount of EUR 750,000 and a maximum term of five years.
If a company decides to take out a loan from ING, FinCompare sends the application to the bank via the API. Within a few minutes, FinCompare and the SME customer will receive an answer from ING as to whether the loan approval can be made. In this case, the application will be processed further and the necessary data will also be exchanged via the API until the financing has been successfully completed.
In October 2022, FinCompare, partnered with Uncapped for access to liquidity for online businesses through revenue-based financing. This way of raising capital aims to ensure growth companies' liquidity without them having to give up equity or pay interest. Uncapped only takes a flat fee to provide the capital, which is repaid as a pre-determined percentage of monthly sales. Since October, Uncapped has acted as the first provider at FinCompare in the area of sales-based financing.
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