A new lending platform is promising to distribute loans to approved small business borrowers in just 48 hours.
Small businesses can now obtain fast unsecured business loans via a new online lending platform.
Yozo has built a calculator that allows small businesses to gauge their unsecured borrowing capacity in under a minute.
When a small business applies for a loan, Yozo accesses their bank statements via an online system called BankStatements. Yozo also assesses the borrower’s creditworthiness via (Creditor)Watch, a commercial credit reporting bureau.
“Each evaluation is accompanied with an indicative simple interest repayment schedule to help understand the cost of a loan,” according to Yozo.
“Important for business owners, the use of artificial intelligence and data science has streamlined the process, eliminating the need for detailed personal data or credit bureau checks in calculating their indicative borrowing limit.”
Approved borrowers receive their funds within 48 hours of lodging their application, according to Yozo.
Yozo has partnered with Prospa, an online lender that specialises in small business lending.
Yozo’s calculator was developed in conjunction with the Advanced Analytics Institute at the University of Technology Sydney.