IOU Central Further Streamlines Small Business Loan Application and Approval Process
Atlanta, GA (PRWEB) July 30, 2013 -- IOU Central, a leading online small business lender, announced today the use of several new third-party application programming interfaces (APIs) designed to make its online, paperless lending application process even easier for the small business owner. By connecting its BizQ platform to various data sources, IOU Central can collect and validate loan data without requiring the applicant to upload large amounts of documentation.
While most traditional banks touch an application several times as the loan moves from data entry to processing and eventually to underwriting, IOU Central uses technology to streamline the entire process, relying on data provided via third-party APIs instead of manual steps. For the borrower, this means less paperwork, fewer pieces of documentation to physically provide and a quicker, more efficient loan application process. Currently, IOU Central has developed connections to nearly a dozen APIs including Equifax and the Office of Foreign Assets Control (OFAC), as well as eBay and several social media sites.
“Small business owners are busy and often don’t have time to gather large amounts of documentation from various sources when applying for a loan,” said Robert Gloer, president and COO of IOU Central. “We utilize APIs to make the application process seamless and easy, alleviating the headache associated with gathering documentation from multiple sources. As a result, we’re able to evaluate loans in a holistic way – including looking at several different types of non-traditional loan criteria.”
IOU Central is focused on leveraging data and technology to turn the long and cumbersome process of applying for a loan with a bank into a seamless process that can provide funding in as little as 48 hours.
About IOU Central
IOU Central is a leading online lender specialized in helping small businesses with healthy cash flow. Typical customers include medical and dental practices, grocery and retail stores, restaurant and hotel franchisees and ecommerce companies. In a unique approach to lending, IOU Central’s advanced, automated application and approval system accurately assesses applicants’ financial realities, with an emphasis on day-to-day cash flow trends. It makes small business loans of up to $100,000 to qualified applicants within a few business days, with affordable charges favorable to cash-flow management. IOU Central’s speed and transparency make it a trusted alternative to banks. Based in metro Atlanta, Georgia, IOU Central is a privately held subsidiary of IOU Financial (CNSX: IOU), which is headquartered in Montreal, Canada. For more information, visit http://www.ioucentral.com.
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Jennifer Pratt, Carabiner Communications, http://www.carabinerpr.com, 404.655.2273, [email protected]
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