It can take some lenders weeks to review a loan application, negotiate the terms of approval, and have the money transferred into your account. Each day spent waiting for your application to be processed, a credit decision to be reached and funds to be allotted represents a substantial opportunity cost for you. That’s why one of the first questions you should always ask a lender before you take out a loan is, “How long does your process typically take?”
Whether you’re consolidating debt or looking to improve cash flow, speed should be one of the first factors you vet for when considering a loan. Not only is a fast-paced process the sign of a lender with real expertise, it’s critical to helping you minimize opportunity cost and should be considered a non-negotiable.
Why Speed Matters During the Loan Process
Lenders should act with speed and transparency at all stages of the lending process. The right financial partner works quickly on your behalf—here’s how:
- During the Application Process
Often, the fastest lenders can operate at high speeds because they specialize in lending to people with a similar profession or financial profile to you. This expedites the application process because they understand the unique challenges, workflows and business nuances of your profession. By customizing the process to fit your profile, lenders can streamline your application, saving you time by minimizing effort on your end.
- From Approval to Funding
Beyond the application lies a review and approval process, and every day a lender spends working behind the scenes is another day you don’t have the cash flow you need to run your business or cover personal expenses. Lenders who leverage innovative technology backed by a team of financing specialists available around the clock, can help you get the funding you need on your time.
Choosing a financial partner to help you get access to the cash you need isn’t a decision made lightly. Lenders who are focused on your best interests and prioritize speed throughout the lending process will help you take control of your finances faster, to quickly achieve your financial goals.