OnLoan digitizes the SME loan application process by providing an online platform that allows businesses to evaluate their loan eligibility and receive quotes with minimal input. This solution addresses the cumbersome nature of traditional loan applications, enabling Swiss SMEs to access financing more efficiently and transparently.
Funding
Funding not disclosed
Founders
Product
Problem
Swiss SMEs often find the loan application process cumbersome, leading to a significant percentage of businesses that could benefit from financing not even applying. Traditional loan applications require extensive paperwork and time, creating a barrier for SMEs seeking capital.
Solution
OnLoan offers a digital platform designed to streamline the SME loan application process. The platform allows SMEs to quickly evaluate their loan eligibility and receive quotes by providing a minimal set of inputs from their financial statements. By digitizing the process, OnLoan reduces the time and effort required for loan applications, providing SMEs with hassle-free access to financing. The platform also offers a "Bank Cockpit" that allows banks to control every aspect of their online loan offering, access loan inquiries, and define parameters for automated loan volume estimation and interest rate thresholds.
Target Audience
The primary target audience includes Swiss SMEs seeking efficient access to loans and banks looking to digitize and optimize their SME loan application process.
Features
- Online SME loan calculator that provides immediate feedback on loan eligibility with minimal input.
- Anonymous credit check feature to address perceived hurdles and create a safe environment for SMEs.
- "Bank Cockpit" for banks to manage online loan offerings, including loan inquiries and parameter settings.
- Seamless integration into existing bank websites and process flows, adapted to their design.
- Fully automated process designed for real-time qualification of loan inquiries.
- Dynamic transitions to traditional processes when automation is not appropriate.
- Servers and data located in Switzerland with minimal data transfer to protect customer information.
- Use of FINMA-approved infrastructure.