{"id":9470,"date":"2018-06-07T11:17:39","date_gmt":"2018-06-07T09:17:39","guid":{"rendered":"https:\/\/www.intellias.com\/?p=9470"},"modified":"2024-07-03T13:01:18","modified_gmt":"2024-07-03T11:01:18","slug":"saas-lending-solution-business-loans","status":"publish","type":"post","link":"https:\/\/intellias.com\/saas-lending-solution-business-loans\/","title":{"rendered":"SaaS Lending Solution for Business Loans"},"content":{"rendered":"

Business challenge<\/h2>\n

Our client is a FinTech company from Phoenix, Arizona that provides SaaS lending solutions for borrowers and banks. Our client\u2019s product helps end customers meet the financial needs of their private businesses by offering financial services including credit scores, wide lines of credit, merchant cash advance, equipment borrowing, and business loans. The main advantage of their SaaS business lending platform<\/a> is that it handles everything in one place \u2014 from borrower evaluation to actual money transactions \u2014 without special personal guarantees or notarized documents.<\/p>\n

\"SaaS<\/p>\n

Our client had experienced technological limitations, which is why they had been looking for a partner to develop SaaS-based lending software. They found one a year ago but eventually stopped cooperation with the vendor because of quality and scheduling issues. They needed to continue development and eventually increase productivity to catch up with a backlog remaining after the previous vendor; after all, they still needed to develop both backend and frontend parts of the solution.<\/p>\n

Our client needed to move fast to avoid delays and was looking for an experienced partner with deep expertise in FinTech,\u00a0SaaS platform development<\/a>, and custom machine learning development<\/a>\u00a0<\/span>that could grasp their idea quickly. They found the right match with Intellias quickly. Our cooperation started smoothly with constant knowledge sharing sessions involving the client\u2019s team and Intellias specialists.<\/p>\n

Technology solution<\/h2>\n

Within the cooperation on SaaS platform development, <\/a>our team is involved in most engineering processes and is covering the entire backend development for the SaaS lending solution. This solution collects data from borrowers about their credit history, other loans, and the business in which they will invest. Ultimately, our client\u2019s lending solution is a bridge between individuals who are looking for funds to grow their businesses and established banks that can provide money to meet their financial needs.<\/p>\n

After forming a comprehensive borrower profile, the system performs the first round of borrower qualification and calculates the credit score of each borrower. The process of a new borrower onboarding and verification ends up with the primary decision on the user’s access to the system – yes or no. If a potential borrower\u2019s credit score matches predetermined criteria, the loan request is redirected to a bank that can make a verification call if needed.<\/p>\n

The process of getting a loan is simple and doesn\u2019t require a lot of documents from the borrower. Here\u2019s the only data that borrowers need to provide:<\/p>\n