Digitisation has reduced time to lending decision at Accredo

In an era where time is money, traditional secured lending often loses the race as brokers and businesses alike can be under the misconception that it is not a viable financing option. Commonly dismissed as cumbersome and slow, it is common for some to view secured loans as impractical, especially when the funding required is time critical. However, this perception fails to account for the innovations bought about by technological advances, and with Accredo’s digital portal, secured lending may be a better fit for your client than you have previously thought.

Understanding Secured Loans

Unlike their unsecured counterparts, secured business loans require firms to provide assets as a form of collateral against the borrowed sum; in Accredo’s case, this is in the form of property. The prevailing assumption is that this type of loan suffers from slow processing due to the necessity of additional checks, such as evaluating the asset’s value and the borrower’s ability to meet their repayments.

Moreover, eligibility criteria and lending policies can vary significantly between different providers, and decisions on approval to lend from traditional banks and some lenders can be a long and drawn-out process. For those with unusual or complex credit scores, this can mean time consuming and complex communications with a potential lender before a full proposal can even be submitted.

While it is true that secured loans require a greater degree of due diligence (to fundamentally protect both the lender and borrower), they are not always inherently longer to process. Digitisation removes the bottlenecks associated with secured lending, and the time-to-lending process and decision can be as quick as it is thorough – with the right lender.

90% of Accredo’s customers were previously turned away from mainstream lenders. Our approach is designed to streamline applications to offer clarity and speed where others can’t. This assurance not only provides security but also peace of mind for businesses with unique or time-critical needs.

Accredo’s Digital Portal

Accredo’s online portal provides a series of tools to help brokers simplify the secured loan process. Our online platform reduces the time taken for eligibility to be checked, the loan to be underwritten and paid out, alongside broker commission:

• Quick Check

Brokers in our trusted network can use our Quick Check feature to test their client’s eligibility for a loan before submitting a proposal. By filling out some basic information on our one-page proposal form, Quick Check can inform our brokers with a guide in less than a minute, giving them the confidence in their choice to submit a full proposal.

• Autofill options

Our portal’s autofill options also offer a time-saving and convenient solution by automatically populating information into our proposal form. For instance, when entering a company registration number, the portal will autofill details from Companies House.

• Direct to team

With digital data entry and instant submission, our portal significantly reduces processing times and upholds fast communication speeds. This is particularly advantageous for time-sensitive tasks as it eliminates the delays associated with physical paperwork handling and delivery and thus enhances overall productivity.

• Live Updates

Once a proposal has been accepted, live updates are provided by the team via the portal on the key stages of the process towards payout. Our continuous communication allows brokers and clients to always stay informed on the progress of a proposal.

• Underwriting decision within the hour

Through the combination of time-saving features on our portal and Accredo’s extensive experience tailoring loans to borrowers, we have drastically reduced approval time. Accredo can often provide an underwriting decision in under one hour, and once all necessary documents have been received and processed, we can release the funds to your client’s nominated bank within 24 hours.

The perception that secured loans are a cumbersome and a slow lending option is often untrue, and it is one that Accredo is working hard to correct. At Accredo, we understand the critical nature of time in businesses operations. When coordinated effectively on both sides by leveraging advanced digital tools, secured lending could be the perfect option for your clients when and where it is most needed.