Financial startup Capital Bean recently launched its latest loan connection service aimed at helping consumers find safe and accessible loan financing in a timely manner.
In just 5 minutes, it matches customer inquiries with lenders who are most likely to fund their loans – from $100 to $35,000. The service bases loan approval on a number of factors, including loan amounts, loan duration, and the customer’s credit history and income details.
The service was developed after a gap was discovered in the short-term loan market – a much more secure service compared to competing local payday shops that operate both on the high street and online.
Co-founder Richard Allan commented, “Capital Bean is heavily technology-driven, which allows for such a quick matchmaking process between the borrower and the potential lender. The whole process takes about 5 minutes in total. The process is thus extremely streamlined – customers can get their loans in about 24 hours. With smaller loans, there is often an opportunity to receive the fund in as little as 15 minutes or an hour.”
The startup aims to target the 12 million customers who use payday loans in the US each year, many of whom are ordinary borrowers and take out 3-6 loans a year.
It’s worth noting that Capital Bean’s service is free for clients and their soft search method leaves no trace on a potential client’s credit history.
“It’s a big advantage,” explains Allan. “Some of the 12 million customers with bad credit may go around the houses applying locally one after the other to try and get credit approval. Not only is this time consuming, but it also puts a strain on their credit score with all those extra searches.”
“Additionally, with thousands upon thousands of payday shops across the US, there’s a slight stigma to going into one of these shops, as well as the inconvenience if you need money quickly or prefer not to shuffle due to the pandemic.” As such, we are excited to offer a full online experience.”
“Not only are we here to serve the bad credit community, we work with over 50 US lenders, including banks and national lenders. Even if you have good credit and want to borrow large sums, we can help you get very cheap interest rates. ”
Capital Bean considers all credit history, income and background. For example, alternative products can be offered to customers applying for loans with poor credit ratings. This applies in particular if the customer requests the provision of an asset as security.
In the US, both payday loans and short-term loans are legal at the state level, not the federal level. Currently, 37 states offer this type of lending, including California and Texas. It’s currently banned in 13 states, including New York and Massachusetts.
https://techround.co.uk/startups/capital-bean-launches/?utm_source=rss&utm_medium=rss&utm_campaign=capital-bean-launches Capital Bean launches with a mission to make consumer credit safer, more accessible and more affordable