Canada: Merchant Advance Capital partners with Flinks to provide fast loan approval

Online lender Merchant Advance Capital has announced a partnership with Flinks, a financial API for banks and credit unions to improve its loan approval time. It is now anticipated that loans will be approved and banked in one day. Therefore, this route would be the fastest method for Canadian businesses to obtain a business loan from an alternative lender.

Merchant Advance Capital customers will be able to connect the Flinks mobile app to their own financial institutions to obtain information including transaction history, account balances and to validate ownership of the account. Subsequently, applicants will be able to instantly provide their banking information to result in a faster loan approval process.

"Only 19% of Canadian SMEs anticipate that access to funding will improve over the next 12 months. Therefore, this new initiative may increase business sentiment in the future by facilitating faster loan approval and access."

According to RFi Group’s SME Banking and Payments Council data, only 19% of Canadian SMEs anticipate that access to funding will improve over the next 12 months. Therefore, this new initiative may increase business sentiment in the future by facilitating faster loan approval and access.

CEO and Founder of Merchant Advance Capital, Dave Gens commented: “We want to help small businesses realize their potential through smart funding solutions, and this partnership puts the timeframe for receiving money almost entirely in the hands of our customers.”

 

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