The so-called “Fintech” (online companies that offer online credits) help small and medium-sized businesses to grow. How? Through business loans.
The management of finance and credit are two factors that suffer from SMEs. In order to become a world economic power, in Mexico we must bet on family businesses, as well as the digitalization and automation of production processes. These last two factors allow 25% more productivity and 50% less time in any activity.
Financial factors are one of the main problems for those who are starting their business. The companies responsible for offering business loans aim to improve the performance of small and medium-sized national projects.
This segment of the market grows and grows due to the obstacles that must be overcome to request a loan from the bank. The main advantage of this type of credit is that it is a quick and easy process for any Mexican.
Entities usually take between two weeks and a month to approve a loan. On the contrary a fintech has an answer (in most cases affirmative) in a matter of minutes. The minimum it takes to approve an application is 10 minutes and the maximum half an hour. Then the money can be credited between 24 and 72 hours from the completion of the 100% online process.
If SMEs in Mexico do not have access to “traditional” credit (from banks) it is difficult for them to exceed the first two years of life or become a larger company that employs hundreds of people.
There are four main characteristics of business loans that can help an SME to open a new branch, buy merchandise, furnish an office, etc:
It is a very important resource when we do business. That is why we cannot wait for the bank to analyze our case with its times and schedules. An online credit is approved in minutes. Undoubtedly, excellent news if we need cash urgently. Fintech facilitates business loans in 10 minutes.
Mexicans are still reluctant to come from the internet. Not seeing people “face to face” makes us doubt. However, this 100% online business model has been successful in Europe and the United States for years. In addition, unlike traditional banking, a fintech explains the processes well, details the credit characteristics and is transparent from the start.
Hand in hand with transparency, a company’s reputation is essential when looking for a loan. SMEs should pay close attention to services and products but also to the experiences of other users. We cannot forget that maintaining a financial relationship with a financial entity can condition our future, for better or worse.
Digital credit is much cheaper than traditional credit because it faces less operating costs. It does not require paying so many employees or having a business or fixed branch. This has a favorable impact on users, who benefit from the lower costs of financiers.
Thanks to business loans an SME can pay a high bill, renovate furniture or buy modern tools that facilitate their day to day. Applying for a credit online is very simple, safe and fast. Do not hesitate to try our calculator with the amount you need.