The tool will be able to work with inquiries and credit mix alongside debt-to-income and debt-to-credit calculations, and will be able to work with potential funding options for which an applicant might be qualified, the release says, which will help a company double the number of applications it can process.
In addition, according to the release, the company is now paying its finance agent referral partners 25 percent commission rates.
Finance Factory also offers ways for professionals to monetize their existing networks, with the referral partners of Finance Factory offering opportunities for new income generation through referring others for business or personal financing needs.
Finance Factory, according to the release, offers versatile choices for funding options, including business express loans, merchant cash advance, revenue-based loans, equipment finance, SBA loans, startup funding and more.
According to the release, Finance Factory can create solutions for “any kind of small business or startup.” Calling itself a “boutique” service provider, Finance Factory offers services for navigating various paperwork and lender requirements.
Last year as the pandemic was just gearing up, PYMNTS wrote that traditional banks and other lenders were looking at tightening restrictions on loans for small businesses and households with shaky credit. The pandemic’s rapid arrival left many households and businesses on uncertain ground financially, and big lenders quickly set about making revisions to their lending processes. New rules were put into place to boost income verification, lower available credit on new cards and target customers with higher credit limits.
Fundera CEO Jared Hecht said at the time that the big question for lenders was whether or not they’d get paid back if they made a loan during that time.