We know that filling out a business loan application can be a time-suck. That’s why we’re excited to tell you about our new marketplace feature that makes applying for loans much easier. Our in-app financing application cuts out 75% of the application process and lets you submit a business loan application in under 5 minutes!
This feature is currently available for businesses applying to term loans from Lending Club and OnDeck Capital, with plans to add more lenders within the next few months. Instead of being redirected to the lender’s website, Nav will pre-populate a loan application form within your Nav account. You then supplement the form with any missing information, review their application, and submit their application for approval by the lender.
Here’s how it works in 4 easy steps.
Step 1: Review and select a lender.
Review and select the lender you’d like to work with by clicking LEARN MORE for more information and APPLY NOW to go directly to the form. (Note: as of January 2016, the in-app financing applications are only available through OnDeck and Lending Club business loans.)
Step 2: Fill in the blanks on the business loan application.
We’ll ask a few questions to make sure we have your correct information. This should take 5 minutes or less.
Step 3: Review your application.
Nav presents your application with pre-populated information for your review. Take a quick look and submit your form by clicking the “Apply for Loan” button at the bottom of the page.
Step 4: Instantly see your offers!
You’ll instantly see your offers after submitting your application. Select your favorite loan option and you’ll be directed to the lender’s site to complete the process. (In the case of Lending Club, this means submitting your most recent tax returns and bank statements.)
And that’s it!
Here at Nav, we’re working hard to bring you tools that can save you time, so you can run and grow your business the way you want. And we’re already cooking up other ways to make life easier for you. Stay tuned!
If you have questions or suggestions, we’d love to hear it. Just email us at email@example.com.
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