Automation solutions platform Unitek has teamed up with LoanGuru Business Finance, a finance brokerage based in Ireland and the UK, to allow alternative lenders to extend new credit lines and loans to small businesses during tough trading conditions. The Unitek platform will allow these lenders to onboard and background check loan applications online without human intervention. This reduces fraud and increases the number of applications that can be processed as many lenders are still using paper applications and in-person meetings to evaluate candidates restricting them from funding small businesses who need credit lines during the pandemic.
peaking about the partnership Martin Brown, Founder and CEO of Unitek said “It’s amazing to see how Unitek and the hard work of the team here will play an important role in keeping so many valuable SMEs alive and trading as lockdowns lift. Alternative lenders have been using paper and meetings to onboard customers. This is happening because automation technology has been largely inaccessible to them from a cost and IT perspective until this partnership with Loan Guru.”
The offering in conjunction with LoanGuru Business Finance will allow alternative lenders to offer loan applicants the ability to sign up on their phone using the camera to verify the person, their passport and a signature with the swipe of a finger. The technology not only will increase applications but reduce fraud, as Unitek’s technology can spot fraud such as a fake passport that the human eye cannot verify.
Alva Horgan, CEO and Founder of LoanGuru Business Finance commented, “Unitek’s technology will allow our lenders to be fully digital. Unitek’s platform is obviously a game-changer during a pandemic but the long-term benefits of this technology will give the lenders, and their SME clients a new and easier way to operate far into the future.”