FinTechs Give Banks A Wake-Up Call With Loan Disbursements

August 30, 2017 – Will SMBs seeking loans for expansion and growth dump traditional banks for alternative lending services that can quickly approve applications and disburse funds? For the August PYMNTS.com Disbursements Tracker™, powered by Ingo Money, PYMNTS speaks with Andrea Gellert, chief revenue officer of OnDeck, about how new lending players are giving traditional banks reason to retool their services. Plus, a deep data dive on the rise of MPL services and nine new additions to the provider directory, inside this month’s Tracker.

Not too long ago, when small- to mid-sized business (SMB) Orion First, a business credit ratings firm, needed a loan, its only option was to visit a local bank, fill out myriad application forms and wait several weeks or months to (maybe) get approved. Fast forward to today, and the small business lending process has undergone a significant overhaul.

With a growing number of FinTech players competing in the lending space, small businesses now have improved access to a range of loan options — and, in most cases, funds are disbursed in as little as 24 hours…

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