UK’s NatWest bank reduces time for loan approval to 3 minutes on its new online lending paltform

20 April 2017

natwestUK-based National Westminster Bank, widely known as NatWest, is introducing its new online lending platform for small businesses to facilitate the process of loan provision by eliminating large volumes of paperwork and thus saving the time for approval, which is now reduced from 21 days to three minutes.

According to the information from NatWest, the company has already pre-assessed about 500 thousand of its small business clients potentially eligible to accessing the loan when the new service is widely rolled out this summer with the total budget allocated for this purpose amounting to 4 billion pounds.

Under the terms of the new service applicants requesting the loan will have unsophisticated and simple experience of having their applications approved without any need to fill and file any papers because the system has their information that will be used for assessment.

Just logging into their online bank account small businesses will see the amount they are eligible for with the maximum loan limit accounting for 35 thousand pounds. After the approval their loan will be transferred to their accounts within two days.

Apart from online access, borrowers will also be able to enjoy the service from branches and using telephone applications. Spokesperson for NatWest notes that the bank pushes the policy of making lives of their clients easier rather than complicating them, being open for loan provision and instead of making borrowers wait for the bank, NatWest is itself proactively approaching them to show potential loan amount once a customer logs into the online banking account.

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