Camino Financial fast funding
Jordan Schneir
By: jordan_shneir
Read in 9 minutes

How Can Camino Financial Provide Such Fast Funding?

0 0
0
Blog_Banner_1

Fast funding for your business can be hard to find. You shouldn’t have to wait for weeks to get the funding you need to grow your company.

At Camino Financial we are dedicated to providing our clients with fast service and quick decisions so you can get back to doing what you do best — running your business.

 Why choose Camino Financial?

 When you apply for one of Camino Financial’s small business loans you receive an instant quote. If you are pre-approved, funding occurs on average in 2-4 days for microloans and 3-10 days for small business loans.

How are we able to provide such fast funding?

Let’s take a closer look at our funding process and how we can help you get the money you need to run your business as quickly as possible.

Our Process

The Camino Financial application and approval process is as easy as it gets.

We use a three-step process to streamline the funding process.

#1 Submit an Online Application

The mobile-friendly application can be completed in five to ten minutes. You don’t need to submit documents and your credit score is not affected by submitting the application.

#2 Review Pre-Approval Terms

Within 24 hours, you’ll receive information about the terms of the prospective loan.

 A loan specialist will call to set up an appointment to answer your questions and may ask for documentation in addition to your permission to view the last six months of your business bank activity.

 #3 Sign Loan Contract and Receive Your Funds

Final approval of Camino Financial small business loans takes on average between one to eight business days.

 Once approved, we send a loan contract by email. After you sign the contract, you’ll receive funds in two days. Funds are deposited electronically to your bank account.

 This streamlined three-step process is how we are able to provide fast funding to small business owners like you. 

How Does Camino Financial Provide Such Fast Funding?

When you apply for a small business loan from banks or traditional lenders, it can take anywhere from three to five weeks to get a final decision. On top of long approval times, the average time it takes to get funding is approximately three months.

 That being said, how is Camino Financial able to provide such fast funding? How can Camino Financial make the condense a three-month waiting period to just a few days?

Interview with Our Loan Processing Manager

In order to answer these questions, we interviewed Marisol Loza — the Loan Processing Manager at Camino Financial.

Question: What is the shortest funding time you can provide?

Answer: After your application is approved, you can get funding in as little as 24 hours.

Q: What resources or technology do you use to make this possible?

A: Aside from our streamlined application process, one tool that we use to provide fast funding is PLAID

PLAID helps us quickly gather bank data so that we have all the information we need to process applications as fast as possible.

Q: How can the borrower benefit from the fast funding Camino Financial provides?

A: The benefit of fast funding is that the borrower can start investing that capital in his business right away. Long wait times can cause small businesses to stagnate.

Our dedication to providing fast funding helps small business owners continue to grow and prosper. 

Q: What are the reactions of your borrowers? Are they positively shocked when they receive the funds?

A: For most borrowers, it is their first time obtaining a loan. So they are not too familiar with the lending process.

For the most part, all they know is that obtaining a loan is difficult and time-consuming. So when they see the funds in their account they are shocked with excitement and gratitude. 

Q: What advice can you provide your potential borrowers to speed up the process?

A: We do everything we can to make the funding process go by as fast as possible. That being said, there are a few things borrowers can do to make this process even easier.

First, borrowers should be sure to link their bank account to PLAID. This will give us quick access to the bank data we need to make a decision.

Borrowers should also be sure to respond quickly and accurately to all communications. If we need any additional information, it’s important to respond quickly so that we can continue on with the approval process.

Next, borrowers should complete their applications quickly and accurately. It can be tempting for business owners to hide information, like defaults on previous loans, existing loans, and low credit scores. However, we will need this information in order to process their applications.

Lastly, borrowers should be sure to sign off on their loan offer without delay. This is the final step before we can provide funding, so don’t delay this step.

Q: You mentioned PLAID. Can you tell us why this tool is safe?

A: As with any service like this, clients be wary about their financial information ending up in the wrong hands. Fortunately, PLAID is completely safe to use.

Camino Financial is given view-only access to your information. We cannot make any changes and cannot access your funds. We also can’t see any of your login details and all data is encrypted.

 Moreover, all data provided to Camino Financial through PLAID would need to be provided through copied of bank statements if not for this service.

PLAID protects all of your important information and helps us provide fast funding to borrowers.

Q: Why does using PLAID speeds up the process?

A: First and foremost, PLAID gives us immediate access to the data we need. As soon as you link your bank account, we’re good to go. There are no administrative delays and you don’t have to go through the effort of obtaining and sending us copied of bank statements.

Data provided to us is also completely up to date. Meaning, we’ll be able to analyze your business’s current financial health.

Lastly, using PLAID helps us access all your data in one, convenient location. There’s no need to waste time collecting data from multiple sources.

Final Thoughts

Small businesses rely on fast funding for a variety of reasons.

Whether a piece of expensive machinery that your business relies on breaks or you want to take advantage of a supplier sale before it ends, fast funding can help you invest in things that will help your business grow.

Having to deal with long wait times from banks and traditional lenders can prevent you from doing this.

Camino Financial provides fast funding by using a streamlined application process and helpful tools, like PLAID.

All you need to apply is a few basic documents, including:

  • Bank statements for the last 6 months (provided trough PLAID)
  • Your ITIN (no SSN required)
  • Tax returns (only for loans 0f $50K or above)
  • Proof of business registration
  • Business licenses and permits

The entire process can be completed in the comfort of your home or at your workplace.

Does your small business need fast funding? Apply for a business loan today!

 

Check if you
qualify for a loan

LEARN MORE