Finance software firm Intuit has finally launched the much-awaited
QuickBooks capital. Through this new feature, eligible QuickBooks customers
will be able to take easy business loans. This is the first time when Intuit
will be entering into small business lending space. The maximum loan amount has
been set up to $35,000 for six months, which can be taken from inside their
bookkeeping software. This is being considered as a breakthrough credit model
which will help small businesses to overcome the hurdle of small loans. But you
should know that Intuit is lending its own money through QuickBooks capital and
it will not connect its user to any bank or private lender.
QuickBooks capital will be using machine learning to
demonstrate the creditworthiness of small businesses. With this new feature,
almost 2.4 million QuickBooks users will be benefited.
Get credit benefit for your business
performance
Now QuickBooks users
will be able to utilize their own QuickBooks data for getting credit benefit on
the basis of business performance, historical and ongoing.
Smooth and
Transparent application process
Now small business will not have to go through the
cumbersome process of loan application process as a very smooth and fully
transparent application process will be available within the QuickBooks in
order to allow users to access funding directly from their daily workflow.
Better opportunities
Through a survey, it has been found that 60% of the
QuickBooks capital users will not get a loan from anywhere else and around 46%
of users have never applied for a loan. That’s why this new feature will create
better and new opportunities for the growth of small businesses.
Transforming lending
experience
In addition to the above-mentioned features and benefits,
Intuit is planning to widen the lending experience for small business by
allowing them to share the credit data attributes with other lenders as well.
Seamless borrowing
experience
The traditional loan borrowing process is full of hurdles
but the QuickBooks capital model makes the borrowing experience seamless.
Eligible QuickBooks users will be able to access funds from the new ‘Capital’
tab inside their QuickBooks. This new tab will show them their eligibility
according to the current business performance. The maximum loan amount has been
set to $35,000 with a term of three to six months. Transparency is maintained
in this model by showing the annual percentage rates to borrowers.
Successful testing
Hundreds of small businesses were invited to test the
feature through private beta and the good news is that almost 90 % of the users
said that the loan helped their business to grow.
The new QuickBooks capital will change the way of loan lending to smaller business. With easy, fast and transparent borrowing experience, now more small businesses will be looking for the loan for the growth of their business. Intuit has tapped the untouched market of smaller businesses which were not able to get loans earlier.
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