Most of these businesses are creditworthy, but traditional banks and lenders often don’t lend to them because there are no credit scores and collateral requirements are too high. That’s why we assess businesses, build their Payhippo Scores, and provide financing to them.
Speed is everything for these business owners that are buying goods and need capital. For example, a supermarket may run out of inventory and not have the cash on hand to buy new goods. With PayHippo’s instant financing, that supermarket has the liquidity to buy inventory and make sure to retain the customer in their store. We deliver loans 21x faster than the next faster competitor. We slowed down our disbursement time from 3 hours to 6-9 hours one day. Almost immediately we got emails from two separate borrowers saying that they are disappointed at how long it is taking. This was validation about how important it is for us to be able to serving working capital needs on-demand.
Through our mobile-friendly web app, businesses can apply in just a few minutes. After 10-20 minutes our system has automatically verified and underwritten the business' loan. Once a human double-checks this verification and underwriting, (1-2 hours wait time) a business receives a loan offer. Once they click accept then funds are automatically disbursed to their account.
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