5 Strategies to Shorten Loan Processing Time and Accelerate Disbursement
Whether it’s to finance a business venture, a home renovation, or an unexpected expense, waiting weeks or even months for loan approval can be frustrating and delay important plans. 73% of loan applicants consider speed a critical factor in their loan decision, highlighting the growing need for efficient loan approval processes. For lenders, slow loan processing can lead to lost business opportunities, dissatisfied customers, and operational inefficiencies.?
Federal Reserve Bank of New York reported that every day of delay in the lending process can result in a 3% increase in the likelihood of a loan application being denied or abandoned. Fortunately, there are strategies that lenders can implement to streamline their processes and accelerate loan disbursement.