The two loan planets compared
Speed, transparency, transversality. If we were to summarize in three keywords the experience of the entrepreneur asking for loan to Borsadelloano.it, we would use those in attack.
The disruptive power of P2P lending lies first and foremost in a new model of supply, which clearly differs from that of the bank and which represents an overcoming of all the major limitations of the latter.
To deal with the bank, for a small company, still means too often to confront a scenario more similar to that of the Fantozzi accountant than to the habits of the third millennium. Long waits even just to get an initial response, dozens of forms to sign and physical trips to be made at the local bank, documents to be printed with the worsening of paper waste and time. And again: opening hours of branches that almost always do not exceed 15.30, costs not clearly explained during the negotiation phase.
And finally, even if you could manage to jump without having to cover all the obstacles described, find out after weeks or months that our company has no access to financing. Or that we have been judged suitable but now that funding does not help us anymore: often an entrepreneur who asks for loan needs it quickly to carry out their own growth projects or to cover the cash needs, otherwise “the good train” risks passing.
So let’s try to build a benchmark of the P2P lending experience, comparing it with the banking one, starting from the key factor: time.
- The response times of a P2P lending platform such as ours are 24 hours for the outcome of the request and a few days (often only 3) for the loan to be physically disbursed to the applicant’s account. On the other hand, on the other hand, bank response times are between 8 and 12 weeks, up to three months for the entrepreneur to know the outcome of their request. In the 24 hours sufficient to the Borsadelloano.it team to understand if a company is eligible for the loan, quantitative analyzes on the balance sheets, on the trend and on big data, which prepare for direct contact, are carried out thanks to a proprietary algorithm. the businessman. P2P lending platforms are able to reduce processing time, keeping the quality of company selection very high, since the analysis of thousands of discrete data is managed by algorithms and technology, which also facilitate the analyst’s final work.
- The experience of P2P lending is completely digital against the physical one of the bank: the whole process, from registration to the portal, up to the sending of financial statements and to the communication of the Iban takes place online as far as we are concerned. A process that takes about 10 minutes, starting from clicking on the link “ask for a loan”, and with a minimum amount of documents required: from here triggers the mechanism that will give its first result within 24 hours. In the bank, it is necessary to stand in line at the counter or to make an appointment with the consultant who will deal with opening the file, will have to physically bring the required documents and comply with a series of bureaucratic requirements. All during the opening hours of the branch, which are generally between 8 and 16, from Monday to Friday. Access to the product of Borsadelloano.it is unlimited: 24 hours a day and seven days a week, from your desk wherever it is.
- Another sore point of the bank loan is the hidden costs , totally unrelated to the P2P lending that bases its model on transparency . The costs for the entrepreneur are known and expressed clearly, while often there are numerous hidden costs in the bank that are not shown in the rate of the individual transaction, but weigh heavily on the company’s balance sheet.
- The offer of P2P lending is transversal, against that limited in size and sectors of the banks : Borsadelloano.it, for example, is aimed at companies in every sector and in every dimension (subject to the minimum parameters of 12 months of life and 50 thousand euros in turnover). Our business is born precisely to fill the gap caused by the fact that banks tend to finance less and less contained requests, in particular the amounts below 100 thousand which do not produce margins for banks and which are typical of micro-enterprises in the original target of Borsadelloano .com. In general, the banks have tightened the loan lines for small and medium-sized businesses, as shown by the data on the monthly loan report produced by the Unimpresa Study Center, which elaborates the Bank’s surveys. According to which the loan crunch for Italian companies does not stop: bank loans to companies, in the last year, have fallen by almost 50 billion euros (-6.34%), over 20 billion less loans short and 31 billion long term.
- The last aspect is the security of the providing institution. And that’s where P2P lending and banks finally converge . P2P lending platforms are framed in our system as payment institutions, subject to supervision and authorized by the Bank of Italy, just like banks.