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After the success of its pilot programme in India, Xiaomi is back with its digital lending platform <keyword id="6552363" type="UNKNOWN" weightage="20" keywordseo="Mi-Credit">Mi Credit</keyword>. Through the app, the company provides instant loans up to ₹1 lakh to users within five minutes.<br /><br />Earlier, Xiaomi had partnered with KreditBee to disburse loans. This time around, it has partnered with Aditya Birla Finance, Money View, EarlySalary, CreditVidya and ZestMoney. Xiaomi is providing real-time disbursements and supports all major banks on its platform.<br /><br /><strong>How to avail an <keyword id="4381247" type="PERSON" weightage="20" keywordseo="instant-loan">instant loan</keyword> from Mi Credit<br /></strong><br />The loan application process is 100% digital and takes just five minutes. Just follow the below steps to avail a loan up to ₹1 lakh from Mi Credit:<br /><br /><ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li><li>Once you sign in, you will see a banner that says, ‘Maximum loan amount ₹1,00,000’.</li><li>Click on the ‘Complete’ button.</li><li>Now, enter the required information such as your name, gender, date of birth, email ID, PAN number and pin code.</li><li>Agree to the terms and conditions at the end and click on ‘Submit’.</li><li>You will then be asked to submit your address proof and a selfie as part of KYC.</li><li>A loan profile will inform you whether you are eligible for a loan.</li><li>If you are eligible, you will be asked to submit your bank account details and the loan will be disbursed to your account.</li></ul>How to check your credit score on Mi Credit app<br /><br />In addition to availing an instant loan, you can also check your credit score on the Mi Credit app for free.<br /><br /><ul><li>Download the <a href="https://play.google.com/store/apps/details?id=com.micredit.in.gp">Mi Credit</a> app from the Google Play Store.</li><li>Sign in using your phone number or your Mi account.</li></ul><ul><li>At the bottom bar, click on ‘Profile’.</li><li>Now, click on ‘Credit Report’.</li><li>Provide the required details, including your PAN number.</li><li>Agree to the terms and conditions at the bottom and click on ‘Submit’.</li></ul>Once your credit report is ready, it will be sent to your registered email address.<br />

Here’s how you can avail an instant loan from Mi Credit

<strong><br /></strong><ul><li><strong>Digital lenders should push for raising limits on small loans using <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>.</strong></li><li><strong>After digital payments, fintech players are rushing to offer small ticket consumer loans. <br /></strong></li><li><strong>Technology has made it possible for them to undertake different - often more efficient -modes of credit assessment. </strong></li></ul><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> is a credit-starved country - at least for most ordinary Indians. But a slew of digital lenders promising instant or short-term loans is hoping to change that by filling the gap left by the onerous requirements of traditional banks.<br /><br />However, the government wants even the relatively flexible digital lenders to step up their game. On Tuesday, Niti Aayog chief executive <keyword id="6358887" type="PERSON" weightage="20" keywordseo="amitabh-kant">Amitabh Kant</keyword> <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">urged </a>digital lenders to better use technology to raise the current caps on small-ticket loans. <br /><br />According to Kant, digital lenders should push for raising these limits on small loans using efficient e-vetting systems like the one time password-based electronic know your customer (KYC) verification. Relying on biometric Aadhaar-authentication alone results in higher operating expenses for these lenders, he added.<br /><br />“Currently, lending through OTP-based e-KYC is capped at ₹60,000 whereas the loan size through online digital mode, as per market data points, is approximately around ₹350,000,” Kant <a href="https://www.livemint.com/Politics/7FwClNXWhg2yaOz3jQUkkL/Raise-limits-on-loans-granted-through-OTPbased-eKYC-Niti.html">reportedly </a>said at an event in Mumbai.<br /><br />Earlier this year, the Indian government said it would <a href="https://economictimes.indiatimes.com/small-biz/policy-trends/government-sets-up-panel-on-fintech-to-make-regulations-more-flexible/articleshow/63170535.cms">bring</a> in a more flexible regulatory environment for fintech players in order to increase <keyword id="107911" type="ORGANIZATION" weightage="20" keywordseo="Financial-inclusion">financial inclusion</keyword>. India has a vast unbanked population with an unmet demand for loans of roughly $200 billion from individuals and small to medium-sized enterprises, <a href="https://www.pwc.in/assets/pdfs/publications/2017/fintech-india-report-2017.pdf">according</a> to PWC.<br /><br /><strong>The changing face of consumer lending<br /></strong><br />After digital payments, fintech players are rushing to offer small ticket consumer loans to serve the underserved market. Recently even search <a href="https://www.livemint.com/Companies/283dgHufJo9XzKleq3Kh4K/Google-Tez-Google-Pay-bank-loans-paytm.html">giant</a> Google has also entered the fray, partnering with HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Federal Bank to provide instant, pre-approved loans.<br /><br />Using data analytics and proprietary algorithms, digital lenders can <a href="https://www.livemint.com/Industry/mHyfNNXEbFRxtF8DqZ8wRP/Benefits-of-taking-instant-loans-through-digital-lenders.html">provide</a> instant loans ranging from ₹10,000 ($137) to ₹700,000 while saving consumers the hassle of long waiting times and extensive paperwork of traditional banks. Many of them have teamed up with NBFCs to facilitate these digital loans while some others are using the <keyword id="2814950" type="PERSON" weightage="20" keywordseo="peer-to-peer-lending">peer-to-peer lending</keyword> models. <br /><br />Technology has made it possible for them to <a href="https://yourstory.com/2018/08/ai-powered-tech-rupeelend-can-get-loan-even-low-cibil-score/">undertake</a> different modes of credit assessment - evaluating whether a borrower is credit-worthy - and lend where traditional banks would hesitate. For instance, P2P lenders use as many as 1,000 data points including data gleaned from social media, Aadhar, where a person lives, credit scores in order to minimise risk and often bypass physical paper-based vetting. <br /><br />That enables many of these digital lenders to lend to people who are new to credit or who lack the requisite credit history. Lending times have also come down significantly from weeks to just hours. <br /><br />Overall, <keyword id="59794" type="PERSON" weightage="20" keywordseo="Digital-lending">digital lending</keyword> represents a huge opportunity for both borrowers and lenders. It’s <a href="https://www.livemint.com/Opinion/MgTU086kNbuc6lbpgmdgsI/The-changing-face-of-Indian-retail-borrowing.html">estimated</a> that in India, out of 220 million credit-eligible people, just 70 million have actively taken out loans despite having eligible credit scores.<br />

Why the government wants more from India's booming digital lending market

<ul class="summary-list"><li>Business Insider Intelligence is launching its brand new Banking coverage in early September.</li><li>To obtain a free preview of our Banking Briefing, please <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">click here</a>.</li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Rocket Mortgage propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><h3><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">Click here to obtain an exclusive FREE preview of Banking!</a></h3><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>

Here is a list of the top nonbank and alternative lenders in 2019

<ul class="summary-list"><li><span style="font-weight: 400;">This is a preview of the </span><strong><em><em>SMB Lending Report</em></em></strong><span style="font-weight: 400;"> from Business Insider Intelligence.</span></li><li><a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase this report.</a></li><li><a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=top_text&amp;itm_term=bii_subscription_text_link-nonbank-alternative-lending-companies">Business Insider Intelligence offers even more insights like this with our brand new Banking coverage. Subscribe today to receive industry-changing banking news and analysis to your inbox.</a></li></ul><p>Nonbanks and alternative lenders have garnered attention in the banking industry due to their ability to partner with legacy banks and utilize technology to make financial transactions more efficient and convenient for users.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Consumers are attracted to the idea of completing loan applications and payments digitally, with no initial fees, and at low interest rates. Alternative lending companies and nonbank financial institutions have been able to cater to these demands by adapting to the digital age and remaining open to company growth. </p><p>Here is a list of some of the top alternative lending competitors. </p><h2>1. Quicken Loans</h2><p>In 2015 Quicken Loans transformed the mortgage industry with the introduction of Rocket Mortgage <span>- </span>its online mortgage application that reportedly takes less than 10 minutes to complete. With no other viable challengers to the status quo in sight, this online application was immediately appealing to tech-savvy applicants. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p><a href="https://www.rocketmortgage.com/">Rocket Mortgage</a> propelled Quicken Loans into the digital mortgage sector <span>- </span>altering the traditional home loan application process and opening the door to smaller online lenders. According to Business Insider Intelligence's <a href="https://www.businessinsider.com/the-online-mortgage-lending-report-2019-7">Online Mortgage Lending Report</a>, by Q4 2017, Quicken Loans had become the largest US residential mortgage originator by volume. </p><p>Learn more about <a href="https://www.quickenloans.com">Quicken Loans</a>.</p><h2>2. LoanDepot</h2><p>LoanDepot became popular in the mortgage loan market in 2017 when it introduced a suite of tools  for consumers to fill out mortgage loan applications conveniently from their smartphones. </p><p>This alt lender has funded over $165 billion since it launched in 2010, and is the nation's fifth largest retail mortgage originator <span>- </span>taking second place for largest nonbank consumer lender. </p><p>Learn more about <a href="https://www.loandepot.com/about">LoanDepot</a>. </p><h2>3. PennyMac</h2><p>PennyMac has stayed ahead of its alternative lending competitors by continuously adapting to consumers' digital preferences. Catering to the online user, PennyMac provides digital loan support and allows consumers to submit documents electronically. </p><p>With no minimum income required, PennyMac offers a wide variety of loan options ranging from conventional and jumbo loans to U.S. Department of Veterans Affairs and Federal Housing Administration loan and mortgage programs. </p><p>Learn more about <a href="https://www.pennymacusa.com/compare-home-loan-options">PennyMac</a>.</p><h2>4. OnDeck</h2><p>OnDeck's digital technology services and partnerships with incumbent financial services providers have secured it as a top alternative lending option for small- and medium-sized businesses (SMBs). <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>In 2018 OnDeck launched ODX to help banks build their own digital small-business lending products. The firm also partnered with JPMorgan in 2014 <span>- </span>and extended the partnership in 2017 <span>- </span>to create a platform allowing SMBs to access up to $200,000 in loans online.</p><p>Learn more about <a href="https://www.ondeck.com/why-ondeck">OnDeck</a>.</p><h2>5. Social Finance (SoFi)</h2><p>Originally focused on student loan refinancing, SoFi now includes mortgage loan refinancing, mortgages, and personal loans. In 2019 SoFi expanded its offerings with the launch of <a href="https://www.sofi.com/invest/">SoFi Invest</a>, which offers customers both active and automated investing options with no fees. </p><p>SoFi's success as an alternative lending platform is largely due to its continuous committment to <a href="https://www.businessinsider.com/sofi-closes-500-million-funding-round-2019-5">expanding its suite of financial services.</a> In addition to the launch of SoFi Invest, the company also partnered with insurtechs Lemonade and Root in 2019 to add three more types of insurance to its product suite. </p><p>Learn more about <a href="https://www.sofi.com/">SoFi</a>. </p><h2>6. Reali Loans </h2><p><div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>Reali Loans is an online alternative lending platform that has no origination fee or upfront charge, and accommodates tech-savvy customers looking for a convenient way to seek loans.</p><p>Reali's platform allows users to complete a loan application completely online; customers can upload and sign documents electronically and track the progress of their loan, including payments, through the user dashboard.</p><p>Learn more about <a href="https://www.reali.com/">Reali Loans</a>.</p><h2>7. Kabbage </h2><p>Kabbage is another online lending platform that has earned a spot on the list of top nonbank financial institutions. The startup offers business-to-business (B2B) operations, and in July 2019 it secured a $200-million revolving credit facility. </p><p>Particularly popular in <a href="https://www.businessinsider.com/smb-lending-report">SMB lending</a>, Kabbage provides a suite of digital services where customers can link business information online to get an automatic financial review. Kabbage also allows users to withdraw from their line through three distinct methods: logging into a computer, using a <a href="https://www.businessinsider.com/mobile-banking-market-trends">mobile banking app</a>, or swiping a Kabbage Card. </p><p>Learn more about <a href="https://www.kabbage.com/">Kabbage</a>.</p><h2>8. PayPal</h2><p>PayPal is a popular peer-to-peer (P2P) lending service that Business Insider Intelligence projects to grow at a 42.7% five-year compound annual growth rate to hit $574 billion by 2023. PayPal also owns Venmo, a P2P lending app that's popular with millennials and on pace to drive $100 billion in volume in 2019. <div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div></p><p>PayPal offers various security services, including alerts of suspicious activity, in addition to easy check-out options where users can make financial transactions online. By adapting to consumers' preferred digital channels and offering both personal and business lending options, PayPal has become popular amongst a variety of users.</p><p>Learn more about <a href="https://www.paypal.com/us/home">PayPal</a>.</p><h1>Banking Industry Analysis</h1><p>The <a href="https://www.businessinsider.com/banking-industry-trends">banking industry</a> is undergoing rapid disruption as consumers show an increasing appetite for digital channels and nontraditional financing. With the integration of new technologies in financial services well underway, it's important for the industry's principal decision-makers to stay informed on the success of alternative lending and nonbank financial institutions. </p><p>That's why Business Insider Intelligence is launching Banking, our newest research coverage area that will keep you up to date on how nonbanks and alternative lending services are making their way to the forefront of the banking industry. </p><p><strong><em>Interested in getting the full report? Here's how to get access:</em></strong></p><ol><li>Purchase &amp; download the full report from our research store. &gt;&gt; <strong> <a href="https://store.businessinsider.com/products/smb-lending-report?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=full_report_text&amp;itm_term=store_text_link-nonbank-alternative-lending-companies&amp;vertical=banking#!/">Purchase &amp; Download Now</a></strong></li><li>Subscribe to a<span> </span><strong><em>Premium</em></strong><span> </span>pass to Business Insider Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt;<strong><span> <a href="https://www.businessinsider.com/intelligence/banking?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-nonbank-alternative-lending-companies">Learn More Now</a></span></strong></li><li>Current subscribers can read the report <strong><a href="https://intelligence.businessinsider.com/post/smb-lending-report-how-alt-lenders-provide-smbs-with-new-options-to-access-credit-2019-2">here</a></strong>.</li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019"></a></p>

<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Fintech Briefing subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li><li><a href="https://www.businessinsider.com/coronavirus-business-impact?IR=T">Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.</a></li></ul><p>PayPal, Inutit, and Square Capital have been given the green light to participate in the US Small Business Administration's (SBA) emergency loan program for small businesses, <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA0LzEzL3BheXBhbC1pbnR1aXQtc3F1YXJlLWFwcHJvdmVkLXRvLW9mZmVyLWxvYW5zLXRvLXNtYWxsLWJ1c2luZXNzZXMtdGhyb3VnaC1jb3JvbmF2aXJ1cy1yZWxpZWYtcHJvZ3JhbS8/5d233c18f730436f2414784fBf563c288" target="_blank" rel="noopener">per</a> TechCrunch.</p><p>The $350 billion Paycheck Protection Program (PPP) enables small businesses (those with fewer than 500 employees) to apply for loans as high as 2.5 times their payroll or $10 million - whichever is lower - to help firms <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wMy8yNi9zbWFsbC1idXNpbmVzc2VzLWdldC1oZWxwLWluLWNvcm9uYXZpcnVzLXJlbGllZi1iaWxsLWJ1dC1pcy1pdC1lbm91Z2guaHRtbA/5d233c18f730436f2414784fB1242ff37" target="_blank" rel="noopener">meet</a> their payroll, utilities, and insurance expenses in order to reduce layoffs. In addition, the <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hvdy10aGUtdXMtc3RpbXVsdXMtcGFja2FnZS13b3VsZC1pbXBhY3Qtc21icy1hbmQtYWx0LWxlbmRlcnMtd29sbGl0LXRvLXRvcC11cC1naWctd29ya2Vycy1zYWxhcmllcy1wbGFpZC1leHBhbmRzLXRvLXRoZS1uZXRoZXJsYW5kcy0yMDIwLTM/5d233c18f730436f2414784fBb61613fb" target="_blank" rel="noopener">program</a> allows small businesses to apply for loan forgiveness if they keep staff on payroll for a minimum of eight weeks, and waives personal guarantee requirements.</p><p>Fintechs have heaped pressure on Congress to allow them to facilitate loans through the coronavirus relief program, and it's starting to respond. Initially, fintechs were not included in the SBA lending program, and Financial Innovation Now - a group of technology leaders including PayPal, Intuit, and Square Capital along with others - <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly9maW5hbmNpYWxpbm5vdmF0aW9ubm93Lm9yZy8yMDIwLzAzLzE5L2Zpbi1jYWxscy1vbi1jb25ncmVzcy10by1oZWxwLXNtYWxsLWJ1c2luZXNzZXMtYXNhcC11c2Utc3BlZWR5LWFsdGVybmF0aXZlLWxlbmRlcnMtdG8tZGlzdHJpYnV0ZS1zdGltdWx1cy1sb2Fucy8/5d233c18f730436f2414784fBdbeb1845" target="_blank" rel="noopener">asked</a> Congress in March to rapidly include alternative lenders.</p><p>The group voiced concerns that existing lenders would not be able to distribute funds to small businesses quickly enough, leading many to go under. Including the three fintechs in the SBA lending network indicates that Congress believes that these lenders can be relied upon to help speed up digital loan distribution.</p><p>PayPal, Intuit, and Square Capital will expedite the approval process, as well as shorten the time it will take for small businesses to receive the loans - and more fintechs should be approved in order to further accelerate the disbursement of funds.</p><p>The three fintechs have outlined their commitment and capabilities to provide a boost to the emergency lending program, leveraging their existing relationships with millions of small businesses, as well as their enhanced digital capabilities. PayPal will be able to utilize its expertise in the seamless digital distribution of funds to speed up disbursement.</p><p>Intuit, through its subsidiary Quickbooks Capital, will accelerate the application process through automation by applying AI. And Square Capital has underlined how, on top of its digital capabilities, it will draw on its partnership with existing SBA lender Celtic Bank to rapidly get up to speed with the process.</p><p>Additional fintechs should be approved by the SBA to address the slow disbursement progress made thus far. While small businesses loan applications are seemingly being approved at a <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wNC8xMy9zb21lLXNtYWxsLWJ1c2luZXNzZXMtYXJlLXN0YXJ0aW5nLXRvLWdldC1yZXNjdWUtZnVuZHMtYnV0LXBheW91dHMtb3ZlcmFsbC1hcmUtbGFnZ2luZy1iZWhpbmQuaHRtbA/5d233c18f730436f2414784fBf0a550d3" target="_blank" rel="noopener">decent pace</a>, the disbursement of these loans is another matter. SBA loans are notoriously slow to reach firms, with loans usually taking two weeks to process, although in the wake of Hurricane Katrina, some businesses had to wait up to 6 months to receive their loans, <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuZm9yYmVzLmNvbS9zaXRlcy9taWNoZWxhbW9zY3Vmby8yMDIwLzAzLzI1L2hvdy1mYXItd2lsbC10aGUtZWNvbm9taWMtc3RpbXVsdXMtcGFja2FnZS1nby1mb3Itc21hbGwtYnVzaW5lc3Nlcy8jNzk2Njg4ZjcxZjA1/5d233c18f730436f2414784fB5e6517fa" target="_blank" rel="noopener">Forbes</a> reported.</p><p>It is not clear how many small businesses have received funds thus far, but it is believed to be relatively low in comparison to those who have applied and have been approved: According to <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY292aWRsb2FudHJhY2tlci5jb20v/5d233c18f730436f2414784fB18964ce2" target="_blank" rel="noopener">COVID Loan Tracker</a>, a private website that tracks small business loans, of the 6,860 firms surveyed at the time of writing, only 4% had received PPP loans. Speed will be critical, as small businesses forced to close their doors will need capital quickly - and we think additional fintech lenders, such as Stripe and Kabbage (which is already <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuZmFzdGNvbXBhbnkuY29tLzkwNDg4MDExLzctd2F5cy1vZi1kb2luZy1idXNpbmVzcy1ieS16b29tLXRoYXQtYXJlLWhlcmUtdG8tc3RheQ/5d233c18f730436f2414784fB6437e13d" target="_blank" rel="noopener">connecting</a> small businesses and lenders), should be included in the distribution of funds as they could leverage their advanced digital capabilities to distribute the funds at a quicker pace.</p><p><strong><em>Want to read more stories like this one? Here's how to get access:</em></strong></p><ol><li>Business Insider Intelligence analyzes the fintech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. &gt;&gt; <strong><a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Check if your company has BII Enterprise membership access.</a></strong></li><li>Sign up for the <strong><em>Fintech Briefing</em></strong>, Business Insider Intelligence's expert email newsletter tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt;<strong> <a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Get Started</a></strong></li><li>Explore related topics in more depth. &gt;&gt; <strong><a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Visit Our Report Store</a></strong></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/paypal-intuit-square-approved-to-distribute-sba-loans-digital-investment-platforms-report-surge-in-customers-kindur-launches-retirement-planning-app-for-baby-boomers-2020-4"><strong>here</strong>.</a></li></ol><p class="tagline"><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a></p>

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