Increasing Access to Good Debt
Increasing Access to Good Debt
7 July, 2020 •Similar Articles
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Through our behavioral diagnosis, we found a number of key insights that could be boiled down to one key concept: the application process was filled with unnecessary barriers. To qualify for a loan, applicants must fill out eight pages of information. This includes detailed information about the business’ revenue and accounting, a picture of the business, and social media information about the business. This is obviously a multi-step setup process, and it results in many small businesses starting the application, but failing to complete it, leading to a low conversion rate of just 20%.