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Prime Capital has just launched Prime Approve, an innovative online service that provides instant, full loan approvals for busy brokers who don’t have time to wait.
It comes at a critical time, as the demand for fast and reliable business lending solutions intensifies.
Prime Approve raises the bar for services typically found in this space that only generate ‘quotes’ or ‘pre-approvals’. Prime brokers can now use the simple online form to submit their customer's loan application and receive an approval almost immediately.
Watch to find out how Prime has made securing an approval faster than making the perfect cup of coffee.
“It’s a game-changer for our brokers,” said Michael Ierardo, NSW BDM. “In the residential home loan space, tools like this are fairly common. However, in the non-bank space, especially for business loans, this is quite rare. That’s why we believe it will have a significant impact.”
Prime Approve is designed to be as fast and simple as obtaining an online insurance quote, representing a major leap forward in the loan approval process. The form asks for basic loan details, including guarantor information, loan size, and security property information. There are no document uploads required. Once the form has been submitted, the broker will receive an approval via email in minutes.
The service is available for all Prime Capital’s business loan products, ranging from $250,000 to $5 million with terms from 1 to 30 years. It includes 100% cash out loans, as well as loans secured by residential property.
Prime recognises that not all applications will fit within their policy or include sufficient information to generate an instant approval. To keep things moving for the broker, if their submission doesn’t fit the credit policy guidelines in Prime Approve, it will still be generated as an application in Prime’s system. A BDM will be notified and promptly contact the broker to either workshop the deal or explore alternative solutions.
Prime Capital's CEO, Steve Sampson, emphasised the tool’s efficiency and convenience: “We aimed to provide brokers with an instant, tangible value-add to their business. With Prime Approve, a broker can sit with their customer and secure an approval right there and then.”
Looking ahead, Prime Approve is just the beginning of the technological advances Prime Capital is implementing to enhance efficiency for brokers. The company is investing in cutting-edge technology to further simplify the loan process, improve turnaround times, and provide brokers with the tools they need to better serve their SME customers.
“At Prime Capital, we’ve always been committed to providing Fast, Simple Loans™. With Prime Approve, we’re not just keeping that promise—we’re elevating it,” said Sampson.
Prime Approve is available now at primecapital.com/approve.
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