On Deck, the startup that delivers capital to main street businesses, released the first version of its API today.
“This gives banks, online service providers to small businesses, and the over 800 On Deck Funding Advisor partners integrated access to the On Deck platform, which includes their powerful credit decision and application submission system. Through the API, these third parties can now incorporate On Deck’s loan origination and credit scoring functionality into their own software applications, bringing increased efficiency to the small business lending process without adding additional steps to the workflow or user experience.”
The API supports two functions:
- Credit pre-qualifications — Allows financial institutions to determine if their clients qualify for a short-term business loan
- Application submission — Allows third parties to submit loan applications from their CRM system
Lendio, a company that matches lenders with small business owners seeking to borrow capital, is using the API to pre-qualify borrowers and match them with lenders using On Deck’s technology.
To learn more about On Deck, watch its Finovate 2009 demo.
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