MoneyThumb has some big-name lenders who use our PDF financial file converters. Lenders like Kabbage, a leader in online loans, use MoneyThumb PDF financial file converters to seamlessly convert the financial files of prospective borrowers, giving Kabbage the ability to make very quick yes or no decisions about loans.

MoneyThumb's enterprise-level PDF financial file converters allow private lenders to automatically convert bank, credit card, and brokerage statements into the needed formats to quickly determine an applicant's loan worthiness. Our conversion tool most used by private lenders is PDF Insights. This PDF financial file converter is specifically designed for lenders, and outputs captured data into a standard format for automated consumption into the lenders' bank system. PDF Insights utilizes IDR (intelligent document recognition) to identify bank/statement formats.

Unlike competitors, our solution doesn’t need to be told upfront which bank or format is being used, yet correctly processes over 99% U.S. statements. The output is delivered in a standardized format, even for statements from different banks. Our automated statement reconciliation feature compares transaction totals to summary information on the statement. If all information on the statement is consistent, PDF Insights will identify the statement as reconciled, meaning you don’t have to spend time manually reviewing statements to identify inconsistencies.

PDF Insights can be installed as a web service capable of converting up to 6 months of bank statements at one time. This serves as a powerful batch processing engine to cut way down on the workflow of lenders. Learn how the power of PDF Insights from MoneyThumb can help your organization speed financial file conversion processes and improve underwriting workflows by watching the following video demo:

If you are a private lender and are not yet using the great PDF financial file converters specifically designed for lenders, why not take a free test drive today? Once you test out the extreme capabilities of these conversions tools, MoneyThumb is confident that you will want to incorporate PDF Insights into your necessary loan-making decisions.

If are know of a private lender who would benefit from this blog post and the MoneyThumb tools designed for lenders, please take a minute to share this post on your social media page, or email it to them.

If becoming a private lender is something you foresee in your future we would like to suggest you read this Rules of Thumb blog post, Secrets to Having a Successful Private Lending Practice. Since we are in the middle of a pandemic caused by Covid-19, you should also read this former post, Covid-19 Response Resources for Private Lenders. That blog post will lead you to helpful resources to assist you as a private lender during this trying time.

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Unlike the information on your personal credit report, which can only be accessed by authorized individuals, business credit reports are available to anyone—including prospective investors, customers, partners or suppliers. Selecting a lender that reports to one of the major business credit bureaus, like Experian, Dun & Bradstreet, or Equifax, and making all payments as agreed will strengthen your business profile. It might also help you borrow at lower rates and get improved credit terms with suppliers.

As you can see, making sure the lender you choose reports to business credit bureaus can highly affect your future business. To help you make sure you are choosing a lender who reports to business credit bureaus, the Rules of Thumb blog from MoneyThumb has listed below five small business lenders who fit this criterion, courtesy of Fundera:

OnDeck

Specializing in small business loans, alternative lender OnDeck offers a variety of lending options. Short-term loans of up to $250,000 are available for 3 to 12 months, perfect for financing smaller projects. Longer term loans come in terms ranging from 15 months to 36 months, and you can borrow up to $500,000. Or, keep things flexible with a business credit line of up to $100,000. In any case, OnDeck reports your payment credit history to business credit bureaus.

Lending Club

If you’ve been in business for at least 2 years, have $75,000 or more in annual sales, own at least 20% equity in your business, and keep fair or good credit with no recent liens or bankruptcies, Lending Club could be a good fit. Need-to-know information: loan or credit lines up to $300,000, no prepayment penalties, and your payments are reported to the business credit bureaus. However, make sure to watch out for origination fees that range from 0.99% to 6.99%.

Funding Circle

International alternative lender Funding Circle has lent over $1.5 billion to business owners worldwide using funds from individual investors. Founded by small business owners, satisfied customers say the application process is fast and easy, and the cost is competitive.

Fundation

Fundation is an especially fast-working alternative lender. According to their website, loan proceeds from Fundation could hit your bank account in as little as three business days. Their conventional fixed-rate loans of up to four years can be paid off at any time without penalty, and they report your payment history to business credit bureaus.

BlueVine

For small businesses struggling with cash flow issues and earning at least $70,000 in annual revenue, BlueVine offers credit lines with advances based on your outstanding invoices. Your application takes just a few minutes, and you choose which invoices to submit. When you’re approved, BlueVine advances you 85% of the invoice amounts submitted, less their fee, plus an additional “rebate” amount when your client pays your invoice through your BlueVine account.

A healthy business credit report can help you get better rates and terms on borrowing and credit arrangements with suppliers, as well as raise your profile with customers and the business community.

However, choosing a lender that reports to the business credit bureaus is just one aspect of improving your business credit profile. To build strong business credit, also update and review your own business credit regularly, apply for trade credit with suppliers, and be sure to make all payments in full and on time.

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