Speaker: OLF Preapproved Client, Small & Steady Business
Compared to previous online loan requests with BDC, what did you particularly like about your recent preapproved loan experience?
OLF Preapproved Client: Um, so what I like about that, uh, pre-approved loan loan experience, it was pretty fast, you know, without any problem. Uh, there, there was no too much, uh, paperwork or, you know, credit score verifications or I didn't really have to verify my identity, uh, similar to previous loans. So I really like the whole process. It was really fast, easy efficient without any hassle, without any problem. And it was really straightforward and, you know, I really like that.
Would you recommend this preapproved online loan experience to other Canadian entrepreneurs? Why?
OLF Preapproved Client: Um, so, yeah, I would definitely of, you know, such as that preapproved, uh, online experience to, uh, other entrepreneurs, however, because it is preapproved, I don't know who would be eligible for, uh, the main, uh, I think one of the main shortfall of this process was that, uh, first, uh, individuals don't know how they would be approved, preapproved and second b they wouldn't be notified. You know, I wasn't really getting any notification or anything about that, that, that, you know, I was qualified and I could get, uh, that additional loan. So maybe you wanted to work on somehow notify, uh, basically the, the business owners that they have been pre-approved and they can take advantage of this offer.
What, if anything, should further be improved in the preapproved loan experience?
OLF Preapproved Client: Um, so one thing, uh, well, I noticed that first, you know, communication part, I was basically going to BDC website to check out something else and I realized that I was, uh, preapproved. So I haven't been notified in any way that I was preapproved for that amount. You know, that was one of the biggest shortfall. Um, the second one, I noticed that, well, I was preapproved base, uh, my revenue, which was like almost 1/4 of or 1/5 of my current revenue. So somehow it wasn't really, basically the amount wasn't really reflecting, reflected of my current financial, my business, current business, financial situation. So I wish there was a way that I could update those information. And then, you know, I might have been approved, preapproved for a higher limit.
