The loan application process is straightforward, typically taking no more than 15 minutes. It consists of three main steps:
1. Application for financing
1.1 Access the Financing feature via the sidebar menu in your Vivid Business account (web interface).
1.2 Use the loan calculator to estimate the potential loan amount based on your company’s average monthly revenue.
1.3 Click ‘Submit an application’ and choose whether to enable the optional ‘Increase the speed of review’ feature. If selected, this will fast-track your application process for a 1.4% fee of the total loan amount, charged only if you are approved.
1.4 Review your prefilled details on the Banxware platform and edit them if necessary.
1.5 You will complete the required information as part of the application process with our partner Banxware. This process is securely facilitated by TINK (a Visa solution), a licensed third-party provider that enables one-time access to your business bank account in order to check your revenue.
1.6 Select your preferred loan term, ranging from 3 to 12 months, and specify which account will receive the loan payout and from which account repayments will be deducted.
1.7 Once completed, all the directors will receive an invitation to complete the verification process via email. A passport or ID card and a well-lit environment are required to facilitate a smooth verification process.
1.8 After verifications are submitted, your application will be reviewed.
2. Acceptance of your offer
2.1 Banxware will communicate all important updates directly to your registered email address, including the application updates.
2.2 The review process typically takes around 24 hours.
2.3 If your loan is approved, you will receive an email containing the loan details and contract for signing.
3. Loan disbursement
3.1 Once the contract is signed, the funds will be disbursed to your linked Vivid Business account within 24 hours.