Nucleus unveils fully digitised loan applications

Nucleus Commercial Finance has launched a new fully digitised application process for business borrowers.

The alternative lender said applicants can now benefit from instant decisions on applications up to £250,000 including finance for its coronavirus business interruption loan scheme (CBILS).

Its introducer portal, myNucleus, now offers auto-underwriting using machine learning so it can make decisions in under a minute.

The lender has also fully integrated with open banking technology to improve the speed and accuracy of decision making for businesses.

New features include automated ID verification, anti-money laundering and know-your-customer checks.

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To date, Nucleus said it has processed more than 5,000 applications via auto-underwriting with instant decisions being provided on 68 per cent of deals during a pilot of the technology.

“In this challenging environment, businesses need access to flexible finance, and they need it fast,” Chirag Shah (pictured), chief executive of Nucleus Commercial Finance, said.

“Over the past 18 months, we’ve invested heavily in technology to deliver the best outcomes for our customers, resulting in a much smoother process for introducers and businesses alike.

“Our investment doesn’t stop here as we always look to the future, in order to be the best partner to Britain’s businesses.

“We’ve already approved more than £100m for small businesses since the coronavirus outbreak, and with automated underwriting in place, we can continue our mission of helping Britain’s businesses to thrive.”

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