Lending APIs are a series of protocols and routines that allows both traditional and non-traditional lenders to access various credit decisioning data to their loan approval software.
In beginning, open financing initiatives may have been started with limitations from financial institutions who believed they had no choice except to give third parties access to their consumer's financial data in return.
Although there are a plethora of funding options available in the market for SMBs, lenders are often not able to create customized loan products for SMBs.
If you’re a bank or an alternative lender or some other financial institution, you may use different tools and software to check the creditworthiness of your borrowers.
