Recently, we covered what SMART Box™ is, as well as how it benefits small business owners. Today, we’re going to dive deeper into SMART Box™, this time focusing on how it can also pose many advantages to business loan brokers.
What is SMART Box™?
If you didn’t catch our previous explanation of this new tool, then you may be wondering what SMART Box™ is, as well as what it does. It can be summed-up as a one-page disclosure document which summarises basic business loan elements (such as loan amount, the expected loan term, average monthly payment, and more). You can view an example of SMART Box™ here.
The Benefits of SMART Box™ for Business Loan Brokers
If you’re a broker assisting clients with business finance, then you already know how hard it is to objectively compare loans.
The major aim of SMART Box™ is to allow applicants to see the key features of the loan product in one easy-to-read document. By using this clear and concise loan summary sheet, applicants, as well as brokers, can better determine which lender can provide the best loan for their needs.
Additionally, SMART Box™ allows you to determine which lenders are compliant with AFIA’s Code of Lending Practice. Through only working with Code-compliant lenders, you’re providing your customers with better transparency regarding small business loans.
What is Lumi’s Role in SMART Box™?
As of the start of 2019, Lumi is one of just seven online lenders compliant with AFIA’s Code of Lending Practice. As part of the code, we utilise SMART Box™ to ensure we’re being completely transparent with our product. Lumi has always pledged itself as a transparent online business loan lender and the development of SMART Box™ allows us to assist small business owners in gaining a realistic comparison of loans offered by Code-compliant lenders.
Read more: ‘Top seven fintech business lenders compliant with new code of conduct’ on Australian Financial Review and ‘Australian Finance Industry Association’s SMB lending code finds champions’ on The Australian.
Want to find out how Lumi can help you with a totally transparent unsecured business loan? Visit our website or call 1300 00 LUMI today.