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Marlin Business Bank Loan Website Requirements - Really?

"apply online for loans of up to $100,000
in a matter of minutes"

by Christopher Menkin

Marlin Business Bank, a subsidiary of Marlin Business Services Corp (NASDAQ: MRLN) announced the formation of "Customers can access the short, simple loan application via a computer, mobile device or tablet. The entire process takes less than 10 minutes on average, with loan decisions in as little as two hours…"

Here are the requirements from the Marlin Bank Website:

Product Details

Loan amounts: from $5,000 to $100,000
Simple one-page application
Terms: 6 to 24 months
Short-term, true small business loan
Daily repayment process
Funding in as little as 2 days

General Requirements

Time in business of 2+ years
Annual revenues: $200,000+
Minimum daily bank balance of $2,500
Underwriting based on credit strength
of borrower AND business cash flow

Efficient Process

Apply online in less than 10 minutes
Reduced paperwork and expedited
credit decision

You can use the funds for:

Business expansion
Purchase inventory
Upgrade equipment or software
Working capital

(More than likely Marlin Business Bank will also need at least three months of bank statements to verify the cash flow (their requirement is good cash flow and to see that you need the bank statements) as well as average minimum daily balance (their requirement), which may also show "credit strength," although trade references may reveal this. It should be noted their actual application has a statement section, and an upload is required, when I tried the system (1). No mention regarding personal guarantees, consumer credit scores on the website, although required on website application I submitted for a partnership, including SS#, credit card information, and partner's personal information. (1)

(There is a pretty strong Marlin Business Bank disclaimer when you get close to submitting, which may take a while to read and understand, requiring your agreement. It is also time consuming to read, as well as to fully understand. I guess this is typical bank requirements.

(My point is the exaggeration of what was needed, such as a "simple application," and the short time needed to complete the form was "hype." It was quite an exaggeration for a bank to put on their website, in my opinion.

  1. Application:

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.