How One Entrepreneur Cut Loan Approval Time by 70% with Digital Contracts
Switching to digital contracts and eliminating paper-based processes allows you to onboard new customers and employees more quickly, while helping your business stay competitive in today’s fast-moving market.
Background
Michael—a eager entrepreneur operating a logistics company in the heart of Lagos, Nigeria. business was booming fast, and he needed to borrow to expand his fleet of delivery vehicles. BUt getting money from his bank was a nightmare.
He’d make endless trips to the branch, get buried in paper work, and then wait weeks just to receive an answer. Each day of waiting meant another opportunity lost—and for a guy like Michael, that wasn’t acceptable anymore.
The Problem
It was too slow: Paper document processing and signature collection took anywhere from 10 buisness days.
It was time-consuming: So much time spent going back and forth to the bank.
Things would go wrong all too often: Missing pages, unsigned sections—more time wasted.
It was frustrating: The whole process had Michael questioning whether he should use other banking services.
It helps to limit the situation of impersonation and fraud that directly affects businesses
Game-Changer
Then came the revolution. Michael’s bank introduced electronic contracts via ENTRANT DPS, all streamlined within their loan system. Suddenly, things were a whole lot easier:
1-Quotes for loans were provided online and received straight into his inbox.
2- He could review and sign it all safely on his machine—no more visits to the branch.
3- Every step was tracked, giving him and the bank full visibility and reassurance.
4-Agreements signed automatically were stored away—nothing was ever lost.
The Results
Three months after becoming digital for contracts, Michael felt tangible differences:
-Approvals were 10 days short to a mere 3—a 70% decrease in time.
-No lines or car rides to the bank anymore.
-Real-time updates fostered trust—he knew at all times when something was being accomplished.
– He expanded his truck fleet sooner, and it paid off with a 25% revenue boost in one quarter alone.
Meaning for the Finance World
Faster is better: If customers get access to funds funds quickly, they will be able to move more quickly and grow more quickly.
Make it easy: Teh more teh process is streamlined, teh more likely customers are to remain loyal.
Trust matters: Transparency and tracking build strong client relationships.
Growth without friction: Customers can access opportunities much earlier with fewer hold-ups.
