CredAble, a fintech firm, launched Revolving Short-Term Loans, a credit line at the Global Fintech Fest (GFF 2024). Revolving Short-Term Loans solution is designed to alter how credit is delivered to small businesses and set new standards of excellence in this space.
Revolving Short-Term Loan is pay-as-you-use working capital credit line that enables small businesses to pay interest only on the funds used. This is tailor-made and dynamic financing product combines instantaneous digital assessment with the flexibility of collateral-free borrowing.
With reports claiming that 66% of SMEs seek faster credit options, and 55% of them require financing within 7 days—revolving short-term loans pay-as-you-use and reloadable credit models ensure the rapid disbursement of funds, meeting the urgent financing needs of SMEs.
By enabling more than $11 billion in working capital annually, CredAble has carved out a space on the world stage with an extensive client base of banks, enterprises, and SMEs. The company has achieved this with their vast technical excellence, automated credit decisioning capabilities, advanced acceptance scorecards, and several promising developments in the credit ecosystem.
Satyam Agrawal, Global Head of Product & Retail Business Lending, MD ASEAN & ME at CredAble, said, “We believe we are on the cusp of an opportunity to reinvent how we deliver credit to MSMEs. Our innovative revolving short-term loans are set to transform MSME financing with features like one-time credit evaluation, pay-as-you-use financing, and reloadable credit limits. We’re offering a solution that’s incredibly practical for everyday business needs. With flexible repayment options, collateral-free credit, and minimal documentation—we’re setting a new benchmark in credit products and paving the way for an unparalleled borrower experience.”
Nirav Choksi, Co-founder and CEO of CredAble, commented, “The MSMEs’ needs to access credit instantly are constantly rising, and we’re here to deliver the next-gen credit experiences that they deserve with revolving short-term loans. The need of the hour is to build solutions for thin-file, small-ticket borrowers. Our scale and continuous investment in technology have given us the strong foundation to develop new tools and processes that extend the reach of credit and power cutting-edge innovation in MSME financing.”
