Barclays mobile banking app approves SME loans quickly

Barclays has unveiled a new mobile service for SMEs in the UK that provides almost instant loans.  Barclays Mobile Banking app touts that it will approve loans in under an hour, significantly reducing general wait times that can take weeks.  The company states that SMEs can take out loans of up to £25,000 (a little over $30,000).  The bank touted the new and improved loan process as helping to unlock £34 billion in economic opportunity for the UK. Barclays noted that 30 percent of SMEs do not apply for loans. According to the bank; “Though almost a third of British SMEs are not planning on applying for a loan despite acknowledging it would boost their business, the research shows that 64% of SMEs’ turnover would increase if they successfully secured the right loan, which could generate nearly 200,000 new jobs for Britain over the next four years.” Read more: