Paragon Bank has raised its automatic decision-making loan limit for small and medium-sized enterprises (SME) lending from £100,000 to £150,000.
This change is part of the bank’s digitisation strategy and means more SME loan applications will get faster decisions.
The higher threshold applies to applications for hard assets on hire purchase or finance lease products, up to £150,000.
The move followed the bank’s increased use of its digital portal and data-driven credit tools to make the process quicker and more efficient.
John Phillipou (pictured), managing director of SME lending at Paragon Bank, said: “Raising the auto-decisioning limit to £150,000 reflects our ongoing investment in technology and a deeper understanding of our customers’ needs.
“This change allows us to support more SMEs, more quickly, while still maintaining robust credit controls.
“Just as importantly, for applications that fall outside our automatic criteria, we’re using those learnings to refine our system over time, improving both the accuracy and speed of future decisions.”
