Glossary of Terms

Smart Product Detection

Definition

Smart Product Detection is an AI-powered process that automatically identifies the best-fit loan product for a borrower based on their financial profile, business needs, and eligibility criteria. This technology ensures that applicants are matched with the most relevant funding options, reducing application errors and increasing approvals.

Why is it important to SBA Lending

Small businesses often struggle to determine which SBA or conventional loan products fit their needs. Without Smart Product Detection, borrowers may:
-Apply for loans they don’t qualify for, leading to rejections.
-Miss better financing options that offer lower interest rates or better terms.
-Experience delays as lenders manually assess product fit.

By implementing Smart Product Detection, lenders can:
-Increase loan approval rates by guiding borrowers to the right options upfront.
-Reduce underwriting inefficiencies by ensuring only eligible applications are processed.
-Improve borrower experience by streamlining the selection process.

What role does Parlay Play

Parlay’s Loan Intelligence System (LIS) enhances Smart Product Detection by:
-Instantly analyzing borrower data to recommend the best loan products.
-Automating eligibility checks to filter out mismatched applications.
-Providing real-time loan comparisons, improving transparency and decision-making.

With Smart Product Detection, Parlay helps lenders increase approvals, reduce processing times, and deliver a frictionless borrower experience.