The development of technology and permanent innovation in finance and business management have brought about significant changes in how financial and accounting operations are carried out. As a cloud accounting program approved by the Saudi Arabian Zakat and Tax Authority, the Qoyod program has taken an important place in this field, offering an integrated solution for enterprises and companies to manage their finances efficiently and smoothly.
One of the salient advantages of the Qoyod program is the Qlend service.
This service is a paradigm shift in company finance, enabling Qoyod users to request loans and finance from financial institutions easily and in a short time.
Qlend has several wonderful aspects that make it the best option for companies looking for finance, so in this article we will explore the advantages of the Qlend service and how it can facilitate access to finance and make it more efficient and transparent.
Problems with financing institutions and enterprises
Some of the challenges and difficulties faced by entrepreneurs and business owners in accessing traditional finance are:
Extreme credit requirements: New entrepreneurs often have to have a strong credit history to obtain traditional financing. This can be a big challenge for those who don’t have a good credit history.
Provision of the required guarantees: Borrowers often have to provide physical or personal guarantees of access to finance, which can be difficult for borrowers who do not have substantial property.
High commissions and interest: Traditional financing may include commissions and interest that not all borrowers can commit to, increasing the cost of borrowing and making it useless for some small businesses.
Long-term duration of acceptance of a loan request: It may take a long time to obtain approval for traditional financing, delaying the start of business or the implementation of projects.
Bureaucratic: Access to traditional funding often involves complex and boring bureaucratic procedures, which can overload business leaders and distract them from planning their projects.
Preference for safe choices: Some traditional financial institutions tend to favor financing of safe businesses and projects rather than start-ups and innovation, making it difficult for some entrepreneurs and enterprises to obtain financing for their innovative investment ideas.
Incompatibility with funding requirements: Some companies may find that they do not comply with the requirements of traditional financial institutions, whether in terms of size, purpose, or industry, making it difficult to find suitable financing.
Economic risk: The decisions of traditional financial institutions are influenced by general economic conditions; in the event of deteriorating economic conditions, access to finance is less and the criteria for access to finance are more difficult.
To overcome these obstacles, the Qoyod program offered the Qlend service, but before we talk about the features of the Qlend service, let’s get to know this new service from Qoyod.
A brief introduction to Qlend
Qlend is an integrated service within Qoyod Accounting, providing a comprehensive solution to meet users’ financing and loan needs. Qlend service features are part of the orientation of modern information technology in accounting and finance, seeking to significantly simplify and accelerate access to finance.
How does the Qlend service work?
The Qlend service allows users to apply for funding directly from within Qoyod accounting without the need to move to other platforms or perform complex paper procedures, where users can take advantage of Qlend service features and determine the amount of funding they need and the appropriate repayment period.
One of the most important advantages of the Qlend service is the speed of the process, where requests can be processed quickly and approval obtained faster than is usual in traditional funding. The service also facilitates the submission of required documentation and information through the program.
In addition, Qlend contributes to greater transparency in funding processes, as users can follow up on their requests and know when and under what conditions funding will be provided. This makes the experience of access to finance more transparent and makes it easier for individuals and companies to access the sources of finance they need to develop their businesses and enterprises.
Qlend service features
The Qlend service offers many features for Qoyod users, so let’s take a more comprehensive look at these features:
- Accessibility and Usability: The Qlend service is available to all Qoyod users and does not require the loading or installation of any additional programs or applications. All the Qoyod user has to do is access his account in the Qoyod program, access the accounting portal, then press the “loan request” button, provide the required financial information, and wait for proposals from Qoyod funding partners.
- Acceleration of the funding process: The Qlend service uses the user’s financial statements, documented in the Qoyod program, to assess and validate its creditworthiness and reduce the need for other documents or guarantees. In doing so, it reduces the time and effort required to complete the loan process and increases its access to quick and concessional financing.
- Increased transparency: The Qlend service ensures transparency for its users at all stages of the borrowing process, in terms of the amount requested, agreed terms, duration of payment, and additional fees, if any. It also allows them to compare different offers of funding in terms of advantages and disadvantages and to select the supply that is best suited to their needs.
- Simplification of procedures: The Qlend service for Qoyod users facilitates procedures for requesting a loan so that they do not need to visit or contact any financial authority or send or receive papers or documents. Everything is done online, in a safe and easy way.
- Flexibility in use: Qoyod gives its users flexibility in using the funding they receive, so that they can use it for different purposes, whether personal or professional. They can, for example, use funding to purchase new equipment or supplies, to increase working capital, to expand the scope of work, to improve the quality of the product, or for any other purpose they deem appropriate for the development of their enterprises and their businesses.
- Improve user experience: The Qoyod program is interested in improving the user experience, providing them with excellent customer service, and responding to their queries and observations quickly and professionally. It also provides them with useful advice and guidance, periodically assesses user satisfaction, and continuously develops and improves its services.
How does a Qoyod user know which funding partner is best for him?
With regard to how to select an appropriate funding partner using Qoyod, the user can benefit from eligibility and information provided through the program as a basis for decision-making. However, the final selection of the funding partner remains the user’s responsibility; Qoyod provides him with an opportunity to familiarize himself with other users’ assessments and comments on their experiences with different financial partners. This important aspect of user-to-user communication guides the selection process and draws on the experiences of others in selecting a partner that is commensurate with the user’s financial needs and business objectives. Therefore, the user can rely on such audits and evaluations as an additional tool that contributes to making a sound decision about the funding partner with which he or she is dealing.
What factors determine the user’s eligibility for a loan?
The eligibility criteria for a loan are based on several key factors, including but not limited to:
Financial details and documentation are provided by the user, along with criteria and requirements developed by Koyod financing partners, such as debt-to-equity ratios and debt-to-income ratios, preferably within levels acceptable to funding partners.
The user’s creditworthiness, if he has a good record of repaying loans and paying his financial obligations in a timely manner, increases his chances of obtaining a loan.
Criteria for financing partners: each funded partner may set its own criteria for granting loans, such as minimum income, safeguard clauses, etc.
So, as we have seen, the advantages of the Qlend service are multiple and form a valuable resource for users seeking funding for their projects and businesses; they contribute to facilitating the process of obtaining different types of loans and financing options that meet diverse needs.
Now that you have a clear view of Qoyod and his features, what are you waiting for? Try Qoyod now for free for 14 days.
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