This API will allow you to create a Paintbrush Loan application on behalf of your users and prefill any information from your platform.
There are two possible components to a Paintbrush Loan application:
- Company: The business which will actually receive the loan, since it is a commercial loan.
- User: The founders/owners of the business.
A business can have many users, but a user can only be attached to one business. A user can be created without a business if you do not have any business information. However, if you are creating a business, you must still create a user in order to create an email address for an applicant to log in and edit the application.
All fields except for the email address are optional in the API and will simply help Paintbrush, you, and the applicant arrive at a determination of eligibility more quickly and with less work on the user’s end.
To make sure your applicants have the best possible experience, we advise you become familiar with the application criteria listed in our FAQs so you can send over applicants who have the highest likelihood of success and avoid creating frustrating experiences for founders that already aren't a fit.
For example, if you know an applicant has self-assessed their credit score as
FAIR: 350-629, you probably shouldn't send them to Paintbrush, since a 720 credit score is required. If they self assessed as
GOOD: 690-719, it could make sense to still send them over since credit scores change over time, vary based on the standards used (FICO vs Vantage, TransUnion/Equifax/Experian, etc.) and the user many not know their exact score at that moment.
An application can have one of the following statuses:
- partner-referral: Paintbrush has information on the user and/or company, but the user has not created an account with Paintbrush to further work on their application.
- loan-application: The user/company has created an account with Paintbrush and their loan application is in progress.
- submit-application: The loan application has been completed but not submitted.
- application-pending: The loan application has been completed and submitted but a decision has not been made yet.
- application-upload-docs: The loan application has been submitted but more information has been requested from the user (this could be additional income history, identity documents, business documents, or unfreezing their credit file).
- application-denied: The loan application was completed and submitted but denied due to not meeting one of the criteria listed here.
- complete-loan: The loan application was approved but the applicant has not accepted the loan yet.
- loan-success: The loan application was approved and the applicant has agreed to all loan terms and connected their bank accounts. This is when you make money as a partner!
Reach out to us at [email protected].