PNC partners with OnDeck for online small business lending

“(Reuters) – PNC Financial Services Group’s PNC Bank will use technology from digital lender OnDeck Capital to extend loans to small businesses online, the companies said on Monday” writes Midwest Communications Inc for Last week OnDeck set up a subsidiary called ODX to provide technology and other services to banks looking to lend to small businesses online. It said it has several other large banks in the pipeline as potential partners.”The goal is to take the lending experience, which normally takes multiple days to get approval, down to three or five minutes,” Lakhbir Lamba, head of retail lending at PNC Bank said in an interview.Some banks, including Goldman Sachs Group Inc , have built their own technology to lend online, while others, such has Banco Santander , have opted to partner with financial technology companies.

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