There was a time when you could take out a home or personal loan and it could take days, weeks and even months to be qualified for the loan. By then you could be in dire straits financially. Today, you can often get a decision on home and personal loans within the very same day. This is all thanks to technology that makes the loan process faster and much, much easier. Here are some ways in which technology is making borrowing easier.
Online and Text Adverts
Have you ever had in the back of your mind that you are short of funds, but really haven’t thought much about actually borrowing any money? It’s just a dull, aching thought that keeps recurring. Perhaps you make a comment on Facebook or Twitter and the next thing you know all those adverts pop up on the sidebar of Facebook or you begin getting emails from loan companies you never knew existed. This is one of the ways in which technology is making borrowing easier, believe it or not! Unless you know that an online lender exists and how to reach them, you would never be able to apply.
Safe and Secure Digital Transmissions
Today’s lender has layer upon layer of security in place so that any online communications you have with that company are typically safe from hackers. You can safely fill in online forms with your personal information and within minutes you can have an approval, a denial, or sometimes a request for further information or documentation. You might be asked to send scanned documents through their preferred method of delivery, usually email, and they will have what they need in hand to make a split-second decision.
Background and Credit Checks Are Now Instantaneous
Another way in which technology is speeding up and making the borrowing process easier is the way in which lenders can run an immediate credit and/or background check. All they need is an electronic signature from you, almost always with a Captcha confirmation that it is really you and you are really human, and they can run your name and credit history within moments. They can even see all of your previous addresses, creditors you owe and have paid in full, and any other information they need.
Instant Transmission of Funds to Your Bank!
Once the loan is approved you no longer need to wait days or weeks for a paper cheque to arrive in the mail or money to be deposited into your account. The lender will make a BACS payment for the amount agreed to your bank account after all documents and electronic signatures are in order and you will have instant use of those funds. This is why it is possible to get money the very same day as you apply for a home or personal loan! While there may be other variables from lender to lender, and some may require some sort of asset to secure the loan, there are numerous short term signature loans and personal loans where you need nothing but your signature to procure the money you need.
That’s technology at work. See how it makes borrowing money easier and faster than even a decade ago. Isn’t technology great?