How Technology has improved loan acquisition.
In the last twenty (20) years, technology has improved tremendously. With the introduction of technology such as computers, smartphones and laptops, the world has become an easier place to live.Individuals can easily apply for online loans. You can be in the comfort of your room or in your office and make things happen. You are able to move freely and attend to businesses using your smart phones and computers. Technology gives us an access to making and receiving phone calls and also browse social media, internet and many more.
Also, through technological advancement education and entertainment can easily be accessed. We can easily listen and download music with our mobile phones. One interesting thing about technology is that getting loans have become easier. Formally, one had to go to the traditional bank, join long queues to fill an application form and wait long hours for the loan to be approved upon. Applicants had to spend several hours or the whole day at the bank or financial institutions trying to apply for the loan. But with the technological advancements, you can easily log on to the internet with your mobile phones or laptops, fill a simple and short online application form and in a short period of time, receive your loan. The internet also allows you to go through several loan options, explaining their features before you finally apply for the loan. Technology has become the central focus of our world today. Customers can deposit, withdraw money and obtain drafts wherever they are. They only need an internet connection to do it. Smartphones have made access of this technology easier. Nothing is achievable without technology.
Customer service has also improved through technology. Formally, people who needed enquiries about various loan options had to visit the banks or loan providers to make such enquiries. But now that ‘time waste’ has been ruled out. With your laptops or mobile phones, you can easily log on to your loan provider’s website and make all enquiries. You can even call them or send them messages and they will easily assist you. That is how massive technology has fast-tracked the process. Even if you are with bad credit score or history and urgently need a loan due to an emergency or unforeseen occurrence, you can easily log on to the loan provider’s website, fill the form and wait a few minutes for approval. In no time, your loan application will be approved, and your express loan will be transferred into your account. Technology has transformed the way we eat, do business transactions, travel and shop and is still improving the loan industry.
Currently, according to recent national survey from Chase, about 45 percent of loan applicants begin their search on computers or laptops while 50 percent begin with smartphones. Technology have had an overall impact in the business world. You can easily access your bank or credit details on your own mobile phone or computers, print bank statements, transfer money from one account to another and make enquiries about their financial transactions. It has also facilitated the use of credit cards. Furthermore, there has been an increase in efficiency in the use of voice response systems, auto responders, and emails that has permitted for automation and saves cost. Technology in our world today ensures your transactions are secured and saves your data such that they are not misused.
Technology has made it easier to access your cash even when you are not by your computer. You can quickly gain access to your accounts using your smartphone. With technological advancement, loan providers (also known as lenders) and non-financial institutions are able to access an applicant’s credit history to find out your creditworthiness through the credit bureaus before approving the loan request. This process is very easy and does not waste time. In a short while, lenders are able to receive these information and grant loans to borrowers. Technology has increased the speed and relevance of online loans.