The market for a loan is booming and digital platforms are increasing every day. Today the penetration of banks is not deep enough to serve all types of customers in search of credit and money for a loan, other times are. Also, taking a direct loan at the bank can be tricky and often you do not get the amount you want and the loan application decision is not fast enough.
What’s more, you get more competitive interest rates than the banks! Want to know more how a paperless payday loan on a digital online platform is better than a bank? Keep reading.
Book your payday advance loans online now
In addition to bringing process efficiencies and making your life simpler, when you sign up: online for a payday loan from a digital loan platform, you get a broader eligibility criterion and a smoother experience.
1. Credit history
If you have restricted, dirty name and are denied credit history with outstanding payment enrollments, this will disrupt your chances of applying for a personal loan at most of the private retail banks.
However, private lenders of the new financial time, such as payroll loan, for example, go beyond the traditional parameters of risk assessment, they analyze the details of education, social networks, and employment to determine their creditworthiness. This means that everyone has access to loans on a competitive basis for salaried professionals, liberals, freelancers, etc., even if they do not have an impeccable credit history. Be sure!
2. The Loan Interest Rate does not depend on the credit score
Once you apply for a loan, banks will immediately analyze your CPF and your credit score. A good score is above 750, below, approval already starts being compromised
In digital lending platforms, once the profile is evaluated with artificial intelligence software, there are many cases where the credit score is less than desirable and yet, it is possible to approve access to credit. Another thing, the interest rate on the loan does not just depend on your credit score, but on your profile as a whole.
So, go ahead if you want to apply for a personal loan online, just choose the most suitable companies for you, read these articles:
1- Loan options at 12, 18, 24, and 48 times
2- 12 Best personal loan companies online
3- Where can I find a loan near me?
4- 6 personal loan websites online
5- 7 Advantages to make personal loan online
3. Experience of requesting a paperless loan
The traditional loan application process is assembled with numerous interactions with bank employees, manager or assistants to fill out a long form and provide copies of original documents. Even after all this bureaucracy, you have to wait to know if the thumb whether to be up or down!
At Gregoire Loan, the application process is fully automated, on the website or online applications. Just fill out a form and send the documents in our and rest, that the system takes care of the whole process. Paperless payday loans are the future.
4. Technology Making Personal Loan Better Than Bank
Unlike traditional banks stuck in the process structure with the exception of the pre-approved loan, the digital loan platform takes advantage of the best of technology and some of the blockchain to bring improvement and efficiency to the loan application and approval process.
The smart credit mechanism gives your endorsement of denied or approved loans, qualifies the applicant and applies the appropriate interest rate in just 5 minutes. And the money is also sent the bank account on the same day or at most 24 hours. Is not this much more efficient and better than the Personal Banking Loan?
5. The interest rate on the most competitive personal loan
Based on your risk profile, online systems will assign an interest rate to your loan application. You can pay an interest rate between 2% – 8% and in some cases up to 16% per month ex: loan to negative. In addition, there are no hidden expenses under any pretense of documentation or anything else.
6. Online registration for a personal loan with flexible terms
Loans can be done with short, medium and long terms, in general, a loan is provided between 3 and 12 months, but there are also terms of 12 to 36 months or more depending on the modality. Long-term loans are usually factored in or guaranteed.
Does not matter! You can structure the repayment term and repayment of installments as the type of loan allows.
7. Transparent, responsive and easy to obtain a loan
The private lending and financing platforms of the new times have very clearly defined terms and conditions and conditions for the borrower. They inform you in advance of applicable fees, documentation fees if any, late fees and penalties and loan enforcement fees.
Usually, the websites and digital lending platforms offer trust and customer satisfaction with extreme privacy to make the loan application the most convenient and hassle-free.
So what are you waiting for? Search our website that will surely find a lender with a competitive interest rate on personal or payroll loan. Good luck!