Taking Control / September 2021

Digital Lending: The Benefits of Borrowing Online

Man holding smartphone as money symbols emerge from digital lending app

The ever-growing global digital transformation of daily services is covering everything in finance with constant innovation from mobile payments to cryptocurrency. It's no surprise to see digital lending become the new buzzword in fin-tech. It is a growing service, and with Covid lockdowns and stay-at-home orders in effect across the world, applications for secured or unsecured loans online are soaring.

Conventional methods of filling out applications and loan applications are still predominant in many parts of the world, but like most services, the consensus is an eventual digital takeover thanks to a mobile active and tech-savvy generation. Let’s take a closer look at the benefits of digital lending how much it differs from the traditional methods.

1. Less Documentation

Aside from the time it takes to drive to and wait in line at the bank within its working hours, doing your finances in person requires a lot of paperwork, with endless forms to fill in and documents to get attested. Digital lending saves you from all of this hassle, giving you the benefit of copying and pasting your details onto an online form that can be submitted at any time.

2. Processing Times

Arriving at a bank to see an endless line of impatient faces can be an uncomfortable experience and the processing times can feel like an eternal struggle. With digital lending, the processing of a loan application can be completed within a matter of minutes from the touch of a mobile screen on your living room sofa. All you need are relevant details, a computer or smartphone, and an internet connection.

3. Technological Advantages

Digital lending allows you the opportunity to use the latest technologies to optimise your research into what loans you should apply for. Deals can be reviewed and compared on online platforms so that you can choose the package that's best suited for you. Conducting your loan application online gives your lenders the convenience of directly connecting to your bank account through online banking avenues.

4. Application Times

Online loan applications can be submitted at any time and the processing of the application is facilitated by accounting software. Furthermore, online forms can automatically detect basic errors such as spelling mistakes or outdated information which can be quickly corrected with a few clicks, unlike paper forms that have to be redone all over again. Digital processing is not vulnerable to human error or miscommunication that could occur between a banker and a client.

5. Accessing Multiple Lenders

One major convenience of managing your finances online is that you can apply for loans from multiple lenders, giving you a list of approved deals, from which you can select the loan with the most favourable conditions. This is far more desirable from the timely chore of making trips and phone calls to various banks and loan providers.

We are the leading loan provider among money lenders in New Zealand, helping Kiwis since 1993. Get in touch with us or simply apply for a loan right now with our online platform.

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