Historically, taking a loan from a bank entails visiting your local/ regional financial institution to understand the options available for the purpose in hand. This is also way before the loan application process.
Ever since the digital era, banking (amongst other services) has become more accessible with smartphones. There has further been a development of multiple financial institutions that offer selected banking functions such as forward buying stocks, preform financial transactions and applying for loans.
Now locally available are services such as immediate cash assistance relief organizations like Cashwagon that can offer immediate cash relief. There are certain criteria’s that stipulate the amount of cash which can be obtained initially, to the short tenure period and highlighted interest payable due to default or delayed payments.
Such services mentioned above are now accessible over a smartphone where an individual must enter their contact and identification details for registration and verification purposes, and moments later be eligible to obtain a measured loan based on their digital financial history with that specific organization.
Technology has gone cross boundaries and a person’s offline credit history can be extracted from the credit of information bureau. Based on the historical financial findings, organizations such as Cashwagon can offer preferential interest rates from a loan requested via a smartphone. Similarly, those who have unfavorable credit scores may face the likelihood of either not qualifying for a loan altogether or qualifying for a smaller loan sum amount. Usually, these sort of online loans (via smartphone) demands immediate responses and they duly deliver with little delay.
The beauty of technology is that individuals can financially plan, obtain loans, preform installment payments and view the status of the interest to the principal ratio of each installment across its tenure. One of the main selling points of banking and obtaining loans via a smartphone is its convenience. In addition, based on its convenience and easy accessibility and availability of this service; it will help drive more users to enjoy these types of services.