The mobile phone has become much stronger than the pen in the loan application process. In fact, according to a survey done by Fiserv, 65% of all loan applicants since 2017 completed their applications partially or fully online. Online lending is on the rise more than ever. Here are the three top reasons consumers are choosing to ditch traditional loan applications and switch to online platforms.
Quick and Easy Access
Like accessing most things on the internet, accessing online loan applications is very easy and straightforward. Paper applications in banks take time and there can be unprecedented delays. Filling out an online application is not only easy to do from the comfort of your home but it is also extremely quick. Some lenders can even have money added into your account within the same business day as your approval.
Increased Odds of Approval
Technology has allowed for the process of online lending to become more advanced and accurate. Meaning that borrowers can login to their account and within a few clicks of a button have an answer to their application. Borrowers also have more direct access to lending services through online platforms making it easier, more likely, and more effective to get a loan.
The internet is ever-evolving and growing. The future is wide open with possibilities of growth, change, and expansion when it comes to online lending. Many people will begin looking solely to online platforms when it comes to their debt management and needs, if they haven’t already.
To learn more about online lending and how to increase your conversion rates, click here.