Payday loan lenders make it a priority to offer new products and utilize new technologies in order to please the consumer and speed the lending process. Repeat satisfied customers and a faster turnaround combine to improve the payday lenders position in the short term financial market. Gone are the days of paper post-dated checks and the faxing of voluminous amounts of paper to support an application for a few hundred dollars.
Online Processes Speed Loan Turnaround Times
With the arrival of the Internet and its acceptability and capability increasing exponentially on a daily basis, the payday loan or short term finance industry has leveraged it into virtually every aspect of their loan processes.
- Instead of visiting a local payday loan office, consumers can now complete and submit applications online via the lender’s web site.
- Instead of faxing or submitting additional material to support the loan application, all the information requested is included in the application for an approval decision.
- Instead of waiting for decisions from lenders, the applicant can choose from lenders responding to his application and have it approved within moments of submission.
And, now instead of picking up the funds in person the loan funds are directly deposited into the applicant’s checking account for immediate use. No more going to the office to make payments, now these are electronically withdrawn from the checking account on the due date. With these advances, payday loan lenders have been able to reduce loan turnaround times online to about 48 hours or less.
Technology Keeps Information Secure
The application and approval processes for short term loans takes place entirely online using Internet and web technologies. Information, such as personal identification, employment, and financial data, is always transmitted in an encrypted state.
Using enterprise-grade encryption algorithms and secure socket layers to protect the information in transmission, the lenders ensure the applicant’s information is continually protected during the process. Private information is not shared with third parties that have no part in the review, approval and funding processes involved.
Funds transfers on approved loans as well as repayments on those loans are processed safely using the latest banking industry standards. The electronic funds transfers are made within securely monitored networks to ensure a quick and safe transaction. With the combination of advances brought to the short term financial market and payday loan lenders by the Internet and 21st century banking, anyone can quickly apply for and receive advance cash loans online.