For some time, banks have been tempting with quick cash loans that we can get without leaving home. In practice, the procedures for granting and paying out loans can vary significantly. The most important differences relate to the method of verifying customer data, confirmation of the contract and speed of withdrawal.
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In many banks, we will actually get a loan without leaving home, but the whole procedure can be burdensome and spread over time. If we leave our data, the bank will contact us by phone to arrange the details of the contract, which will then be delivered to us by courier. It’s certainly a convenient and discreet way to get extra cash, but its big disadvantage is the time to wait for money.
In some banks that encourage you to take an online cash loan, you will actually know your credit decision online or by phone, but you may need to visit the branch in person to sign the contract. Only then do we get access to money.
Is it possible to take a loan from beginning to end without leaving the house? This should not be a big problem if we are a regular and reliable customer of the bank. Due to the long history of our income or previous financial liabilities, the bank has enough information to offer us the right conditions and quickly withdraw money. Depending on how the framework agreement between the client and the bank is constructed, the documents can be signed remotely or via courier.
In modern transaction systems (e.g. http://www.apdaweb.org/), a regular customer has access to a special bad credit cash loan offer that can be used at any time. The lender has already tentatively agreed to grant the loan and is ready to withdraw money even in several minutes.
The situation of new customers is a bit more difficult. In their case, a bank offering a loan without leaving home faces two difficult challenges: assessment of creditworthiness and remote contract authentication. However, several banks on the Polish market dealt with these problems. How?
Signing document online
When it comes to signing documents remotely, banks have been using the ability to verify the identity of new customers for a long time by means of a small transfer (e.g. PLN 1) from another bank. We complete personal data on the bank’s website, we receive the contract and other documents by email. If we confirm these arrangements by transfer from another bank, we can finalize the loan agreement remotely.
And how will the bank offering the online loan verify our income or assets? For example, MyBank uses the Importer application for this. We use it to log into our current bank account, thanks to which the lender can confirm our income history. It is a safe technology and during the whole process banks only share information necessary to finalize the loan agreement. If, despite this, you do not want to use this application, you can confirm your income with a bank statement scan (for loans up to PLN 20 thousand gross). Banks also use generally available databases about consumers, e.g. Credit Information Bureau.
Not in every bank a loan without leaving your home means the same procedure.