Among all the financing products that are granted in the country, there is one that has stood out above the rest for its advantages and its speed of concession: the fast loans that private companies sell. Their demand grows year after year, although not all applicants know why they can have the money in so few minutes. To shed some light on this issue, in this article we see what are the aspects that streamline the application and contracting process for these products.
Quick loans are contracted through the Internet
The companies that market these products do not, in general, have physical offices, so the application process and contracting of their quick credits is entirely online. This is a significant time saver, as you do not have to go anywhere and, since the documentation can be sent over the Internet, it is not necessary to make dozens of photocopies.
The fast credit companies have algorithms to carry out their analyzes
However, the streamlining of the quick loan granting process is more automated. Most companies have an algorithm system that is responsible for evaluating requests , so they are able to provide a response in a matter of a few minutes.
Its algorithm evaluates in a few minutes more than 20,000 different factors, which allow you to approve or deny requests very quickly. The following explanatory video shows us how they are able to grant a quick loan with such immediacy:
Taken together, lender calculates that it can process applications and issue a definitive response in just 15 minutes, a time that is practically insignificant compared to the time it usually takes for banks to grant their loans.
To request a quick loan, you just have to present documents
Finally, another aspect that also streamlines the process of granting fast loans is that you hardly have to present documents to request them, only the fair and necessary ones to demonstrate that we have an optimal purchasing level and that we are who we say we are ( identity document, proof income, bank statement showing the latest movements of our account, etc.).
In addition, more and more companies have automatic identity verification systems. The operation of these applications is very simple: the applicant only has to enter the keys of his online banking so that the lender can consult the movements of his accounts and verify that he receives sufficient income and is not impersonating anyone’s identity. Thanks to these systems, it is not necessary to send any document, which further reduces the granting time.
As we see, there are several factors that allow you to get a quick loan in just a few minutes. However, we must take into account that, in some cases, it may take up to a maximum of two business days to receive the money.