It would seem that the process of getting a short-term loan is long and extremely complicated. Meanwhile, thanks to the simplified procedures and automated decision making on the granting or rejection of a loan application, this time has been significantly reduced.
The procedure for applying for a short-term loan in the vast majority of cases does not take long. For borrowers, one of the key elements affecting the final decision to use the offer is time. The shorter the better – potential customers are then more likely to send a loan application in a given company. This is the main reason why a number of non-bank institutions introduced so-called loans in 15 minutes.
What elements have a direct impact on the reduction or extension of receiving a loan? How can non-bank companies be able to grant loans in such a short time? Can potential customers really receive money in a quarter? The answers to these questions can be found in this article.
Uncomplicated loan procedure
First of all, the short payday period is the result of maximum simplification of the loan procedure. In most institutions whose marketing narrative draws the client’s special attention to quick loan granting, this procedure is limited to the formal minimum resulting from legal regulations. Such simplification allows clients to go through the entire loan application process themselves, which is not without significance for the time of implementation. An uncomplicated procedure has a huge impact here.
It is also worth emphasizing that this process is also fully automated. The whole is done online, so that customers do not waste time on visits to business premises or waiting in queues. Completing the form and issuing decisions on granting a loan or rejecting an application have also been subjected to far-reaching automation.
Thus, a 15-minute loan is not just a marketing tool, but a real time to get a loan, which is possible thanks to simplified procedures and automated acceptance of applications. The Instantor service, functioning in many loan companies, should also be mentioned, allowing for instant verification of the customer without the need for a so-called verification transfer.
Loan calculators and rankings
It is also important to be able to quickly find an offer. Calculators are available on lenders’ websites and platforms, thanks to which we can find an offer for ourselves within one non-bank institution with a few moves. The payday ranking is also very important, because we do not have to spend time searching for offers – such a list is available at hand, which gives us a much broader perspective on choosing the best offer for us.
However, not all loans will be received in such a short time. Any element that affects the completion of the required formalities will also extend the time to get the loan. A good example can be those companies that require, for example, collateral for a short-term loan, guarantor or even verification of income sources at the client’s employer. These elements have a direct impact on the length of the loan procedure.
24 hour option
Potential borrowers have the option of applying for a loan twenty-four hours a day, precisely because of the automation mentioned above. 24-hour loan availability often also applies to weekends.