Diwali is less than two days away and you must be hurrying with preparations. You would like to spend more but you are already straining your monthly budget; but as the list goes on, you just have to whip out some more money – to buy that sari, to buy your kids toys, to gift your Dad that vintage watch and what not. Well, what if we said that there is a way?
Digital Lending – The New In For Instant Personal Loans
Digital lending is a revolutionary concept that makes lending easier. It’s fast and efficient since the process is completely online. Here is how it works.
Let’s say an enterprise Y provides loans. The lender sets up a secured online portal where the applicant is required to enter his/her personal and financial information. The lending agency then verifies this information and disburses the personal loan amount to the borrower. The said borrower doesn’t have to visit the agency’s office for documentation or for any other purpose. Hence, the process is efficient.
You might be wondering how the agency verifies the borrower’s information since, obviously, the agency receives hundreds of applications everyday and the verification process does require a bit of time. Well, to find out how, read on further.
The Verification Process
Most online lenders offer unsecured personal loans, meaning they don’t require you to provide collateral. Such lenders provide small personal loans against your salary and hence need only verify your income information. While applying, you would be asked to provide your pay slips and salary account statements. The agency then takes a few days to check the authenticity of the income information.
There is also a quicker way known as EBV. The Electronic-Bank-Verification (EBV) process is very simple: you provide your salary account login credentials. The agency logs into your account, checks your salary information and logs out. Don’t worry, this process is completely safe since your bank provides read-only access which means that the lender cannot make any changes within your account. It is not unlike the credit/debit card authentication process wherein you provide the ATM pin to make a payment online.
Hence, this process is completely safe. What’s more, a computer algorithm usually does this; hence no single person has access to your account. It helps you get approved instantly and your amount will be disbursed the very same day.
The Diwali Advantage
Diwali celebrations often put a strain on the monthly budget for most people. This is the time when people consider applying for instant cash advance; hence lenders make the process even simpler. Some even provide lesser interest. So cash in on this advantage and make your Diwali all the more special!