Impact Of Technology On Payday Loans

Technology is advancing every minute of every day. To keep up with the technology and hence survive, industries and businesses have to make the necessary changes in their conduct and policies. This implies to the mortgage industry also. The technology has brought about significant changes in the way people apply for and secure approval of loans.

The normal process for securing a loan involves the simple process of

• researching the different options of loans,
• gathering information about the companies providing the loans and short listing them,
• gathering personal documents according to the demands of the company policy,
• form filling for application of loans
• review of the application form and the documents by the company
• Sanction or approval of the loan.

All the above steps of obtaining a loan have become much simpler with the advent of technology.

Let us have a look at the impact of technology on loan:

• Platform connecting the buyer and the lender: The advanced technology serves as the common grounds for a person who is looking for loan or the buyer and the company who is into giving loans i.e. the seller. Researching for different options of loans is just a click away which can be done in the comfort of your home.
• Time saver: As compared to the past 10 years, securing a loan has become much faster with the introduction of technology in the mortgage field. The reason being, the introduction and assistance of responsive and fast websites and applications through which people are able to gather all the necessary information a lot faster than what they were able to do before.
• Trailblazing applications: The mortgage companies are coming up with innovative applications which help in

1. Keeping track of EMI installment dates and making timely payments
2. Hassle free downloads of IT certificates
3. Keeping up with the amortization schedule
4. Follow up with the payment history.

• Loan eligibility checking and calculation: Every mortgage companies have different policies with regards to clauses for eligibility of a person to apply for a loan. Like if a person is applying for payday loans his does not need any eligibility just his next paycheck to prove that he is able to pay back the sum he has is asking for loan. Also the companies are introducing apps that help you calculate your eligibility for a loan as calculations involved in a home loan process are quite complex and difficult to understand. There are some pointers that you need to keep in mind while using a loan eligibility calculator. Which are:

1. Make sure that the applications setting is changed to the country and city of your residence.
2. The accuracy of the calculator is subject to change to the change in the economic conditions and the fluctuations in the company policies in a country.
3. It is a fact that the calculator that asks for more information is generally more accurate.

What we need to do to make our lives easier regarding the loan procedures is to just optimally use the available technology and perform and in-depth research that will help us choose the right type of loans and strike out the best deals with the mortgage company.