You use your computer and mobile devices for everything, why not applying for a loan?*
When you need fast cash, you can apply for a personal loan, which you can do without sending a piece of paper. Since the application process for personal loans is increasingly becoming digital, online lending is speeding up access to necessary funds. You can often apply and receive your loan in minutes, without even leaving your smart phone.
Here are three reasons why people prefer online personal loan lending:
1. PEOPLE ARE ALWAYS CONNECTED ONLINE
If you’re like many people it’s hard to put down your personal devices. You no longer have to be a techy to be attached to your personal devices. It’s easy to get used to the convenient online access electronics offer, especially when it comes to managing your finances. According to a 2014 Federal Reserve Bank survey, almost three-fourths of consumers accessed online banking through a desktop, laptop, or tablet computer in the last 12 months.
Overall, online banking has become an essential means of transactions in recent years. The Pew Research Center revealed a little more than half of all adults in the U.S. used online banking in 2013. This percentage is higher among Internet users, with 61 percent of Web surfers utilizing digital banking.
Since younger Internet users are more likely to bank online, personal loan lending could increase among the millennial generation. Of the age groups surveyed by Pew Research Center, 18- to 29-year-olds were more likely to bank online (67 percent).
As lenders switch to a digital platform, they could engage with consumers more effectively and stay connected with them. An EY survey found 28 percent of customers were very satisfied with their own personal loan account or service. However, this number may increase as lenders and customers interact online.