Technology has really worked its way up our lives. From our homes to our work place, at school and now even our banks have improved their systems with brand new technology each and every year. This is being done to make sure that their customers are well served and fully satisfied by the services they provide and also to make work easier for them and their customers. Thanks to technology,you can now get your loan in less than an hour’s time.
How the modern technological online loan process works
Due to the modernization of banks and AMP lenders' systems, the loan process is now faster and simpler than before. The only things that are required are your previous bank statements, deposits and various other documents.
So here is how it works. Most of these lenders work online where they allow you to create accounts, verify your identity in your profile and mobile number too. This is a process which was introduced by the AMPs back in 2007 after the bank's manual process had become too difficult for most small business owners to get a loan through.
How Banks do it
Even banks adapted to this lending method. What goes on is that banks check your previous statements and also check how much money you have deposited into your bank account using a debit or forex card.
These are not the only things checked as they also check the frequency in which the same amount of money is being deposited into your account. These can be annual deposits, monthly deposits or even weekly deposits.
All of these details will help the bank to be able to know your potential to pay back the money and how long it will take you to pay it up including their interest. One thing that is certain, is that this whole process is how your loan limit is calculated.
AMP lenders, how they do it
Being the founders of the online lending technology, the AMPs are a sure way to get you started on getting yourself a loan. The process only takes a few minutes, maybe hours or even 2-3 days if they accept you. Very easy right.
They make things simpler as they just enquire about your business. This is done by plugging in the details of your business. This will show them clearly, how much the business has made in a certain period of time and hence they will award you a loan based on your capability in the shortest time possible.
Difference between Amp Lenders and the bank
The first thing you should know is that AMP lenders are private lenders and unlike banks, their loan process is short and very efficient for most businesses. Here are some of their benefits;
Loan approval process is fast as compared to banks which may take a longer time and at the end of it all your application is denied. There are no excessive forms when it comes to these private lenders as everything is done online and it is fast.
Approval rates are higher compared to the banks. Their selection methods are more accurate as they look at all factors instead of just a few pointers here and there, unlike the banks.
Fees in AMP lenders are reduced and transparent. Even though banks too are slowly adapting this easy, fast and reliable method, their fees and penalties haven't changed yet. Amp lenders have ended up waiving these away as they are private and hence they provide better services.
What to note
The loan process has been shortened and has been made easier through the latest technological advancements. This has helped to make work simpler for most of us and as it seems, it really has.
If your business is stable, then you can purchase the bank loans and if you want maybe a side loan, the AMP lenders are your best pick.