Lending, which is largely based on information sharing, has not stayed away from the overall trend of development. The turnover of modern money has largely gone into “virtual reality”.
The mass of cash in circulation is melting rapidly. Not only businesses, firms, retailers, but also the general public are massively switching to cashless payments, they have mastered the handling of electronic bank cards, electronic payment systems, and online banking systems, which are supported by many domestic network banks.
Where can I get money online?
If you can make a purchase (pay) at an online store via the Internet, or receive money online by e-transfer to a card using an internet banking system, why can’t you get money online? Of course you can. Online money on credit – today is a fully accessible banking service.
At the same time there is no need to “stomp” at the bank branch. In the presence of a computer or a computerized mobile gadget (tablet, smartphone), it can be formally done from virtually anywhere with internet access – from home, at work, at the station or at the airport, in a restaurant , cafes, cinemas …
To date, specialized micro-financial institutions (MFIs) have a leading role in lending online. These institutions specialize in providing fast-moving consumer micro-credits, with credit money being credited to an electronic bank card. Despite the fact that many modern MFIs for their clients exist only on the Internet (their network of offices and offices for physical visits are still poorly developed), these are quite serious financial institutions that have received appropriate state licensing, their activity is under strict control. public oversight bodies.
what makes the MFI so much more convenient and efficient?
It should be noted that their work is based on automatic (software) processing of information, which is in various electronic client bases. So why not simplify and accelerate the development of a decision to grant a loan, automating it as much as possible, entrusting the bulk of the work to a machine algorithm, a computer program? And why should you enter the necessary information for risk assessment, why not trust the client (applicant)? Today, in the age of total computer literacy, it is absolutely real! This is the combination of the maximum autonomy of the applicant and the most automated risk assessment based on the convenience and efficiency of working with MFIs in the field of online lending.
At the same time, classic network banks still have some inertia and still prefer to work the old way. Yes, when making a loan, even for a relatively small amount, they still require a personal appearance from a customer at a bank branch. But the benefits and convenience of fast online lending are all too obvious, as it is not far off when big online banks will be pulled into the fast online lending segment.