We are living in the age of internet where almost everything can be done paperless, so is with loan. There is no need of preparing big files to apply for loan instead you can just sit at home and apply online.
What is the benefit of paperless loan?
As mentioned above, there is no need to prepare for many paper documents, but with your ID number itself all your information can be tracked digitally and you can submit them online. In case there is need for any additional documentation then the same can be digitally scanned by using your smart phone. Following are the main benefits:
- No need to visit the lender’s office
- All documents are processed online
- Quick approval procedure
- Low processing fees
What steps to follow?
Following are the step by step procedure to apply for the loan
- Use online calculator and find out how much amount will you need to pay as monthly installments to repay your loan for certain amount. By looking at that you can decide how much loan you can afford and plan accordingly
- Now you can compare the interest rates and other terms and conditions of different loan providers. You may find that CaptainCash is flexible than many other loan providers. This will help you to choose the right loan provider based on your convenience and affordability.
- Now you can check your credit score to ensure that your loan application will not be rejected due to lower credit score. Your loan provider will certainly check your credit score before approving your loan. In case, your credit score is low then take action to improve your credit score.
- You can now visit the website of the lender and fill up online form to provide all your personal details. These forms are almost same for all lenders. You must save the soft copy of your application for your future references
- You may get personal call from the lender to verify all your details
- You may get approval for your loan within 24 hours
- You must carefully read all their terms and conditions and the rate of interest charged by them. You should
- also check the loan processing fees and if everything is agreeable to you then send your consent
- Your loan amount will be available in your account within next 24 hours
Thus, your loan process is simplified by using paperless loan.