Do we pay without paperwork? This is a very frequent phrase in online financial institutions. But is it possible? How does it work? are some of the questions that exist. Learn how paperwork-free loans work and what are the advantages of these procedures.
Paperwork-free loans, the digital age
The digital age is here to stay. Thanks to new technologies it is possible to do different procedures without having to deliver a paper. More than a decade ago, financial institutions required, for most of the procedures, to deliver physical documents directly to their offices. This over the years has advanced to what is known today. Today it is possible to open a bank account, pay with your mobile, and request a loan online without paperwork .
Digital devices such as the telephone and the computer have become indispensable in everyday life. Different studies have shown the increase in smartphone use, given that there are more and more apps for daily use. One of the great advances has been online banking, since it has simplified the way of doing banking procedures. The evolution of the digital age is constant and its advances surprise more and more.
How do paperless procedures work?
The operation of loans without paperwork is very simple. When an online application is made, the following information is required:
Email : this requirement is essential in all online procedures, since almost all the information is sent in this way. Having an email account is essential in the digital age.
Personal data : the name, surname and date of birth are data that mainly serve to identify the user. To validate this information, the National Identity Document (DNI) is required. In this way, the identity of the person and his or her legal age are corroborated.
Telephone : the telephone number is requested as a second alternative to contact the user. Also, it works as a security method to avoid identity scams.
Address : a physical location is required mainly for two reasons, the first for sending documents, cards, etc. Second, validate that the person is in the region or country where the entity operates.
Documents such as ID, driver's license, birth certificate, among others, are attached to the application in jpg, png or document formats, such as Word and PDF.
Advantages of paperwork-free loans
There are many advantages to paperwork-free loans, but there are three that are the main ones:
Speed : paperless loans are very fast to apply, you just have to enter the information indicated above, establish the amount and the payment period. On the other hand, online loans give a response in a maximum of 24 hours. Whether the request is approved or denied. Also, if the answer is yes, the delivery of the money is usually fast, from 15 minutes to 24 hours.
Ease : finding and applying for a loan online is very easy, for this you need to have a computer or smartphone, fill out the application, attach the required documents and send the application. Then you just have to wait for the response of the financial entity and follow the steps indicated.
Alternative : you can find various loan options without paperwork on the internet, but one of the easiest ways is to use a comparator. Platforms such as Ideal Loans help to find the best alternative that adapts to the needs of each user.