Getting a loan used to take a lot of paperwork and time. You’d go to the bank, fill out an application, have it reviewed, wait for the bank to inquire at the credit bureaus, and then either be approved or unapproved. But with the technological advances of the last 15 years, all that has changed.

Online Applications

Although it’s still possible to go to a bank and apply for a loan, you now have the ability to apply online. Whether you’re looking to refinance auto loan rates, get a mortgage, or open up an equity line of credit, you can now do so all online. You do want to verify that this online source is reputable as you will be giving it your personal information (such as social security number and birth date), but filling out an application is quick. Once you provide your information, you’ll find out quickly if you’ve been approved — sometimes within seconds. It’s that easy!

Electronic Verification

Another thing that’s changed with technology is how quickly you can receive verification from the credit bureaus about your credit status and credit score. When it comes to getting a loan, your credit score affects the interest rate you’ll receive. If your credit score is higher, it means that you reliably pay your bills, don’t have too much debt, and pay off your debt whenever possible. Because of this, the chances of you paying off your loan are greater and you’ll be given a lower interest rate than someone who has a lower credit score.

If you choose to apply in person, the banker can verify your credit score with the credit bureaus (Equifax, TransUnion, and Experian) through the Internet. No need to wait for forms to be mailed to them and then mailed back to the bank. This makes applying for a loan fast and easy.

Isn’t technology great! You can now get a loan quickly with advancements in technology.