Loans without paperwork: Performance and Advantages

Do we lend without paperwork? This is a very frequent phrase in online financial institutions. But is it possible? How does it work? These are some of the questions that exist. Learn about the operation of loans without paperwork and what are the advantages of these procedures.

Loans without paperwork, the digital age

Loans without paperwork, the digital age

The digital age is here to stay. Thanks to the 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 procedures, to deliver the documents in physical form directly to the 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 apply for 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, since 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 bank paperwork. 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:

E-mail: this requirement is essential in all online procedures, since almost all the information is sent by that means. Having an email account is essential in the digital age.

Personal data: the name, surname and date of birth, are data that mainly serves to identify the user. To validate this information, the National Identity Document (DNI) is required. In this way the identity of the person and their age of majority is corroborated.

Telephone : the telephone number is requested as a second alternative of contact with the user. Also, it works as a security method to avoid identity scams.

Address: a physical location is required primarily 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 the DNI, driving license, birth certificate, among others, are attached to the application in jpg, png or document photo formats, such as Word and PDF.

Advantages of paperless loans

Advantages of paperless loans

There are many advantages of paperless loans, but there are three that are the main ones:

Fast: paperless loans are very quick to apply, you just have to place the information indicated above, set the amount and the payment period. On the other hand, online loans give an answer in a maximum of 24 hours. Either if the request is approved or denied. In addition, if the answer is yes, the delivery of money is usually quick, 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 documents you require and send the application. Then you just have to wait for the response of the financial entity and follow the steps indicated.

Alternative: on the internet you can find various loan options without paperwork, but one of the simplest 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.