5 benefits of digital lending over traditional lending

If you have decided to apply for a loan but are still weighing your options on which lending route to take. Keep reading…

In this article, we’ll show you 5 major benefits of the digital lending route over the traditional lending route to help you weigh your options better.

Let’s jump right in!

Have you ever been to a traditional (offline) lending agency? Well here’s the thing, they require a lot of paperwork and by that, we mean actual words-on-paper kind of paperwork.

This can be very frustrating especially if you urgently need that loan. They take a long time to process the information given to ensure accuracy and consistency and this can span several days.

Digital lenders offer a way out of this by using advanced algorithms and data analytics to process loan applications quickly, often in a matter of minutes or hours. This means you can get your loan approved by a digital lender a lot faster than you would if you applied through traditional means.

Another major benefit of digital lending over traditional lending is the convenience the former provides.

XYZ and Co. Lending corporations is a little too far a distance to be traveling when you can simply get a loan right where you are in the comfort of your home.

Digital lending offers you convenient access to lending services through the use of your smartphone device without the hassle of back and forth transportation.

No longer do you need to take lengthy or multiple lengthy trips to the bank or lender’s office, saving you from wasting your time and money. Visit Irorun today to get started on your first digital loan!

Digital lending platforms tend to offer broader transparency than traditional lenders do. This is because the lending platform (app or web) has all information relating to the loan right on the platform for the borrower to see.

Your loan term, interest rate and repayment schedule are all made available for you to view at your convenience.

Traditional lenders may not give you enough time to view your loan terms and as such may hide clauses that you may never get to see before you agree to a loan. This can lead to a loan default that would potentially damage your credit score.

Traditional lenders tend to have limited loan options and strict criteria regarding their loans. This has led to many borrowers having to make do and manage any loan option available to them. Occasionally they end up struggling to pay back their debts due to rigid loan terms.

Digital lenders on the other hand are very flexible, they offer a variety of loan products with easily adjustable repayment terms allowing borrowers to choose a loan that fits their specific needs and budget.

Digital lenders place a strong emphasis on offering a seamless and user-friendly customer experience, with quick approval, and round-the-clock customer assistance. Digital lenders understand that to foster a sense of loyalty and raise customer satisfaction, swift and efficient customer support is required.

On the other hand, traditional lenders may not always offer the most attentive customer support and this may leave you hanging and uncertain about the next steps to take or the clarifications that you desire.

If you have more questions or are ready to kick-start your loan application process, send us a message at support@irorun.com!