What are Paperless Loans?

Overview

A paperless loan agreement is when a lender agrees to give a borrower a certain amount of money with an expectation of repayment with added interest- a transaction which is completed online or over the phone.

Paperless loans may have a lower interest rate due to the lender being able to off-set some of the costs they would have spent on including paperwork.

Lenders specialising in paperless loans won’t require written proof of employment or income, but will rather use online databases to obtain this information. Some of these lenders may require you to email the necessary documents however.

Benefits offered by paperless loans:

Using an online service means that you can get a loan 24/7. You can apply at any time of the day, from wherever you are on-the-go. There is also no need to have to wait for traditional banking hours.

Any personal data that you enter should be protected by modern tools as well as SSL so the data you enter is encrypted.

Application processes are fast and simple, because there is no need to fax any paperwork. It also means that you can apply for loans anywhere in South Africa.

Applying for paperless loans allows you to save time. Instead of having to spend a lot of time waiting at a fax machine for your documents to send, you can save yourself a lot of time by completing an online application.

There is no waiting for too long. You get to benefit from an instant decision. Paperless loans offer applicants a chance to get a quick response.

There is no lengthy loan application involved. With paperless loans, you can avoid having to deal with too much paperwork, because the online application is quick.