• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Fintech

Finance: 5 Benefits Of Technology In The Lending Industry

by
August 11, 2020
in Fintech
Share on FacebookShare on Twitter

When you think about the lending industry, you don’t often think about the use of technology to help get you a loan. Most people think it is all about completing paperwork at a bank when they need a personal or business loan. However, there are many ways that this industry has benefited from the use of technology.

So, we will discuss five main benefits of technology in the lending industry and why they are positive.

Image source 

Benefits of Technology

1.      Online Automobile Loans

Getting a loan for a car online is simple now that you can pre-qualify for a certain amount with some of your personal information. Then, with just a few clicks to pick which vehicle make and model you want, getting a car loan takes much less time.

Gone are the days where you have to sit and do reams of paperwork, negotiate on price and shop with salespeople hovering around you. This can all be done online in just a matter of minutes and makes the whole process so much simpler.

2.      Not Just Your Credit Score

Remember when you would go into the bank and apply for a loan in the hopes of starting a business, only to get shut down because of your credit score? Well, that is not as much of an issue anymore with lenders using more data to decide whether you are worth the risk.

Maybe you have had some hard times that lowered your credit score, but now you have a better job and can pay off your debts. This will be taken into account, even if your credit score is still recovering so that you get your business off the ground.

3.      More Competition

When you are looking for a lender online, you now have access to a lot of options, right at your fingertips. There are even sites that will do comparisons for you so that you can find the best lender with the most competitive rates, returning facts and figures in seconds.

This allows you to choose between multiple options and get the best deal for you. Also, this won’t take up a lot of time.

4.      Cutting Costs

Technology tends to cut costs in every business in which it is deployed, and lending is no exception. With websites like Become.co making it easier than ever to get a loan, businesses don’t have to spend more money on overhead costs.

This can make a big difference to smaller companies who might be struggling, and having a bit more wiggle room with expenses is always better for a business than being strapped for cash.

5.      E-Mortgages

E-mortgages are a fairly new concept that is becoming popular is the use of technology for taking out a mortgage for a home. Buyers that are looking for a new house can use the same type of process for car loans for buying a house and getting the mortgage right away. This fast-tracks the process and makes it easier for families to get into their houses in less time. 

Conclusion

Technology has a lot to do with convenience, and with the lending experience not being so great, new tech allows it to be a better one. Whether you are buying a house or a car, technology makes it a fast and easy process.

Related Posts:

  • Credit-score-ranges-icon.-Loan-rating-scale-with-levels-from-poor-to-excellent.-Fico-report-dashboard-with-arrow-isolated-on-white-background.-Financial-capacity-assessment
    Fintrak Unveils Credit Ratings Software for…
  • RTSS1X9-scaled-e1613049793945-732×419
    Finally, Google Will Now Stop Loan Companies From…
  • Chioma-Okotcha-Rivy-COO-and-Dami-Olawoye-Rivy-CEO
    Payhippo Rebrands as Rivy, Seeks $4M for Sustainable Energy
  • Cowrywise-mockup-Source-Cowrywise
    Nigeria's Top Financial Apps with 10M+ Downloads
  • India’s Flipkart Begins Customer Lending In A Bid To Boost Sales
    India’s Flipkart Begins Customer Lending In A Bid To…
  • red iphone 7
    Kenya's Apex Bank Launches Program To Help People…
  • Australia's Central Bank Launches Central Bank Digital Currency Project
    Australia's Central Bank Launches Central Bank…
  • credit_arrowlightgreen
    Fintech Company Introduces A Platform For Credit Rating

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: financefinancial technologyfintech

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • X Experiments with Community Notes for Popular Content July 25, 2025
    • Snapchat Adds Safe Arrival Notifications for Friends July 25, 2025
    • OpenAI Set To Release GPT-5 in August July 25, 2025
    • Zobe’s Ring Gives Contactless Payments New Look July 25, 2025
    • Visa Establishes Its First Africa Data Centre in Johannesburg July 25, 2025
    • Q2 Earnings: Intel sees AI Progress but PC Division Lags July 25, 2025

    Browse Archives

    July 2025
    MTWTFSS
     123456
    78910111213
    14151617181920
    21222324252627
    28293031 
    « Jun    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy
    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2025 Designed By TechBooky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.