The Digital World has invaded all aspects of our lives. The Internet caters to most of our needs, from Groceries to a Life Partner or a Personal Loan.
Banks like other companies advertise their products aggressively on the Web to reach customers. Your search for a Personal Loan on the web will reward you with views like “Instant Personal Loan” or “Personal Loan in 2 minutes” These offers seem especially attractive if the need for funds is immediate. But Alas! There is no Bank or Agency which can release funds for a Personal Loan in the time frame implied.
We at Your Loan Advisors, in keeping with our policy of complete transparency are here to explain to you the true implications.
On filling your details on the Online Personal Loan form the following happens:
It is important to remember that only after the requisite documents are collected & the Form for Personal Loan is signed & submitted to the Bank, that the Processing of the Application actually begins.
After receiving the Personal Loan Application, there are definite procedure & guidelines that are streamlined by Banks for processing. Finally it goes to the Underwriter for the decision. Only after the Approval an agreement is signed, and here after the funds are disbursed.
Banks now have procedures firmly in place to decision the Application & release funds in up to 72 hours. Technology for the finance industry will need greater advancement before Banks are ready to approve a Personal Loan Online or in” 5 Minutes”
Yet A Personal Loan is still one of the fastest ways to generate funds!
To know more, or to apply for a loan, do visit our website!
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