Sometimes I cast my mind back, back to a time when if you needed a loan, you went to your local bank, spoke to the Bank Manager or Loan Officer, completed a loan application and waited. You waited for the loan committee to meet, usually on a Wednesday, and they approved your loan.
In some instances it may take a week to get a loan request approved.
Fast forward to today, loans are approved within 24 hours, but most loans are approved with an hour, some in minutes!
Part of this speed began with credit scoring. Assigning a numerical value to the borrower based on various factors.
Couple this new credit scoring with a computer and the Internet….and you have instant loan approval! Which is important, as we want answers, and we want them now!
In fact, we want to know even before we know we are approved for a loan.
Say that three times.
We want to know if we will be approved for a loan, even before we apply. We want an Oracle to state we will be approved, before we apply for a loan.
Ask and receive.
Most lenders now have “eligibility checkers”, which will tell you if you may, or may not be approved for a loan, and this check has no impact on your credit score.
Imagine that….knowing the outcome….before you really know.
Only in the digital age.
Now let us speak of debt in the digital age.
Debt In The Digital Age
Unfortunately, just as quick as we can be approved for a loan, our missed payments, defaults, and credit scores can just as quickly be noted. Noted on our credit reports.
Some creditors/lenders, used to report every 30 days to the credit bureaus….but now, it can be much more regular.
How do you think the Oracle based eligibility checkers can know?????
The fact is that the times have changed.
We want immediate answers, and we shall have them.
Lenders want immediate loans, they will find a way to grant them.