We all might have passed through a situation where in we need big amount of money. For example: college/school fees, wedding, renovation etc. You go to the bank in a hope that you will get the money and use it. Once you go down to the traditional banking system, they ask you for hell load of documents.If they are not satisfied with the documents you have submitted, you will have to go back and get all the documents. Once the documents are processed, your application for loan is finally accepted. But he wait, there is more!! Once the application is accepted, you have to wait for weeks before you can actually get money in hand. This is applicable only when you have a credit rating. Let us assume that you have a bad credit rating. In this case, your loan will be rejected. Well this doesn’t happen in FinancePeer. The reason why FinancePeer won’t reject you loan application are:
- FinancePeer makes use of Artificial Intelligence system and checks 13,000+ data points so that the the borrower gets the most appropriate score before his application get’s rejected or accepted. You just have to mention the amount you want and a lot of lenders will be ready on the platform to help you with money.
- Your loan application maybe rejected by the traditional financial system before, maybe because of some xyz reason, which can be easily spotted and got it done correctly. Say for instance, there was some spelling mistake. Becaus eof this reason your loan gets rejected. But with FinancePeer, everything is digitized. No manual paperwork is required at all. Even the signature is e-signature(online signature) and hence, no need of any paper work. You submit everything online and your loan is approved in minutes.
- Assume your co-applicant has a low credit rating or loan repayment history. In this case in a traditional financial system, your loan will be rejected. Even if you have a clean and neat record, your loan will still be rejected because of your co-applicant’s low credit rating or repayment history. Whereas in case of FinancePeer, your score won’t be dependent on co-applicant’s case. You will be considered as a separate applicant. It is very simple – You are the borrower, you have to pay back the money.
Hassle free digitized process, user-friendly and a quick process has made FInancePeer a better option over traditional financial system. To know more about FinancePeer, you can click here.