It sounds like the new buzzword in the credit scene: the fully digital quick loan. If one believes current studies, the demand for so-called quick loans among consumers is very high and that demand is also expected to grow steadily in the coming years. According to a recent FORSA survey, every second installment borrower in Germany (48%) is dissatisfied with the speed of lending. So taking this survey result at face value means that the entire loan processing process will have to be much easier and faster for financial institutions to implement. So if you want to win the credit-seeking consumer for a loan offer in the future, you also have to work actively in the credit processes. In this respect, it is not surprising that in recent weeks or months more and more frequently in press distributors of just those fully digital fast loans are mentioned. Synonymous with the fact that more and more financial institutions jump on this “train”. The supply of fully digital quick loans seems to be growing. But what does “fully digital fast loan” actually mean?
Combination of new technologies guarantees a real quick loan
Basically, a fully digital quick loan with three simple buzz words can be described: No paper, no printouts, no way to the post office. Everything is handled digitally and that means above all 3 technological elements in the credit processing process. In the first step, of course, the online loan application, in consequence, the legally required personal identification Video Ident, the so-called Digital Account Check (credit rating and liquidity check) and, last but not least, the digital signature of the loan agreement. All these points considered together and technically reconciled means that taking up a loan through just that digitization is getting faster and easier. But just the topic of the last step of the digital signature under the loan agreement has hardly been offered to date. Even if Video-Ident and Digital Account Check were established, it was still necessary to sign the loan contract personally. But even at this point the change begins. With just that kind of signature, the final step in online borrowing is finally digitized.
The digital signature of the quick loan significantly speeds up the process
The implementation of the digital signature in the online loan processing process now ensures that the signer is actually the one who has requested the loan online and identified by videoident process. When the processing has arrived at that step, an individual code is sent to a corresponding mobile terminal. The signature process is initiated with a previously defined password and the code sent. By entering and two clicks, the so-called signature contract is accepted. Subsequently, a TAN is sent after re-entering the personal mobile phone number and the password. If the borrower has entered these, the contract for the loan is signed as digital. The quick loan will then be paid immediately.