Online services have been taking off for a while now, but the Coronavirus pandemic is one of the main catalysts for the extreme growth within the digital sphere. Ecommerce brands, consultants, merchandisers, and more are offering their services via the internet, allowing consumers to access the commercial world from home.
The lending industry has been integrating innovative technologies like fintech programs, mobile applications, and more to streamline the process for every applicant.
Learn how the COVID-19 outbreak and the rapid advancement toward a remote digital marketplace has affected the financial industry.
Peer-to-peer lending has skyrocketed in recent years, and these services are making it easier for friends and family to talk about money with more transparency. Social media-like websites publicly display payment information between participants, showing how money is transferred between individual contacts.
The expansion of social lending platforms has opened up an entirely new conversation about money. Instead of dancing around a split check or unpaid debts between friends, it’s now possible to send your contacts a quick invoice from your phone through popular social media sites, secure online platforms, and mobile apps.
Plus, the growth of peer-to-peer lending gives more financing options to those who can’t or don’t want to get money through traditional banks or lenders. This method is highly personal, without the need for income or credit verification.
Banks have long been the main source of financing for most Americans who are trying to start a business, buy a home, or purchase a new car. But, many banks have ramped up their virtual offerings to accommodate social distancing measures and safety requirements.
To ensure that everyone is able to bank safely during a global health crisis, leading banks have introduced secure programs and applications that allow users to virtually:
- Deposit checks
- Transfer funds between internal or external accounts
- Open new accounts
- Make major account changes
- Speak with a specialist via video or instant chat
But, whether you plan on a remote or in-person visit, this option is best for borrowers who have decent credit, substantial collateral, and/or a reliable income source that meets application requirements for the loan.
Interest rates are low, but so is inventory and support as a result of the pandemic. With fewer resources and industry professionals available, it might seem like buying a home is more difficult than ever before.
On the contrary, the online real estate sphere is booming and more accessible for even the most inexperienced prospective buyers.
From start to finish, it’s possible to find your dream home and apply for financing in a matter of minutes. Simply use your specific criteria to narrow your search using online directories, and punch in your financial information into the online calculator of your choice for a quick estimate.
Auto Title Loans
Quick cash has never been more of a priority for much of the country, but that demand has been met with some hurdles. Traditional lending options can be difficult to obtain for those who have been recently laid off, or those with poor credit.
Online tools have made it easier than ever to learn how to get a title loan.
In addition to increasing the ease of use and accessibility of the various financing programs on the market, virtual lending is helping Americans from all walks of life achieve their economic goals. From social spending to obtaining same-day cash, online lending has completely changed the way we think about money on a larger scale. Even in a post-pandemic world, the new digital landscape will surely change the lending industry for years to come.