Online borrowing is growing rapidly. The technology has developed to allow secure and private transactions to take place over the internet. This has led to huge increase in customer trust of the internet as a place to manage their finances. It is also an extremely good place to conduct loan research as you can get information from many lenders quickly and accurately and rates are often lower online in recognition of the savings it brings to the lender.
In the last year, the sale of financial services over the internet has more than doubled. This is a trend that is set to continue well into the future. There have also been important changes in the law that have allowed all this to happen. Electronic signatures and other methods of concluding contracts online have allowed far more business to get done online. There are also significant cost savings involved with not having to have everything done on paper. While many instances still require paper copies, the increased convenience is already making a huge difference. Both shopping around, applying, and being approved are now, faster, easier and cheaper than before.
Research is now suggesting that over a third of all...
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