If you need a loan, you may dread waiting in line to speak to a loan officer at your bank and then hoping they will lend you money. However, there is a new trend available for those who want to skip the bank and apply for a loan online. This process is referred to as mobile banking. The service is offered through apps, where you can complete the application process and get a quick evaluation of your credit status.
These loan apps are available 24/7, and borrowers love how quickly a decision is made. Once the decision is made to lend you money, you will be informed of when the loan must be paid back, what interest will be charged, and what the servicing fee for the loan will be. As you are getting ready to select lending services, you can take notes on the interest fees you will be charged.
These services may also offer lenders solutions. For example, the apps could offer advantages for banks if they want to extend mobile lending services to their clients. Clients may prefer to use their own bank, although they can also search for apps offered by professional lenders.
With the rise of the digital age, lots of industries are making the online switch. Banking is no exception, with new mobile banking services and banking apps to make it easier for you to take control of your account no matter where you are. So what can you expect from these new developments, and are they worth the investment?
According to a survey conducted in July 2016, more than 60% of Americans believe that the United States will become a cashless society in the near future. This means that all purchases will be made with credit or debit cards or other electronic forms of payment instead of paper bills. In addition, the Federal Reserve reports that more than 70% of American consumers, or approximately 174 million people, have at least one credit card already. And with more than $2.56 trillion in debit card transactions reported in 2016, it’s easy to see that we’re well on our way to preferring plastic to paper.
And how have banks started to react to that? Well, it started with mobile banking apps. With the rise of plastic also came the surge of online shopping, which was seen as more convenient than having to go yourself to the store to buy what you needed. Banks saw this and decided to make it just as easy to access your bank account. This makes it easier to access them from anywhere, and not have to go to a physical bank which may sometimes be impossible with your schedule. This provides you with all the same services as the regular bank, but at your own convenience, similar to shopping online with your credit or debit card. It even works on your time, making transactions 24 hours a day instead of you having to wait for a bank’s regular hours if you need a deposit or withdrawal right away.
Mobile banking also took into account the lack of paper money and made these services with that in mind. To take out physical money, you will still need to go to the bank or an ATM. Otherwise, you can deposit checks or print a list of your transactions at whenever you want. These are the kinds of inventions that are customer-based at their heart, making it more convenient for you to take care of your banking needs from the comfort of anywhere.
