Nowadays the situation has changed and, with the advance of new technologies and internet accessible to a large part of the population, it is already possible to make payday loans online with all the convenience, without bureaucracy and the best: with lower interest rates than those charged by banks!
If the average interest charged by banks is around 6%, in the online loan this amount can drop by half. There are a few reasons why online payday loans are cheaper than bank loans. First, the fact that the procedure is all virtual reduces operating costs. Not having to open a physical agency helps to reduce the price of the service and, therefore, the interest charged.
The use of technology has created intelligent tools that are able to predict consumer behavior, thus reducing the risk of fraud and, consequently, the loss of companies. All the more reason to charge lower interest for the service.
Reason why online personal lending is more economical
Compared to banks is competition. The greater the supply of credit, the lower the interest rates. Brazil’s bank spread – the difference between the interest that banks pay when you invest your money and the interest they charge when you make a loan – is one of the highest in the world, precisely because of the concentration of credit offered by a small number of institutions.
The entire process is carried out virtually, from the loan application to the credit analysis, through the formalization and receipt of the money. All done through digital platforms. State-of-the-art technology, with encryption, is used in order to ensure that the entire transaction is carried out with total security.
Encryption is one of the main security mechanisms for protecting data. It is a set of techniques that writes messages in encrypted form or in code and can only be interpreted by those who have knowledge of this language. To ensure the security of all transactions, it is important to ensure that the website uses SSL, a digital certificate with greater data security. It is very important that every company has the digital certificate on its website!
The most important of all is to be aware of fraud
There are many shell companies, which require advance payment to make the loan. Trusted companies never request advance deposit! Legal digital institutions that carry out credit operations are regulated and authorized by the Fine Bank.
To make a payday loan 100% online, with convenience and security, count on Funding Square Bank Make a simulation on our website right now.