I need a car to be able to get the kids to school and get a new job. I've just divorced my husband, and while I get some money each week, it's hard to save enough for a car out of that. I need to get a used car and a car loan to get us on our feet and start our new life. I don't really mind what a car looks like as long as it runs well. This blog is about getting loans for getting on with the rest of your life after a divorce and has tips for newly single mums.
The loan industry has gone through many changes over the past years, having to battle through recessions, unemployment and many other shortcomings. Yet despite this, the loan industry has seen itself be able to adapt accordingly towards the times and technology and thus enter new period of prosperity. Below are the most relevant and major trends you can expect to see continue in the future.
Shift Towards Online Financing
Online financing has seen a sharp increase in the last few years and is now generally considered to be a mainstream method to acquiring loans or financing. Australia has taken on the idea of using online loans and financing. Expect to see online financing and loans as an accepted norm in society and expect to see increasingly more accessible financing and loan alternative options available for the everyday consumer.
Online Optimisation
While using the internet or online methods to receive a loan initially received criticism, regulation, standards, and benchmarks have been able to create a relatively safe, consumer-friendly environment for users. The benefits of applying for loans online is that they can be automated, meaning that the borrower will not even have to deal with face-to-face contact unless a problem happens to arise. The shift towards online use, and thus optimisation of online lending platforms, also means that there is considerably less paperwork and a much more streamlined process.
Loan Aggregation
With so many potential lenders on the market, it can be difficult to assess which company is the most suitable for the individual. Loan aggregation companies allay this problem by selling your loan application to lenders, who in turn offer a potential interest rate. This allows borrowers to have a much clearer picture of who is providing the best interest rates. Aggregation companies are rapidly growing, and in turn this promotes competition between lenders, who will offer increasingly more competitive rates as others do so in turn.
Less Reliance on Financial Institutions
Potential lenders now have so many different options available to them in the form of alternative lending/financing found online, which leaves many with little reason to turn to the bank or similar financial institution to seek loans. While financial institutions can come with a degree of safety, they often charge fees which can cut into the loan repayments. As such, borrowers are frequently turning to alternative lenders, who are increasingly putting forth competitive interest rates.
To learn more about your options for fast cash loans, contact lenders in your area.
Share14 February 2020
