The main advantages of automatic loan approval in the app

Now you can find a cash advance app through which it will be convenient to take a loan and get a certain amount of money. In this article, we will look at the main advantages and disadvantages of the automatic system that works in these applications.

Pros and cons of automatic loan approval

Consider the pros and cons of both options, taking into account the most important criteria:

  • Chances of a positive response. When talking to credit experts in person, there is a risk of being rejected for microcredit due to “human error”, while the risk of rejection of a loan when approved by scoring programs is practically zero.
  • Promptness of application processing and funds transfer. Here, “robots” are also more preferable than people. Special programs collect and analyze necessary information for only a few seconds, while an employee takes minutes. The same applies to the transfer of the necessary amount of money – bots send funds to any bank card almost instantly (except in special cases).
  • Package of papers. You will need the minimum package of documents.

When you first apply for an MFI, there are some restrictions on the amount and term of the loan. In this case, there is no binding, as approved credit – “robot” or an employee of the microfinance company. 

Recommendations for increasing your chances of getting a microloan

To increase your chances of getting a positive microcredit decision from scoring programs, you should follow a number of important recommendations:

  • Provide only reliable information. “Robots”, as well as credit experts, almost always recognize inconsistencies in the information provided. It is not recommended to list valuable property (residential real estate, a car, etc.), if you do not really own it. More information on the website:
  • Dependence on existing loans. You should not try to hide any information about your existing and outstanding loans or arrears, since such attempts would be considered a deliberate deception.
  • Literacy and absence of mistakes. Information in the relevant fields of the site should be made carefully and competently, to prevent errors. The slightest typo in a word can cause that “robot” simply will not be able to identify you, which will result in a decision to refuse the microloan.

At the moment, the use of specialized applications for borrowing money is the most convenient option, so you should try to use it.