The Coronavirus pandemic has swept the nation and changed so many aspects of American day to day life. As COVID-19 has caused venturing out into public spaces to become unsafe at best, many lenders and businesses are implementing different measures to make the lending process more accessible to borrowers.
While traditionally loans are accessible via a loan office, credit union, or bank, the process has changed for some lenders in response to COVID-19. Many lenders are opting for online completion of the entire process for public safety. Borrowers need a safer, alternative option through online lending during these uncertain times. Many have lost their jobs due to the pandemic and are in need of extra funding, which is an issue that can be solved with an alternate way to inquire about and receive funding for loans.
How are Lenders Making the Lending Process Safer During the Coronavirus Pandemic?
Opting for online inquires instead of in-person ones during this pandemic can protect both the lender’s employees and borrowers. Many lenders are taking safety precautions by temporarily closing storefront locations to protect all parties. Instead, they are opting for contactless title loan products where customers can text, email, and do everything from their own home to avoid unnecessary in-person contact. By allowing the processing of online title loan inquires, online lending can be a safer alternative to traditional loans that require you to visit a brick and mortar location that could potentially expose you to the COVID-19 virus.
How Does the Online Lending Process Work?
The online lending process for title loans was designed to help streamline the acquisition of fast emergency funding. Borrowers can begin the title loan process with their smartphone, computer, or tablet and access the loan inquiry forms. Or, borrowers may also choose to call a loan representative directly to begin the process over the phone. Through most title loan lenders, the loan process is just a few simple steps to complete.
- Placing an Online or Over the Phone Inquiry: In this step, borrowers can first choose to apply online or call a representative. With online completion of the inquiry, they will simply submit basic financial and vehicle information. This can take just minutes to do, and it can be done from the comfort of your own home.
- Submitting the Right Documents: After placing a safe online inquiry, there are a few documents that borrowers will need to submit before approval. Fortunately, you may submit these via fax or email for convenience and safety! Generally, these documents are items like your title, proof of residence, and other qualifying materials.
- Receiving your Funding: While other loan options might require you to visit in person when receiving your funds, the safer alternative with title loans is that you may complete the process completely remote! Borrowers can opt to receive a direct deposit or check in the mail instead of visiting a location.