How does online credit work?
Online credit often takes place in two stages. The first is an online credit application form where Internet users will detail their situation (type of job, family situation, etc.). Depending on the information provided, your request will be pre-accepted or not. If you are pre-accepted, this means that the institution deems you solvent to grant you a loan and that your situation is really in accordance with your declaration.
The second step is the longest. The Internet user must set up his "credit file" and send several documents necessary for the analysis of his solvency:Identity card Taxation notice Salary statement Bank account statement (3 months minimum) RIB (Statement of Bank Identity)
This mode of transmission is done by mail in several establishments. Once the file has been validated by the credit analysts, the Internet user receives his funds within approximately 7 days.
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Credit has started its digitalization
The challenge is to facilitate this long process. Even if some online credit institutions allow certain documents to be uploaded or sent by email, this is still tedious.
However, in recent years it has been possible to connect your bank account to applications. This was made possible by PSD 2 (Payment Services Directive 2). This European directive has enabled, among other things, the emergence of banking aggregators in the form of mobile applications, applications that help us to better manage and optimize the expenses of our bank accounts.
Thanks to the PSD 2, it is therefore even easier to transmit its banking information to credit institutions which allows them to respond much faster thanks to the information obtained, more readable and subject to less fraud.
Younited Credit, a beautiful example
In the banking sector, an actor wants to break away from banks and offer a new experience, it is Younited Credit. This FinTech offers a mobile route, 100% online and also allows a banking connection. Younited Credit promises a final response to your finalized credit application in less than 24 hours, upon receipt of your complete file.
Thus, if you want to borrow to finance your car, you can opt for a fast and online financing solution.
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