The term “Emoney” or “Effinance” quickly becomes popular. While traditional banking is still a private financial foundation, more and more people are looking for alternative financial facilities. This trend becomes clearer with credit extortion. People find it difficult and expensive to get finances from traditional operators. Virtual banks offer more attractive loan requirements because the operation is cheap, automatic and fast.
They save labor and communication costs and provide this customer savings. In addition, because they are newcomers, most of them want to attract customers. Thus, they tend to be more flexible than their traditional competitors. The advantages of online banking for customers are as follows:
* Faster approval
* Cheaper rates
* Better loan term
* Comfortable that does not require a visit to the bank. Everything can be done online.
* Safe with advanced encryption technology used.
Online instant credit
Most online companies have credit cards as their main business. Credit card approval is very fast, starting from 30 seconds to about 5 minutes between filling out the form and confirmation of approval. The shape is also very simple and comfortable. Some providers also allow you to adjust credit cards to your needs. For example, customers can choose from:
(a) lower interest rates in the early beginning later; or
(B) Single interest rate remains.
The mortgage is more complicated. They need more information from customers and the last one still has to fill in the documents that arrive through the letter.
Peer to peer lending
This is one of the latest trends in online finance. It does not involve banks or borrowing institutions per se. Conversely, online companies (eg club loans and prosperous markets) match people who want to borrow money with those who have money to lend