Why are online credits easier to obtain than others?

If you are looking for extra money, you have surely heard about online loans. Although there is still a lot of distrust in this regard, little by little they have been gaining ground and becoming one of the financing alternatives of Colombians.

The paperwork and that the requirements

credit loan

One of the main reasons why people resort to them is the shortest time in which they are approved, the ease of doing the paperwork and that the requirements are different from traditional banks. Many people who were reported negatively in Credit Data or other risk centers were able to obtain an online credit, thanks to the fact that the entities use different evaluation mechanisms.

What is this difference? 

credit loan

The ‘fintech’ use algorithms that look beyond the classic indicators such as monthly income, age and credit history. Among these new variables are the places where you used your credit card, the number of friends on social networks, the pages you liked on Facebook, etc. According to experts they can be up to more than 4 thousand variants analyzed, which results in people being able to access credit without having to have a co-debtor.

Types of loans

Types of loans

However, there is still mistrust around this alternative, and for that sector that is not yet encouraged to apply for these types of loans, free investment loans remain one of the best alternatives to finance personal projects, emergencies, etc.

Remember, traditional and non-traditional banking has an ideal product for each person, the key is to use them correctly.

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