With the new electronic age everyone wants to do their standard day to day transactions over the internet. We have seen this for banking, home sales, auto sales, vacation booking, the list goes on and on. Doing what used to be time consuming transactions, have now become very easy to do while sitting in the comfort of your home or office. But wait, now the consumer does not have to even be sitting at a computer at home or in the office, because with the proliferation of smart phones they can conduct their electronic business from basically anywhere. It is now fashionable for consumers to get loans online. It is very simple, just find the desired loan company, fill in the application and wait for the response.
These loan companies will want to see certain documentation to prove your identity and legal ownership of any collateral that is being pledged to secure the loan, such as a vehicle for a Title Loan. But then again, using either a smart phone to take pictures of the documents or scanning them in a scanner, these required documents can then be emailed to the prospective lender. If you do not have a scanner then crisp clear pictures can be taken of the required documents with a smart phone and emailed. For those who do not feel that they have a sturdy enough hand to take a clear picture, there are apps that can be downloaded on your smart phone, such as Turboscan, that can assist you in getting a completely legible image of the necessary loan documents to the lender.
When the lender receives all the documents needed to complete the loan, they prepare the loan documentation to send to you for signature. It is at this point that you will sign the documents and send back to the lender. A problem may arise if you have no way of printing the loan documents to sign. Progress is currently being made regarding electronic signatures that are acceptable to the lender and are legally binding. At the time of this writing, most lenders need an actual signature on the loan documents. But there is always a way around this problem. In this case, if the borrower has no means of printing the documents to sign and then send back to the lender, they can always have the loan company fax the documentation to a service company such as Staples, Mail Boxes, Etc., UPS Store, etc. where for a small per page fee the company will print the fax for the customer. The customer will then sign the documentation and have the service company fax it back to the lender, again for a small per page fee.
Once the lender has received the signed loan documents back they will typically email the money to the borrower. If the borrower cannot accept email transfers then the money in many cases can be deposited directly into their account. A difficulty is sometimes encountered depositing the funds into a customer’s account when they have an account with an obscure bank or trust company with few branches. This may preclude the lender from depositing the funds into the borrowers’ account because there are no branches of the customer’s financial institution economically close for the deposit to be made. However, as the majority of Canadians have accounts at the major banks, this seldomly becomes a problem.
The process that I have just described for doing online loans is carried out smoothly, securely and efficiently by Fast Action Finance. Fast Action gives Title Loans online and is one of the leading leaders in not only lending against paid off vehicles, but also doing it online loans through what they call eLOANS.
Fast Action Finance not only lends against paid off vehicles nine years old or newer, but also against movable equipment that it can hold (Collateral Loan), motorcycles, snow machines, and watercraft that it can hold (Motorcycle Storage Loans) and loans for repairs on vehicles even if they are financed or leased (Repair Loans).