At first glance, there has never been an easier time to get a loan. Financial institutions and lenders saturate the market with offers of low-cost credit – all promising quick approval.
For many consumers, however, it sounds too good to be true. Despite ads for near-instant credit decisions, the perception remains that it is simply flashy language to get them in the door and that the actual process of securing a car, home or business loan will be long and arduous. For potential clients without recent borrowing experience, such as homeowners who haven’t bought or refinanced in decades, memories of a 60-plus-day manual underwriting process might still be the fuel of nightmares.