Have you ever thought about using electronic signatures on personal loans, or simply applying for personal loans online? You are not alone. In recent years personal loans have experienced a great interest. Speed, fewer requirements and the simplicity of the process are some of the conditions that explain it. But also the possibility of applying online, without the need to go in person to the branch, especially if we rely on tools such as electronic signature.
Still don’t know how the electronic signature on personal loans can facilitate the process? Not only will you save time, but you will also be able to manage procedures more efficiently. Keep reading!
Personal loans: types and characteristics
Before detailing the benefits that the electronic signature can have on personal loans, it is important to make a small clarification about them. For this reason, we will define the concept, the different types that can be found, as well as the characteristics that differentiate it from other types of loans.
What are personal loans?
A personal loan is a bank credit that is used by the client or person interested in financing unexpected and urgent situations, foreseen expenses (renovation, education…) or other projects.
Its financing process is similar to that of other loans. After receiving the economic amount from the financial entity, a contract is created whereby the applicant is obliged to repay the entire amount received, as well as the corresponding interest and, possibly, extra expenses derived from carrying out the operation.
Characteristics of personal loans
- Intended to finance goods (household appliances, cars, etc.), or to pay for real estate renovations or car repairs, for example.
- The application process is quick and simple.
- In general, no collateral or guarantees are required.
- Due to their nature, interest rates are higher than in other types of loans.
- While it is true that traditionally the issuers of this type of credit were the banks, there are now more options.
- Depending on the issuing entity, they may have extra commissions.
Types of personal loans
Within personal loans we find a diverse typology. However, some of the most common are the following:
- Microcredits. These are usually used when there is an unforeseen financial situation that needs to be solved quickly. In exchange for not requiring collateral or guarantees, their interest rates are high.
- Studies. The purpose can be varied; some examples are to pay tuition fees, finance a postgraduate course, acquire material, and a long etcetera.
- Reforms. Intended for small and urgent reforms (if it is of greater importance it is better to resort to another type of credit).
- Vehicle purchase or repair. Do you want to buy a vehicle, or perhaps you have an unforeseen event that needs repairing? While the former offer a larger loan, to be repaid over a longer period of time, the latter usually lend a more modest amount.
Is it possible to take out a personal loan online?
Now, is it possible to take out a loan online? With the rise of online procedures, there are many people who wonder if it is possible to apply for a personal loan digitally. To answer this question: yes, it is possible. In fact, if what you want is to carry out the procedure online, you can do it at two points:
- On the one hand, you can apply for a loan telematically. Whether through a mobile device, tablet or computer, you can apply through online banking.
- And, on the other hand, you can make the loan contract official through the online signature.
Advantages of combining personal loans and electronic signature
Now you know: it is possible to apply for personal loans online. In fact, doing so is very common nowadays; in general, although we must keep in mind some aspects when applying for it, getting it does not have too many complications and practically anyone can do it. But you can also make use of digital tools to speed up the process. Tools such as the electronic signature are a strategic ally in the daily life of many people and companies when carrying out certain operations, including those related to financial institutions.
In this process, the electronic signature can provide you with benefits such as the following:
- Reduces the credit application process, going from several days to a few hours.
- Easily manage and sign your loans from anywhere and at any time you want.
- Follow-up of the evolution of the signature request.
- Legal guarantees and legal validity, following global security and privacy standards, expanding the customer market.
- The electronic signature is also valid if the declaration requires the notary’s official approval, as in the case of notarial public deeds, through Law 11/2023.
- Fraud reduction through robust protection measures and tools that verify the signer’s digital identity: OTP codes, security questions or biometric verification.
More than two decades helping customers in the financial sector
Within the financial sector, personal loans are just one of the documents that customers and professionals deal with on a daily basis. At Viafirma, we have been helping clients in the sector to streamline and simplify their operations, such as financial loans or SEPA mandates, with our digital electronic signature solutions for 25 years.
In Viafirma we understand that when a bank puts its trust in us, it is placing its clients in our hands. For that reason, we provide customers like Motor Crédito, a republican entity focused on satisfying the financing needs in the purchase of vehicles and motorized equipment, with great tools to optimize their routine. Is that what you need? We are here to help you.