Top Benefits of Choosing a Licensed Digital Bank for Your Personal Loan

With the digital lending marketplace taking a spotlight in the domain, it has become easier for people to apply for loans, especially personal loans.

So what makes plans like alex.bank – personal loan readily available and beneficial to borrowers compared to a brick-and-mortar banking organisation?

Compared to all other countries, Australia remains ahead of the field to facilitate personal loans through digital banking facilities. To put it short, Australia has worked through the rise, fall, and resurgence phase of digital banking, demonstrating a strong model.

When it comes to the definition of digital banks, it is important not to get confused between a licensed digital bank and a traditional bank with an online presence.

Most banks offering personal loans in Australia appear to be digital banks due to their top-quality mobile applications and websites. However, in an official sense, not all banks with digital resources and platforms are considered licensed digital banks.

For a digital bank to operate legally in the country, it should be authorised by the Australian Prudential Regulation Authority (APRA). So, if you are planning to get a personal loan from a digital bank, the first thing you must do is check whether they are authorised by the APRA.

So, besides letting you obtain loans from the comfort of your home, what are the other benefits of choosing loans like alex.bank – personal loan?

The fact that you can apply for a personal loan from anywhere you want is one of the significant advantages of digital banking in Australia.

As devices like computers, laptops and smartphones are usually at your disposal 24×7, researching different personal loan plans, settling on one and going through with the application process takes relatively less time.

Furthermore, many digital banks also offer paperless services where the application process is completed digitally from start to end.

To apply and successfully avail of a personal loan in Australia, you have to submit certain identity and income documents. From passport details to income and employment details, Australian driver’s license information and more, you may have to send across the required data to process the loan.

However, if you are processing your loan the traditional way, the documentation process may wear you out sooner or later. Digital banking has greatly addressed this issue as banks let you upload all the required documents online from the comfort of your home.

Following up with the loan application once you file it can be a hectic task if done offline. But, if you get personal loans through digital banks in Australia, you no longer have to worry about visiting the bank or calling up officials to learn about the status of your application.

You can simply log in to the app or website and track the status of your personal loan application digitally.

Personal loans are often required during emergencies, such as medical emergencies or funerals. During such situations, visiting a bank directly, submitting all documents and waiting days for your loan to get approved is not practical.

Instead, a licensed digital bank will serve the purpose in an efficient and better way. By choosing a digital bank for personal loans during emergencies, you can save time and also get the money in your hands sooner.

Contrary to traditional banking, digital banks in Australia usually come with transparency in numbers. As these personal loans come with clearly stated charges, fees and interest rates, you no longer have to worry about signing up for something that you cannot afford to repay.

Some digital banks even offer personal loan calculators on their websites. You can use this to understand what quantum of loan you’re eligible for, what interest rates you are likely to pay and how much you will have to pay on a weekly, bi-weekly or monthly basis.

Digital banks in Australia now offer impeccable customer support and security to the customers. Their customer care agents are often a mail, phone call or even text away.

In addition to human support, no matter which digital bank you are working with, you will have enough resources in the form of blogs, articles and FAQs to help you through the process.

With Australia growing to be a forerunner in digital banking, availing of personal loans through a licensed digital bank is much more convenient now. So, why waste time standing in a queue when you can get your loan sanctioned right from your couch?

This post is originally published at Florida Independent.