 You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
After getting heartliy sick of crappy cars breaking down on me, I've just taken out my first ever 'proper' loan (apart form mortgage) .
Went online, chucked some figures in boxes, ticked some other boxes and ten minutes later it's all approved - yay!
In the morning I expected an email to say that it wasn't really approved and can you give us a call and we'll happily lend you a much smaller amout at a crippling interest rate, but no, instead I checked my bank and there it is - a frankly quite shocking amount of money sitting there ready to spend. 😯
I guess there must be checks going on behind the scenes, but still, it seemed way too easy. No wonder folk get themselves into all sorts of trouble.
Had the money within the hour when I took mine out.
I had mixed feelings of 'yay' and 'surely that should have been harder'
The lender performed an electronic credit search on you. They identified you from the details you supplied. They judged you to be good for the amount of the loan, so they lent it to you.
And if you are good for the amount of the loan, nobody's getting into "all sorts of trouble".
It is central to how our economy works.