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What Makes Smarter Loans Different?
There are a number of businesses and websites that offer loans of various types and while they can appear quite similar there are some key differences in how they operate and therefore how successful your loan application may be, and the interest rate that you may receive.
My name is Stuart Wills and as a mortgage adviser for over 20-years we have done quite a number of personal loans, a range of different business loans and finance such as vehicle loans. These loans were processed through banks and some specialist finance companies, and while we had a good success rate we were not able to process the applications as efficiently as we wanted.
We decided that we wanted to offer more loans and investigated how we could manage the application process better, and what we discovered was quite shocking!
In recent years the people that offer loans had moved from the traditional and mostly manual application process to a much more automated process. We wanted to do something similar as it appeared to be much more efficient; however as we looked into things we decided that these automated systems had some serious flaws that disadvantaged the borrowers – they can disadvantage you!
When setting up Smarter Loans we met with a number of finance companies to see what was the best way to process the loans. We thought that we wanted to move from a manual process to an automated process which would enable us to process a lot more applications; however when some of the finance companies started sharing the data it was soon obvious that automated applications may be faster, but they were not proving to be as successful.
One company told us that only 16% of applications received through the automated system were being approved – that means 84% were being declined.
This statistic shocked us, and we knew we needed to be smarter.
Automated processes rely on the information that is provided, and in the case of a loan application that includes what the borrower puts in the application, and then it is adjusted with information collected from credit agencies and banks to give the computer an application to assess. The process relies on all of the information as being correct and there is no option to review or adjust any of the information, meaning that your application is assessed on information that may not have been optimised, and therefore the application may not always be approved or may be approved at interest rates that are more expensive than they should be.
Manual processes have the ability to be reviewed and questioned, but are generally a lot slower to get approved and due to the lower number of applications that get processed, the lenders may not offer the lower interest rates that they offer to businesses like Smarter Loans.
Our Smarter Process – we needed to adopt a smarter way of doing the loan applications to ensure that we get better success for the borrowers. We still use a lot of automation, but we have added a manual review process that ensures that we can amend the applications when needed and this allows us to present them to our lenders better and ultimately get a better result for you.
The manual review process lets us adjust things that may have a negative impact on your application. We may also contact you to seek clarity on things within your application, credit checks and bank statements. It’s often little things within an application that can make the difference between getting an approval or a good deal to having an application declined or being treated as a higher risk and paying a higher interest rate.
Of course it can mean that our applications are not approved quite as quickly, but it does allow us to get a higher success rate and in many cases a lower interest rate for you. We believe that this is a smarter way of doing things and will generally mean you get better deals too.
This is why we believe that we offer Smarter Loans.