Payday Cash Advance Loans by Phone — In a digital age when almost every major company is trying to streamline their delivery to their customers, it’s no different in the financial services industry. Getting rid of their call centers filled with costly employees and telephone booths (cubicles), is a priority, but in the payday loan and cash advance business, it’s a much better option for lenders if they DO have operators on the phone.
Why? Because, every application is different, and every borrower has a different form of income, address, and credit history. A real voice at the other end of line is always going to be more efficient than any web based script could ever be. There are just too many variables to consider before approving a potential borrower, and I would only trust an actual person over a database and online script.
Disadvantages of Approving Loans by Telephone
Negatives for Borrowers;
- takes more time for approval process
- privacy, because some borrowers are uncomfortable telling a stranger their private financial information
- borrowers may believe the representative on the phone is declining them based on a personal bias (rarely EVER true)
- requires faxing usually
Negatives for Lenders;
- takes longer to convert leads into customers/borrowers
- requires the use of a fax machine
- labor costs for telephone operators (loan approval staff)
Advantages of Approving Loans With Telephone
Positives for Borrowers;
- no digital transmission of the borrower’s private information, including banking information (ABA #s, SSN #s, etc.)
- possibly easier for borrower in that they don’t have to fill out any online forms
- some borrowers want to talk to a real person on the phone when it comes to disclosed their private information
Positives for Lenders;
- easier to push for personal information for a thorough and complete application process
- lenders will have more contact information for further advertising and marketing their loans
- can provide better customer service and care (if they are a company that actually cares about their borrowers)
Below we have some examples of calls between lenders and borrowers on the telephone. These were converted from the recorded phone calls between the applicants and the loan officer. These were actual borrowers applying for a loan by phone, and these are the transcripts of the calls.
Disclaimer: The views expressed by this author don't necessarily reflect the opinions of Lazerloan.com, it's owners, or it's affliates.
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