The majority of borrowers probably feel that randomly selected major bank is a safer and safer choice than a smaller niche bank. However, from a purely security perspective, there is no difference between, for example, Nordea and a high-speed mortgage company such as E-Money. What do we mean by this? Well, the much smaller fast- loan company must meet the same requirements for encryption, processing of personal data, credit checks, and more, as the big bank.
Offering “safe and secure loans” is today a kind of hygiene factor that all lenders must fulfill. However, it is not clear what lies in these terms and we shall read about that in the text below.
In order for an application for a loan online to be considered secure, it is necessary that third parties are not given the opportunity to intercept personal data, payment information, and so on. This can be achieved through data encryption and signing via bank ID. This solution achieves very strong protection.
All fast loan companies that offer customers to apply for and subscribe for loans via the Internet must install encryption features. The standard for it is SSL (secure socket layer). SSL is a technology that creates a protected link between the browser and the lender’s system. The symbol for SSL is a padlock and you can find this right next to the address of the lender in the browser. You should never send information of any kind over the internet unless you can find this padlock.
The above is brief about the more technical security features
However, there is also reason to mention something about safety. This somewhat fuzzy term is often used in the marketing of high-speed mortgage companies and it may not be so easy to identify what it is about.
In our opinion, security in lending to consumers can be concretized in three ways, namely:
- Fair terms
Discretion is in short terms that the applicant for a loan should be able to do so without having to apply to someone else’s knowledge. There are many borrowers who wish to keep the loan secret for, for example, spouse or cohabitant, and this has attracted a number of lenders. Invoicing by e-mail and credit information to digital mailbox are two ways of creating this discretion.
Transparency is an important issue in fast loans
It is important for borrowers to be able to easily obtain information about the terms and conditions that apply to a particular loan, for example when it comes to what the time is for late payment. In this aspect, there are differences between different lenders. Some are very generous with information on their website and present answers to both common and unusual questions. In others, in principle, contact with customer service is required to obtain further information.
Attached to the above is the security that comes from nice conditions. A secure fast loan with terms that are clear and do not mean too much rights for the lender provides predictability for the borrower which can reduce some of the risks associated with taking out a loan.