From the world of discount portals we know so-called discount aggregators, which collect discounts from multiple providers in one place. It works similarly in the world of loans with loan aggregators.
A loan aggregator is actually multiple lenders “behind one online form”. How does it work? Fill in the contact form – enter how much money you need to borrow, or for how long, enter your personal information and telephone and email contact.
After submitting the application, your application is processed, evaluated and forwarded to multiple lenders.
Evaluation of the application
When evaluating the application, the system can look into the registers of debtors, take into account your entered age, income level, etc. According to the evaluation, the application is then preferably sent to those providers where you have the best chance to get the loan with the entered parameters. For example, if you have a record in the debtors’ registers, your loan request will only be sent to those companies that are willing to tolerate a potentially minor negative record in the registers.
Processing of the loan
When your application arrives at a particular lender, it is compared to its lender’s database to verify, for example, whether you have had any repayment problems with that lender in the past. If everything is in order, you will be immediately sent a loan offer to the specified mail, or contact you by phone operator of the loan. If you accept the offer, the remaining formalities will be resolved – sometimes you need to send a scanned copy of your ID card or provide proof of income, sometimes you just need to fill in the missing information. (Read also: How the applicant is assessed). After all the necessary documents have been delivered, the loan approval process can be completed and – if there is no problem – the money can be sent to your account.
Advantages, disadvantages, risks
The advantages of loan aggregators are that you fill in only one form and the system then “circulates” several dozens of providers and comes up with a loan offer that you achieve. The downside may be that you do not have full control of the process of finding the most suitable loan and that the offer you eventually receive may not be the most advantageous in terms of the price of the loan.
Risks here – similar to classic loans – are that, despite careful creditworthiness testing, you can underestimate your ability to repay the loan. It is therefore necessary to act responsibly, prudently and adhere to the loan policy.