The exchange of money in the form of loans has always existed and will continue to do so for as long as humans exist on this planet. Those were the days when people had to carry a load of documents and wait for a few days before a banker called back to give them a few reasons about why their loan application was rejected. Things changed for the better when private lending institutions decided to offer paperless payday loans to people who required money with a guarantee that their application would never be rejected. Why did these lenders take the initiative to offer such loans?
These institutions knew that there were a large number of people who required money to meet small expenditure, but did not have access to banks who could provide them the assistance. At the same time it is quite possible that people who needed the money may not have been in a position to provide the kind of documentation, banks demanded. These were people who had a regular job and wanted small amounts of money to cover for any emergencies that had arisen. As they could not go to the bank, the only option available to them was to approach the people who could offer them a 30 day payday loans.
With the number of people applying for such loans increasing lenders had to come out with strategies that not only speedup the procedure of approving a loan, but also had to be intuitive enough to bring in the concept of paperless payday loans. Lenders did not make any changes to the way the loan application was processed. Applicants no longer had to provide a number of documents before they could get the money in their account. Lenders only sought out information that was required and did not bother with unnecessary paperwork. By doing so they had reduced the time required to process an application can also make sure that people had access to the money as soon as possible. It goes without saying that people were extremely happy at such initiatives by the lenders.