A loan taken out that can be processed and approved through a completely automated and streamlined online process without any manual underwriting is known as a laser loan. Lenders that provide laser loans use sophisticated algorithms and data analytics to assess a borrower’s creditworthiness and risk profile, enabling them to make lending decisions quickly and efficiently.
Laser loans offer several advantages over traditional loans. They are typically faster to process and approve, as the automated system eliminates the need for manual underwriting. This can be a significant benefit for borrowers who need access to funds quickly. Laser loans can also be more convenient, as they can be applied for and managed entirely online. Additionally, laser loans often have lower interest rates than traditional loans, as lenders can reduce their operating costs by automating the lending process.