We all know how bank loan approval process goes and how much time it consumes. The entire loan process of banks is so tiring that the loan applicants have to wait for weeks if not months to know whether the loan is approved or not. This is one reason that people in need of quick money seldom goes to a bank for a loan instead they prefer other mediums that have quick loan approval process and also doesn’t require much paperwork.
Banks also do rigorous financial background check of the loan applicant before sanctioning a loan and if the loan applicant doesn’t meet the loan criteria on minutest of grounds the loan application is rejected instantly. So in bank loan process even after making so much efforts and filling so many details a loan applicant remains unsure whether the loan application will be approved or not. So not only it is a sheer waste of time and energy but the loan rejection probability is also very high making it hectic for the loan applicants to get a loan.