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How AI Makes Lending Money Safer

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How AI Makes Lending Money Safer

Money lending is normally a long process. You need to determine you need money then find someone to get money from. After that, you have to visit the location, fill out papers, get them approved, and finally get the money.

The traditional process to get a small loan takes time (sometimes days), and information changes hands quite often. As such, some companies are not very reliable with keeping their customer's personal information safe. Good reviews are one thing, but what if AI and online lending could help keep security risks as low as possible? That’s why many modern-day lenders are creating some of the most innovative lending platforms which use AI to not only increase the speed of the borrowing process, but make it safer for borrowers.

What Is AI - A Quick Rundown

Before we get into how AI works with the most reliable online Canadian lenders, let’s talk about how AI works in general. AI, or artificial intelligence, works by “teaching” a computer to do something. For example, if you want your computer to automatically sort photos of your cat from your dog when you upload them, then you have to make a program that can “learn” what each looks like.
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While this process might sound simple, it’s actually long and complicated. Taking it up a notch, teaching a computer to process loans can be even more challenging. Rather than recognize a single pet, it must compare and contrast many different factors against preset ranges, data, and assumptions. Lending systems that use AI technology often use it for the purpose of determining how much to lend an individual based on different factors like their age, income, and frequency of payment from their jobs.

Why is Smart Lending Safer?

When you don’t have human hands-on things, you take out unintentional bias. The computer won’t unconsciously dislike you because you look like the last person that was rude to them. Now, you know you’re getting the best deal possible on the cash you need.

In addition, since you don’t have to give your information to a real person, you maintain a sense of security as well as privacy. In total, AI lending offers an unbiased review of your documents while keeping them secure and private.

modern-lending

What is iCASH?

Since 2016, iCASH has used a revolutionary decision-making system to provide financial assistance. Regardless of credit rating or financial history, iCASH is helping Canadians on their path to a brighter financial future. We created a special program using AI technlogy that enables you to download an app on your phone, create an account, upload documents, sign your contract, and get your cash all within a few minutes.

Now, you don’t have to worry about driving to a location, talking to someone, and waiting for what could be days for a person to process your information and get cash to you. iCASH is paving the way to a more modernized system of lending that helps keep the process simple while still prioritizing security.

Ramona Glanville

Ramona has been a regular contributor to some of Canada's top wealth-management editorials for over 30 years. She strongly believes in good saving habits, reducing financial clutter, and red wine.