UK lender Lloyds TSB has launched an instant decision and instant access service for customers applying for its loans online called QuickSign.
The service is available to all customers registered for internet banking and uses their password as an electronic signature on the loan agreement. Once the loan is approved, the money is transferred directly into their account instantly between 9am and 8.30pm or by 9am the following morning outside these times.
Walt Ramsey, Lloyds TSB consumer lending director, said: The growth of the internet has made it much easier and quicker for customers to manage their finances and other daily chores and people now expect a quick decision when they apply for a product or service.
With QuickSign, customers not only get an instant decision but also benefit from immediate access to their loan once it is approved.