Online Lending: Instant Capital Solutions in the Tech Age
In an age where technology has become an integral part of our lives, personal finance has also undergone significant changes. Instead of spending weeks completing paperwork or hours waiting at bank branches, more and more people are turning to digital platforms to meet their financial needs. Among these options, online lending is considered a “4.0 trend,” aligning with the preferences of consumers, especially the younger generation who value convenience.
Ms. Thanh An (28 years old, Hanoi) is a typical example. Whenever she needs urgent funds for car repairs, importing goods for business, or other unexpected expenses, this long-time BVBank customer always opts for online unsecured loans. Since the beginning of summer, Ms. An has borrowed nearly VND 100 million to renovate her house, buy household appliances, and provide additional fans and air conditioners for her parents in the countryside to cope with the peak summer heat.
“In the past, I used to worry whenever unexpected expenses came up. Traditional bank loans involved a lot of paperwork, and borrowing from loan sharks could result in interest rates as high as 50%. With online lending, everything is done through the app, and my loan application is usually approved within a few minutes, with disbursement on the same day. It’s so convenient,” Ms. An shared, explaining her preference for digital lending.
Like Ms. An, Mr. Minh Long (33 years old, Ho Chi Minh City) also chooses online lending whenever he needs quick access to funds. Earlier this year, he utilized BVBank’s online unsecured consumer loan of VND 100 million to pay his father’s hospital bills. “My salary hadn’t come in yet, and the amount required was quite large, so borrowing from the bank seemed like the most viable option. It saved me time, and I got the money immediately to take care of the situation,” shared the communications specialist.
In reality, after the State Bank of Vietnam (SBV) introduced a mechanism allowing credit institutions to provide small-value loans through electronic means (Circular No. 12/2024/TT-NHNN, effective from July 1, 2024), without requiring proof of capital usage, consumer lending has witnessed robust growth. As of the end of October 2024, the total outstanding loans through electronic means in the entire system reached approximately VND 1.2 quadrillion and showed an increasing trend. This data reflects a shift towards digital financial channels, where users can access capital without the barriers typically associated with traditional processes.
From the banks’ perspective, investing in technology to optimize processing procedures is also part of their long-term digital transformation strategy, contributing to enhanced competitiveness, expanded customer base, and the provision of personalized, swift, and efficient service experiences.
“Instant Borrowing, Stress-Free Living” with BVBank’s Online Unsecured Loan Package
To cater to consumers’ immediate financial needs, BVBank has introduced an online unsecured loan solution. With its simple procedures and fully automated, contactless process, existing BVBank customers can easily utilize the Digimi digital banking platform to borrow up to VND 100 million, with a repayment period of up to 60 months, without the need for collateral or income proof. From registration to approval and disbursement, everything is done online via the mobile app, instantly addressing customers’ borrowing needs at any time. Notably, the system automatically calculates a suitable loan amount based on the user’s financial profile at BVBank, ensuring they don’t borrow beyond their repayment capacity. This significant advantage provides borrowers with peace of mind and helps them avoid long-term financial strain.
Since discovering BVBank’s online loan package on Digimi, Ms. Thanh An no longer feels stressed or anxious when she needs quick access to funds. “I can get the money I need immediately, without bothering anyone. Everything is fast and transparent. Most importantly, I have a clear understanding of my loan and repayment schedule, allowing me to plan accordingly,” she shared.
Additionally, Digimi enables borrowers to monitor their repayment schedules, make periodic payments, and settle their loans ahead of time, all through a single app. This convenience not only shortens the loan journey but also empowers users with complete control over their loans, eliminating the need to rely on calls from loan consultants.
Currently, the online unsecured consumer loan solution on the Digimi digital banking platform is being prioritized for existing BVBank customers as a way to enhance their banking experience. The bank representative stated that they plan to extend this service to other customer segments in the near future.
