The popularity of instant personal loans has increased in recent times due to financial crises.

While Getting a personal loan is extremely easy and convenient but be sure that you obtain it from a truly viable lender.

Below are some tips to help you analyze lenders more effectively.The Application Process should be fast and easyThere are many banks that provide a traditional approach to banking.

With the advancement of technology and modern-day banking, it is possible to apply for a loan online in a simple and straightforward manner.

Now applying for loan online is available at your fingertips.

The loan processing and disbursal process have been made faster thanks to technology.

This also assists institutions in understanding the needs of their customers, whether they are existing or new.

They create a funnel to store their financial data by connecting their accounts with banks, which contain all the informationIf the client is applying to obtain a loan, or other financial service from an institution of a certain type then he/she will give the go ahead to the lender who will be able to access their financial information through NBFC-AA.If consent is granted After consent is granted, the account aggregator contacts the providers of financial data for permission to gain access to the customer's information.When the information is received by the account aggregator lenders are able to review the data and determine the suitability of the borrower, as well as the conditions of the loan.Benefits of the Account Aggregator systemInfosys President Nandan Nilekani believes that the Account Aggregator (AA) framework could increase the amount of credit available and make it more accessible in India similar to UPI.

Through AA, large amounts of data are consolidated and put in one location with the permission of the client and then provided to the lender or bank.Improve the efficiency of financial servicesThe financial information that is accessible through the system of the American Banker will permit lenders to perform an exhaustive review of the borrower's financial background and to process loan applications more quickly, adhering to due process and diligence.No documents and KYCWhen a client's financial institution is registered, they don't have to submit documents or KYC information repeatedly in order to apply for loan online or offline.

All the applicants must do is provide permission for AA who will collect all the information and send it to the bank the client is applying for the loan.Secure and safeThe AA framework has strict privacy and data sharing guidelines.

The information shared by an AA framework will come with secure digital signatures and will be completely secured from the institution to which the bank from which a client is looking for to obtain a loan or other financial product.

A AA is completely blind to data as the data flowing through it is secured and is only processed by the FIU who is seeking the information.Quick access, no questionsWith the AA system there's no manual data collection or updating this is a huge time saver.