Imagine this…you are sitting down filling out a loan application online, and it keeps reiterating the same questions in a different format each time, AND there is a timer for each page you go through. You have been filling out this application for more than 30 minutes, and you start to second-guess yourself that it might not be a good idea after all, and on top of that, the questions start becoming more complex. Then the worst thing happens. The time runs out, and all your information is “lost” and can’t be retrieved! So guess who has to do that application over again? YOU. Let’s take a look at how long should online forms really take.
How much time?
We are here to tell you that the average time it should take to fill out an online application should be at least 15 minutes. This is the fastest approach to getting your loan approved and ready to be applied. Our job is to make the online application quick and easy, so having 3 screens instead of 12 will make the process go by so much faster. Removing screens does not mean less information is being asked. It simply means taking away information that isn’t relevant to what the members are applying for.
Now, with all of the information on each online page being filled out, having a timer set to a reasonable time or no timer at all is the best way to go. Let’s face it, when we are on the internet, we can get easily sidetracked into doing something completely different than what we intend to do. Who else would “love” it if their information were lost? Because then, paranoia sets in, as to “where did all of my information go?” Especially when we are dealing with loan applications and all of the information gets lost – we start to wonder if anyone would somehow steal that information and our identity.
Also, when there is a time limit, it causes us to rush through the application and not concentrate on what is being written down. Furthermore, not having a time limit and just having the documents automatically save, will create a more positive reaction from everyone, which can potentially encourage others to apply for the same application if they know how fast and easy it is. Your credit union could be growing its lending portfolio by increasing HELOC forms filled in online or gaining more members with easy forms applications.
Here at Oak Tree Business Systems, Inc., one of our goals is to supply forms and disclosures available in different formats so that your credit union can have fast online loan applications, as an effort of knowing that not everyone has hours to spend on it. We know you are busy, and when you have a ton of questions on an application, the mind starts to panic, and interest gets lost.
We love to stay true to what we believe in and want our customers to grasp that we truly provide the best and most effective forms and disclosures in this industry. With clean forms to extraordinary customer service, we strive to help our members get through every one of our mobile-friendly forms as fast as possible.
