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What cash lending companies would have to do would be hire people to collect, in unethical ways. The industry would become loan sharking, with people going around threatening bodily harm if the money was not paid back. The fact that the industry relies on consumers having accounts allow it to be more regulated and not resort to being a petty crime operation.
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Your credit score also plays an integral role when qualifying for personal loan aggregators conventional loan. In fact, most lenders require a minimum FICO credit score of around 620 to obtain approval. Benefits of Conventional Home Loans. While there are several benefits to securing a conventional mortgage, the type of loan you receive will be driven by factors that may not be in your control - such as FICO scores and other factors described above.
However, if you have the option to choose your loan type, there are key advantages. For example: Faster Home Loan Processing.
Conventional loan processing tends to be more streamlined since the borrower deals directly with the lender and isn't dependent on government approvals.