AUTOMATED LOAN MACHINES (ALM)

Many financial institutions are making loans through an automated loan machine (ALM). These machines are being placed in financial institutions, large retail outlets, and shopping centers nationwide.

What is an ALM?

ALMs allow credit-worthy consumers to obtain loans in amounts ranging from a few hundred dollars up to $10,000 without having to face a loan officer. Generally, the interest rates for loans made through ALMs are the same as for conventional loans.

Using an ALM is relatively easy

You provide identifying information, such as credit card numbers, driver's license number, address, telephone number, and the dollar amount you want to borrow.

The ALM verifies the information.

You provide information on income and employment. If this meets the lender's requirements, the ALM electronically obtains your credit report.

The ALM applies the lender's credit requirements to the application.

If your loan is approved, you select a repayment option that fits your budget.

You read documents pertaining to your loan on the screen, then sign them with an electronic pen. The ALM prints the loan documents.

You have the option to receive a check or an electronic deposit in your account.