No, I have not. I understand that with millions of users worldwide, it would be virtually impossible to handle that level of volume. All of the POS companies I am aware of, particularly those that provide loans, employ their own algorithms. However, I concur that this process does eliminate the human element from the equation. Consider visiting your local credit union to obtain a line of credit (LOC) or business credit card. They are familiar with you, seeing you daily or weekly, and are aware of your business habits. In contrast, a computer processes data, and even a slight deviation in an area may result in your application being rejected. Your loan officer will likely ask a few questions and make a personal decision.
I was referring to my hometown’s five-branch Credit Union. From the initial visit to obtaining the LOC of $20,000, the entire process took approximately one hour. This was approximately five years ago, and a $20,000 loan is significantly different from a $350,000 loan. Notably, the credit union did not require a board meeting or any documentation from me. All of my funds and deposits were handled through them. I have utilized the LOC twice for emergencies. Upon entering, they greet you by name, which is not possible with a computer system. Technology evolves rapidly, and we must strive to maintain some human involvement in these processes.
