The advent of technology and its continuing advancement have made a lot of things easier and faster, including credit application and approval.

But that doesn’t mean that the traditional means of borrowing money from a family member or close friend is ancient history—for those who are really strapped for cash, having more diverse options gives them better chances of getting their loans approved so that they can address their financial needs.

Get a deep-dive of the different modern loan technologies and trends such as mobile wallets or online loan in this infographic. Read the pros and cons of each to see which one best fits your requirements.

Modernizing Loans: 5 Technologies and Trends Changing the Credit Industry 1