In 1968 a truth in lending act was created which do have a set of rules created for financial companies like banks which tells the companies what and what not can be told to their clients. While dealing with a client who is in another place at the time or too busy to visit the bank or the company the electronic signature software can give a relaxation to both the company and the client.
It is important for companies or banks who are lending money or any other thing to a client to tell them about all procedures. They should explain to their customers about charges coast and the credit line given to them. There shouldn’t be any hidden things. a client should know the percentage rate whichever is specified. All the penalties should be clarified. Documents with this information can be sent and signed through electronic signature software.
If the customer will need to complain he should have given specific number of days in which he will get a reply from the bank. And the answer will be in written documents for that too this machine can work.
Lenders will have to reveal any credit transaction on any credit account. This machine can be used by people who use credits accounts to purchase things can admit it by giving their signatures. One important thing is that the financial organization of the area should be agreed with this type of credit.
Lenders cannot do fake advertisements to sell their services they will have to tell only which they can provide such as rate of interest is something set by the financial department of a state and a company cannot offer low rate than that and if they are doing that it will be just a blunt lie.
Sending the documents is more easy and faster than other ways of sending them. Lenders can send them in seconds and get them back within little time after they get signed through their clients. If the borrower needs any changes and is confused about anything you can send paper with alterations or clear his confusion in minutes. On the other through traditional method the company had have to wait for days to get the papers back and sent them back and it could delay the process for days.
Company and the borrower both can save the copy of original papers and some software have a feature which ensure that there isn’t any change been done in documents after signature. His way documents remain protected. This can also help when there is a need to reread and revise documents.
Lender should tell openly to his client that he is going to use signature but it is also important for him to get in touch via phone too so they can discuss and understands terms and requirements clearly.