Everything can be modeled statistically. Personal relationships may be important to some people. On the other hand, our way is more private, convenient and immediate. The ALM has come under some criticism in the press for encouraging people to take on more debt than necessary. But Norris has a ready answer.
Applicants qualify for a loan only if they can handle it financially.
The loan rate is typically the same the financial institution charges for transactions done in its branches-and much lower than credit card rates. Norris says his system is greatly appreciated by the financial institutions that have used it. For any particular transaction, our machine will produce all the documents necessary to conform to relevant state and federal regulations. And, of course, it generates revenue. Our system brings convenience to the customer and major profits to the banker.