Go back a couple of years in time and talk to people who borrowed money to buy a house or a car. Chances are that they will recount the paperwork, filling of forms and the time they had to wait for the approval to come through. Cut the chase to today—rarely do you need to fill application forms. Everything happens instantly, you tap on your phone or log on to a website and enter information, wait briefly in some cases for an approval to come through. “I used my credit card to apply for a loan to by the new iPhone in 2015. It all happened so fast thatI started using the phone within hours,” recounts 32-year-old Neha Rajput.