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Unless someone has lived in a cave or a deep, dark jungle he has probably heard of the Internet.  This great American invention of the late 1960s has had a global impact. A number of technologies have sprung up to take advantage of the information sharing opportunities this world-wide network of decentralized computers.  Although the threat of a nuclear war looms less largely over the planet, the need for people to take out loans remains the same. A paymentbot is one of the many technologies a person can use to know what the payments on a loan should be.  The process, which sometimes seems to confirm Clarke’s law perfectly, gives the user a number that tells him how much a loan he can cost.

The reader probably already knows this about a paymentbot.. If he is wise or looking for a loan, he will ask what he can do with this number.  Well, he probably already knows it is a planning tool, but that does not really go deep enough.  The consumer who gets this number before he goes shopping around for his loan knows if the banks are giving him a good deal.  The monthly payments should be close to this number. If the payments suggested by the lending institution are not close to what the payment bot suggests, a consumer should ask why.  If there is not a good reason, he should seek out another lending institution.

The internet has of course made the process of finding the best deal much easier.  You can access hundreds of loan providers sites, and even without using these tools you can also visit the various price comparison sites which scrape a selection of deals and present them to you.  However depending on where you live you might have problems accessing some of these sites – I tried to arrange a UK based car loan from my holiday in Thailand and was blocked repeatedly due to my location.  It can be solved though and using the best UK VPN I could find, I was eventually able to both research and arrange a car loan remotely from my holiday.

The PaymentBot can do many things for its user.  If it is provided by a lending institution, it may even help someone get a loan for that particular institution.  If programmers working for an information portal provided the software, they may have connected it to various loan providers.  They can direct the user to these providers, but they cannot do much more than this.

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