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BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET
Getting loans is not as easy as shopping online, reading a book online, requesting for a service or services online. Before
I go in to depth of why it is rather better to get approved for loans on the internet than it is getting it at the bank; I want to define some terms that I will be making use of in this article. This information should help you better understand the contents of this article.
WHAT IS A LOAN?
A loan is money that is being lent by a company, an organization, an individual, a group of individuals to other individuals, companies, organizations e.t.c. The person who is burrowing the money usually incurs a debt and has to pay back the money lent to him/her with an interest agreed upon by the recipient (the recipient is the individual, company, organization, e.t.c. that burrows money to be paid back) and the person giving the loan.
There are different types of loans: car loans, mortgages, business loans, school loans, personal loans and so many others.
WHO IS A LENDER?
This simply put is someone who gives funds with the expectation that it be repaid. A lender can either be an individual lender, banks and other finance houses, group of individuals. When this said funds are to be paid back, there is always an extra fee on it, this extra fee is known as the interest which would have been agreed upon by both the party lending the money and the other party to which the money is being lent to.
WHO IS A DIRECT LENDER?
A direct lender is an individual, organization, company e.t.c. (a bank is not considered a direct lender as it has the provision of loans has its responsibility already) that provide money requested for to the party requesting for the money without intermediaries like a bank, broker or any of the financial houses.
In direct lending, the parties requesting for money are not large; usually considered small while the direct lender may be a rich individual or an asset management company.
WHAT IS A PAYDAY LOAN?
This is a small amount of money that is given to be lent with high interest rates with an agreement that the money burrowed will be paid when the person that burrowed the money receives his/her next pay check. This can also be seen as a small short term loan which is unsecured and it is regardless of being paid back on the day the burrower is to be paid or to collect his salary. These types of loans are dependent on the person who wants to get a loan having employment records and payrolls from before.
WHO IS AN INDIVIDUAL INVESTOR?
An individual investor can also be called a retail investor. This is an investor who trades in securities; the investor is not a professional investor. An individual investor also trades in exchange traded funds (ETFs) either through brokerage firm online, savings accounts or through traditional brokerage firms. An individual investor invests relatively smaller amounts as can be compared with a group of investors.
This is the computer age that we live in and everything has been digitized: from buying and selling online which is regarded to e-commerce, eBooks, e-learning and having information at our finger tips. Now we also have access to money at our finger tips. That’s right! You can be on your bed, at the cinema, at the theatre, in the restroom and for those that own water-proof phones, you can be having your bath or even swimming and requesting for money. Getting a loan has never been this easy, thank goodness for technological improvements over the years. Our day-to-day activities are being made easy with every new innovation and technological development.
In the past; if you needed to get access to a loan, you had to; physically go down to the banks to request for loans. Even in this day and age, some people still go down to banks to requests for loans, some are scared of transacting anything that has to do with money online while another group of people have no clue that getting approval for a loan can be done online. You had to look presentable to ask for money; some people even went as far as borrowing a suit and tie just to head to the bank to ask for a loan, to at least look a little bit responsible and presentable because then; and even now, from your appearance some banks and financial houses that give loans have already decided if they will pay attention to whatever you are going to say at all. I know some of you reading this can bear me witness to this fact.
Thanks to the internet, I can be wearing an oversized shorts and cardigan in the comfort of my sofa and ask for money anywhere in the world and at anytime of the day, month and year. I can even request for a loan on a bank holiday, it has been made that accessible on the internet. There are so many sites and companies on the internet that offer loan services to people, and so many are taking advantage of this new development. Interest rates are considerably lower while getting approved for a loan from the internet than getting one from physical banks and finance houses available. Getting loans online is fast becoming a trend, and it is a trend you should not miss out on!
I will take my time to tell you some of the many benefits of getting approved for loans on the internet and I will start with the most obvious benefit.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: COMFORT
Humans are species that do not like to be stressed; not at all, for any reason whatsoever. If you come at me and tell me that you can alleviate the stress I go through when trying to get a loan from the bank, why wouldn’t I pay attention to you. I am so sure that if the people still going through the stress of physically appearing in banks or finance houses are made aware of the fact that the thing in which they are stressing so much to obtain can be done in the comfort of their homes, they would not even think twice before getting that internet connected device and browsing through the numerous lenders online to get a loan approval. I know that there is regular stress and there is bank stress. It is very, very convenient and easy to get approved for loans online; just as it is convenient shopping, transacting business, booking appointments, reading books, making investments, reading the news, journals, articles and doing so many things online. You do not have to be an internet guru to know how to apply for loans online. The one thing that makes the word turn round should now give me stress? No way! Just imagine that thought of having to go to the bank being removed from our lives, how peaceful we will become. You do not have to step out of your house to get a loan approved, if that is not comfort; then I do not know what it is.
That being said, it does not mean because it is so convenient; proper findings should not be carried out on the services of the lender you want to use. With this convenience, it should even be an incentive to take your time and gather enough information on whatever services you want to make use of. You have a wide range of options to choose from; settle down, get comfortable, get that cookie and a glass of milk and then browse through the options available and the one that is better suited for your loan needs. There is no need to rush.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: PRIVACY
You know and I know that we do not like people meddling in our finances, not even family. Well, some people do not mind, but from my interaction with the people I have come across, more people do not like others in their money business. They do not like people knowing how they get money, what they do with money, how they spend money and most especially when they borrow money. Walking into a physical bank, you can be seen by people, although some might mind their business, some others will definitely talk.
With getting loans approved from the internet, nobody will know that you are applying for a loan except you make it known to them. I know that most people even if they share everything do not like to share financial information and with loans getting approved on the internet there will be no reason to lie or give excuses to that friend, colleague, acquaintance or family member as to why you were at the bank. With getting loans online, there is enough privacy to make getting a loan known to you and you alone. Even in a full house, you can go to the bathroom and apply to get alone while doing your business there. It is that simple and easy to do, the only thing that may delay you is getting information on the services of the lender you want to use.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: LOANS ARE AVAILABLE 24/7
Money can be needed at anytime and anywhere. It could either be convenient for you to get and it could be very stressful when the need to get money arises. Getting approved for loans on the internet can be done 24/7; meaning at any time of the day, you can request to get a loan. Physical banks do not offer this service, maybe they might decide to in the future, but as at now this service can only be gotten from the internet. Online loans have made it possible to have access to money 24hrs in a day, 7days in a week. Physical banks and other finance establishments have opening and closing hours, but guess what, the internet does not. You can apply for loans at anytime you want to, any month, any day even on holidays; any type of holiday. This service can be used except you want to apply for high street loans. Other small loans, you can apply for anytime online.
Applying anytime does not mean immediately you apply you get the loan, no. It simply means you are not restricted to opening or closing hours, holidays, and days of the week before applying for a loan. Different lenders have different processing times; you should take note of the different processing times before applying for a loan. Notwithstanding, 24/7 loans is still the best description for this service as even though there are different processing times, it does not stop you from applying at 3am.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: ROOM TO COMPARE
Looking at physically applying for a loan from just one bank or other finance institutions, applying on the internet gives you access to different direct lenders online. Yes, there are different banks and different branches with different staff, but is it convenient to physically walk up to those banks to start asking for their interest rates and what have you? No, it is not. No matter how much you try to convince yourself, getting information on different lenders from the internet is faster, cheaper, easier and more convenient than going physically to these banks. Thereby making comparing finance houses online very easy to do.
You have more options to choose from and this is done at your comfort, can be done at anytime from anywhere. You can compare the processing times, loan types and can even make use of payday loan sites that can help you compare interest rates and loan prices of different loan service agencies on the internet.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: TECHNOLOGY
Getting approved for loans on the internet gives you access to the latest technology in handling of money. Codes and programs are what handle the transactions in the background when requesting for a loan on the internet. If you get loans online, your direct lenders will link to your bank accounts and these can reduce the payments of some certain fees like unauthorized overdrafts or payments linked with failed claims. Even personal expenses like transport money can be cut out from your spending. The security from getting loans online is tight, so even if lenders can see your bank statements, they cannot make any changes or make any transactions with your account. From the information they can see, they will be made aware you do not even have sufficient funds to repay the loan.
Also, lending decisions can be personalized as the computer programs can create an algorithm to make decisions based on the information of you that is available on the internet. When you apply for a loan manually, decisions are carried out based on information gotten from figures, your transactions with the bank and probably any other information that is requested of you. While in the process of getting loans approved online; the decision to approve the loan will be made based on your credit score and application form.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: APPLY FOR LOAN ANYWHERE
Imagine being on a trip or let us just assume somewhere far away from the nearest banks or financial houses and you are in dire need of money, what do you do? When getting loans online, you can apply from anywhere in the world, you are not restricted to your geographical location at that point in time. You can apply on your way to school, in the coffee shop, at the office, in the kitchen, at the park, in the theatre, at the cinema; you name it! As long as you have a device that is connected to the internet, you can apply from anywhere in the world.
I do not even need to say much as regards doing this physically, just imagine you are in another continent or in a country far from home and the bank you bank with has no branch there and something just came up that requires more money than you have on you, what will happen then? What if you have no one willing to loan you that amount of money at that particular time, what will you do then? What if you are stranded and it is not like you do not have money, but you are expecting it maybe in a months’ time and this business you are involved in needs money invested right away, what will you do then? So many what if situations come with physically applying for a loan, but with applying for loans online; some and if not all of this what if situations can be eliminated.
Consider getting loans online and I can tell you, once you have tried it once; hoping you do not fall prey to loan sharks ( which is a problem both applying online and applying physically) you will not regret it and will not consider going back to physically getting loans from banks.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: RELATIVELY FASTER
To manually apply for a loan, you may most likely have to make appointments which might take days to book and are subject to being rescheduled, wait in endless queues, make so many trips to the bank and even considering; you may have to travel a long distance, takes a long time getting approved. That is if your loan request even gets approved. Getting loans online, the application process can be done in a short amount of time which is relatively fast as compared to physically walking to a bank to get approval. Some applications are so direct that within 1-2 hours; your account has already been credited. It is that fast.
Do you know any finance house that can approve your loan within that amount of time taking into consideration the time spent getting to the finance house, processing your document and the wait for an approval? I do not know of any too, just in case you are wondering.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: UNSECURED DEBT
Loans gotten online can be considered as unsecured debts as it does not require you trading your valuable goods to get approved for a loan. Online payday loans do not put your goods at risks unlike when you have to physically go and request for loans and you will be asked to provide a valuable belonging as collateral. The requirements for getting a loan online are more lenient when compared to getting loans through physical banks and other finance houses. Some lenders online can still approve your loan even without a perfect credit score, while physical banks and finance houses tend to steer away from such applicants as they are considered to be a risk.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: TRACKING IS MADE EASY
Keeping track of your online loans is easier as compared to manually keeping track. Lenders often make available personal account that can be accessed by the borrowers to check their details. From those accounts, you can know how much you have outstanding and information on your dates of payment. Text messages or emails can also be means of reminders to ensure you don’t skip deadlines for paying back loans.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: INFORMATION IS EASILY ACCESSIBLE
Personally applying for a loan, you will have to physically go to the bank or maybe call to know the necessary documents needed to request for a loan. Loans online are easier and the application process is transparent; regulations by the Financial Conduct Authority have been made so strict that details are easily accessible.
Online you will know in a quick time if you meet the requirements to get a loan from a particular lender and the information can be easily accessed from wherever you are on your device at any point in time.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: IN CASE OF AN EMERGENCY
In case of an emergency, you cannot say you just want to step out to get a loan, how? The long and hectic process cannot even make it remotely suitable for emergencies, but with online loans, you can requests for loans at anytime and get swift responses as regards your application. Yes, you may think you have properly planned your budget and even have miscellaneous for emergencies, but I am sure we have all been in a situation that even your budget could not get you out of that financial mess. Getting loans online can save you the stress of trying to explain how you actually planned but the thing just happened and you cannot explain it.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: LOANS HAVE EASIER ACCESS
With the finances of the world taking unexpected hits, banks and financial houses have become more selective as to who they loan money to. The requirements for getting a loan from physical banks are now tighter and loans are not that easy to come by.
Loans online are not selective and this makes getting loans easier online than in person, given you meet the minimum requirements of the lender. You can actually get a loan with no credit history and even with a low credit score. This has made getting approved for loans online a growing trend.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: LOWER INTEREST RATES
In most cities, lenders charge lower interest rates as opposed to what you will find in the physical banks. Also, due to the fact that no collateral is involved in getting a loan online; some payday lenders may actually charge higher interest rates because they are at more risks if the loans are not paid on time.
Also since online lenders do not have to factor money used for maintaining their different branches of offices in different parts of the world, stationeries, staff or other expenses that come with owning a physical bank, they offer relatively cheaper prices with fixed interest rates throughout the duration of your loan. Interest rates going up, within the time frame of a loan are a thing of the past and are nothing to worry about when getting approval for loans online.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: MORE OPTIONS
There are so many sites offering loans on the internet, so you can have a good number of options to choose from. Before making any decision, make sure you make comparisons and pick the one that is more suitable for your requests but also keep in mind that it is safer and wiser to deal with lenders that have been proven to be trustworthy. Although their rates may be slightly higher, it is safer.
Be careful, as there are legit lenders online there are also legit loan sharks, take your time and make proper investigations before using the service of a finance house on the internet.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: SAVES TIME
Getting approved for loans by regularly going to the bank can be so stressful and time consuming. It is almost impossible to request for a loan today and get it that same day from physical banks, but with the internet that impossibility has been made possible. Some lenders can approve your loan requests within hours of making the request, so you can ask for a loan today and receive the loan that same day without having to even come down from your bed. Getting approved for loans online is fast, not stressful and can be done in a couple of minutes. No physical bank or finance house can approve a loan in minutes, none.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: PARTIAL LOANS CAN BE AWARDED
Going to get loans personally from the bank requires you to get an approval for the entire loan but with getting approvals for loans online, you can get a partial loan. Many lenders online are willing to offer services that allow you to have access to like 60-70% of the loan amount you requested for. This is because this percentage is being funded by individual investors who place bids on a part of your loan or they place bids on the full amount of your loan. This means that segments of your loans are being paid for by individual investors; so even if you cannot get access to the amount you requested for, you have the opportunity of still getting a portion of your loan. This cannot happen with physical banks as your loan as to be approved entirely by the bank or financial house granting the loan to you. This is a very big plus on the side of getting approved for loans from the internet.
BENEFITS OF GETTING APPROVED FOR LOANS ON THE INTERNET: HELPS PLAN YOUR BUDGET
People try to make budgets for everything they intend to purchase or spend money on; this is good but does not guarantee emergencies will not arise in some cases. Applying for a loan online can help bridge the gap of that emergency and restore your budget as it is fast, easy, can be applied at anytime and anywhere.
If you have been skeptical about applying for loans online, do reconsider. Everything has a disadvantage to it, but with getting approved for loans from the internet, the pros outweigh the cons by far. It even has more advantages than applying to physical banks for loans, so why not consider getting a loan online today. That money that you have been thinking of how to get , or what bank will grant it to you can be given to you in a matter of hours (depending on the processing time of the lenders) if you apply online. So why not request for a loan online and enjoy the many benefits of getting approved for loans on the internet. Apply for a loan today!