Old fashioned ‘traditional’ bank loans meant three things: lots of paperwork, lots of time wasted, and lots of nerves waiting to speak to the bank manager that would decide your fate. However, since online loans came along, these inconveniences are a thing of the past – online loans are simpler and easier to apply for than ever before.
Here are five reasons we think an online loan can fit around your busy schedule:
24/7 access: You need to set a time to come and apply for a loan in a bank in a formal meeting type scenario. You can simply log onto a website whenever you like. Websites run constantly, of course, so you can apply in the middle of the night or at your own convenience.
A quick credit check: Reputable loan providers will always conduct a credit check; there is no getting around this! But, it isn’t as painful as you might think. You can check your online credit record yourself, in many cases for free, to see what the lender sees BEFORE you apply in the first place.
You can work on your credit file over a couple of months to see it improve if you aren’t happy with your results. When you are confident your credit report is all in order, your online application will be verified with a credit check that in most cases gives you an IMMEDIATE result.
Fast Cash: Everyone who needs a loan will want the cash quickly. So, once your loan has been approved, the lender will verify your income. This will involve you providing your most recent payslip or bank statement. Many lenders allow you to upload these online, to make the process even quicker. If all is in order, the money is transferred into your bank account within just a couple of days.
Constant access to your repayment progress: Many busy people can’t remember off the top of their heads how much money they may owe, when it would be repaid by or what the date of repayment is. What’s easy and convenient about online loans over traditional bank loans is that some lenders give you an online account. For instance, with Wonga customers, they say that returning Wonga customers can review their live loan in the “My Account section” of the website. This is a relatively new development but one that has been popular with customers.
It isn’t impersonal: You may think that doing everything online makes the whole process impersonal. Sometimes, you just want to talk to someone on the phone to ask a quick question or get instant feedback. Many reputable lenders will have offices you can call to speak to someone directly. If you have any problems repaying your debt, you can also call to speak to someone directly.
Hannah Harvey is a blogger based in Dublin. Her writing focuses on primarily in the spheres of finance and technology with a particular interest in financial literacy and cyber safety.