Did you know that almost 11% of all adults in the USA currently are benefiting from a personal loan?
Whether it is to cover an unexpected bill or to make that holiday of your dreams possible, more people than ever are taking out personal loans.
What are your dreams? Would a personal loan make them a reality? Did you know that an online loan is very easy to receive?
Check out our top five reasons for taking out an online loan.
1. Application Is Quick and Easy
The numbers of those considering loans are rising.
One report stated that 1 in 10 Americans plan to take out a loan. However, often the loan application process is drawn-out and complicated. It may even require more than one meeting in person with a bank representative.
Online loans remove that limitation. The application process is entirely online. Loans can be applied for at any time of the day or night and do not require physical documents to be submitted. In some cases, approval for a loan can be given within minutes or hours of application.
60% of Americans have less than $500 in savings. In a world where accidents happen regularly, it can be crucial to get hold of cash quickly to cover emergency expenses.
2. Broad Range of Loan Options
Online lenders give businesses more options than traditional banks. For example, an online lender may allow a loan on a credit card, through electronic payment methods or directly to a bank account.
Since the lender is not tied to a specific location, the money can be sent to the loanee’s location. they can access the money immediately through a number of ways.
3. Minimal Number of Documents
Bank loans of all sizes require a significant number of documents to be submitted. These include financial histories, employment status and multiple proofs of identity.
Online loans do not require this. In most cases, you will need to submit your Social Security Number and a driver’s license as Identification. This will give you access to a microloan with no delay.
Further, a guarantor is not required. A physical bank may want the appointment of a person who will repay the loan if the loanee cannot. This is not required by an online lender.
4. Loan Extensions
Online lending institutions often allow borrowers to lengthen the loan repayment period. However, before doing this, it is is good to consider the fine print.
This allows the loanee to adjust the repayments should their circumstances have changed after application.
While it is technically possible to extend a loan, this may only be available under certain circumstances and possibly bring extra costs.
5. Bonus Programs
Online lenders and microfinance institutions offer competitive bonus programs to customers. They may even lower the interest rate or allow a longer repayment rate for customers with a good track record.
In other cases, you can even improve your credit rating by repaying loans in a timely manner. This would then allow you to apply for larger business loans in the future.
The Benefits of an Online Loan…And So Much More
If you are considering applying for an online loan, we are here to help. We are experts in lifestyle and financial guidance. We have learned from experience how to bring out the entrepreneur in you.
We research the best sources and find reliable guidance on complex matters so that you don’t have to. If you would like to benefit from our help, why not bookmark our blog?