Seven Benefits of Getting An Online Personal Loan

Seven Benefits of Getting an Online Personal Loan

Nowadays, people seldom go to the bank to apply for personal loans because bank doesn’t easily give the approval decision. You have to wait for months for the bank to approve and you would not be able to meet the coming expenses that are urgent to you. Online personal loan is the best option for those who need money urgently. The following are the benefits of applying online personal loans for covering your short term expenses.

  • 1. Get Approved Fast

Online personal loans can get approved fast in as little as one business day. As soon as you submit the application, a staff will review the information and send you the preapproval decision to your email. If your loan gets approved, they will send you an email that contains the estimate APR interest rate. You can decide for yourself whether to accept the loan after taking a look at the interest rate quote in the email. If you decide to proceed with the loan, they may release the funds in the next business day. Sometimes, they may ask you to provide more documents before releasing the funds.

  • 2. Easy to Apply

Applying for the online personal loans is convenient. You simply fill in all the required information in the online loan request form at the loan site. Some of the information you must provide in the application form are personal, income, banking and login information. You can apply at any time because the site is accessible for 24/7. You don’t have to waste time queuing up at the bank for a few hours until it is your turn to go to the counter to submit the application. It also save you petrol cost and parking fee since you don’t have to drive to the bank to submit the application form.

  • 3. Enough Time to Repay Back the Loan

Online personal loans gives you up to 18 months to repay back the loan. However, you must keep in mind that you will pay a higher interest rate when you choose a longer loan term. Shorter loan term has higher interest rate but you can pay it off faster. You have the option of selecting the loan term in the initial application. It is up to the lender to approve the loan term that you have selected when they send you the loan approval decision.

  • 4. Generous Loan Amount

With online personal loans, you can borrow more than $1,000. There is a toggle bar in the application form which you can drag to select the loan amount. Whether or not you get approved for the loan amount will depend on your income. There is a high chance that they will approve your loan if your income can cover the loan amount after minusing the monthly expenses.

  • 5. Funds Can Cover Any Expenses

Online personal loan is flexible in that the funds can be used to cover any type of expenses. You can use it to pay for expenses such as medical, home improvement, grocery, car repair and etc. They don’t ask for the loan purpose in the application and you are free to use the funds in any way that you want. The funds will be deposited into the bank account number that you provide through email or phone.

  • 6. Get Preapproved Without Hurting Your FICO Score

Many online lenders now offer soft inquiry so your FICO score will not drop when you submit the application form. Getting pre-approved on loans that have soft inquiry allows you to find out the estimate interest quote for purpose of comparing with other loans. You should compare the quotes and fees in between 3 – 4 lenders before making a decision.

  • Secure Application

The online application form is secure and protected with 128 bit SSL protection to ensure that your information you enter is not accessible by third parties. The online lender keeps the information of their customers private and do not sell to third parties. They will use your social security number (SSN) for verifying your identity information and citizenship status in the USA.

Conclusion

In conclusion, online personal loan is best for people who are having a hard time to get approved for a loan from the bank. The online lender is more lenient so you stand a chance to get approved even if you don’t meet the high requirement of the bank. They would approve you as long as you have a stable job and a regular income to pay back the loan amount.