In the past, applying for a loan required a trip to a local financial institution. But, in today’s highly-connected world, you can now apply for a loan in the comfort of your own home.
Does a recent situation have you in a financial bind? Do you need money quickly to pay a past due bill?
No matter the reason, online loans are available around the clock.
Did you know that online loan services have approved more than 10 billion rand in loans?
If you’re in dire need of money, now’s the time to look into an online loan. In less than 24 hours, you can have money deposited into your account!
Keep reading for 6 reasons why you should consider online loans.
1. Various Options
One of the biggest benefits of applying for an online loan is that you have many options to choose from.
Traditionally you’d have to drive around to various banks. But, online, you have dozens of lenders available at your fingertips. Having options means that you can find the loan that is best for you.
When shopping for a lender, do your homework. Know how much money you need and the interest rate you’re approved for.
It’s also important to find a company that offers same day online loans. This way there’s no waiting until tomorrow when you need money today.
2. High Convenience
Would you have ever imagined being able to apply for a loan in your pajamas while sipping coffee?
Imagine no more! With online loans, you can apply for a loan quickly and easily. Most loans require less than 20 minutes to apply.
While the loan application process is simple, you’ll want to know how much money you need. It’s also important to ensure you’ve factored in loan repayment into your budget.
3. Instant Approval
When applying for a loan in person, the process can be quite slow.
After submitting an application, most banks require at least 3 business days to process it. While 3 days isn’t the end of the world, it can be too long if you need money immediately.
With online loans, most lenders provide instant approval. This is because online lenders don’t run as thorough credit checks
Instant approval eases any financial burden you may have.
4. Less Stringent Approvals
These days, banks are more selective in who they approve loans for. Typically, to get approved for a loan with a reasonable interest rate:
- You need a high credit score
- You need a solid credit history
- Your debt to income ratio needs to be low
But, with online loans, lenders are a lot less stringent. These loans are ideal for applicants with low credit scores or no credit history.
Online lending removes the anxiety of whether or not you’ll be approved.
For some people, needing a loan can be embarrassing. You don’t want your friends or family members to know that you’re in a financial bind.
If you have a take a trip to a local bank, you risk others finding out about your financial hardship.
With online loans, you can keep your financial matters private. Being able to apply from the comfort of your own home makes the process much less anxiety-filled.
6. Lower Rates
Banks with brick and mortar locations have more fees to pay. Fees such as employee salaries, rent, and building insurance can all drive up rates that are offered to applicants.
Because online lenders don’t have added expenses, their rates are likely to be lower. This includes application fees as well as interest rates.
Online loans also offer fixed rates, which means there’s no worry of fluctuating payments. With lower rates, you put less money towards interest. This keeps more money in your pocket.
Is An Online Lender Right for Me?
Before applying for any loan, it’s important that you have considered your options. Applying for a loan without thoroughly analyzing your financial situation can be costly.
Loans should be the last option on your list. If you’re in need of money, exhaust other options first.
Ask a friend or family member for a loan. Discuss working longer hours with your employer. Consider selling items that you no longer need.
Other money-making ventures include:
- Picking up a part-time job
- Offering small services in the community
- Making money online
Create a Budget
Remember, when you accept a loan, you must pay the amount as well as interest.
If possible, apply for the lowest loan amount possible. This minimizes the amount of money that you put towards the loan throughout the term.
Before applying, create a budget. You’ll need to examine your monthly income with your monthly expenses.
A budget will help you ensure that you can take on another expense. Otherwise, you risk defaulting on the loan. This can ruin your credit score and put a bad mark on your credit history.
Online Loans: Wrap Up
Once you decide that an online loan is right for you, you’ll need to find a trusted lender. A reliable lender will keep your confidential information secure.
Pay attention to the approval process as well as offered interest rates. Find a lender that offers quick turnaround and low-interest rates that don’t ruin your budget.
When choosing a lender, reputation is key. Find a lender that has experience in the online lending industry.
You’ll also want to ensure the lender can provide same day approval and same day money.
An Online Lender You Can Trust
At Little Loans, we know the importance of getting money when you need it. If you need a payday loan, we are the company for you.
With our company, the loan process is simple and convenient.
We require no paperwork and we charge no fees. You receive your cash the same day you’re approved! This means no waiting to be approved or to receive a check in the mail.
We’ve already happily approved online loans for more than 100,000 South Africans.
Don’t go another day feeling financially strained! Apply today to get the cash you need.