Showing posts with label online lenders. Show all posts
Showing posts with label online lenders. Show all posts

Thursday, September 4, 2014

How to Get an Online Personal Loan

How to Get an Online Personal Loan


Online Personal Loans
It's easy to get an Online Personal Loan
There are times when you need a personal loan for between $1500 and $25,000. Most people do not have that amount in savings these days. Banks usually require collateral, such as a car title, before they will lend that kind of cash, and you have to deal with them in person, submitting a good deal of paperwork in the process. Most payday lenders won’t offer a loan for that large a sum. So what can you do? In some cases, an online personal loan may be your best option.

Online personal loans have a higher acceptance rate than a bank loan, offer convenience in the application process, and give you the cash you need in a short time frame. However, these loans tend to be more expensive than traditional bank and credit card loans. They also have higher fees, which can add to your financial woes, if you can’t afford to make the repayments. So make sure you have explored all options before you apply for an online personal loan, and read any loan documents carefully before you accept the loan. It may also be wise to consult with a financial professional who may be able to help you deal with a credit crisis, if you are having one. If, however, you feel that you need an online personal loan, the steps below can guide you through the process:

1. Find a reputable online personal loan website


Not all online personal loan sites are created equal. Find one that works with multiple lenders and works within the state and federal guidelines. One example is Zippy Payday Cash, but you can search the Internet to find others as well.

2. Apply online for your personal loan


Most good online personal loan websites offer applications that are quick and easy to fill out. They will require basic personal and job information, in addition to bank account information to be used for depositing your cash and receiving repayment. Some even offer mobile loan applications as well. Because laws vary from state to state, some may require additional information as well. The process is usually quick and simple.

3. Wait for your answer within a few minutes


Usually, online personal loan lenders do not require a traditional credit check. However, they may check other sources such as other loan applications found in the national consumer loan underwriting database. If you don’t have any current outstanding personal loans or recent credit issues, you have a good chance of being accepted. Older credit problems should not cause an issue. Usually you will have an answer within a few minutes—usually 90 seconds.

4. Read your loan offer or offers carefully


Depending on the state where you live, the amount of money you can borrow and the repayment terms may vary. Some states will not allow online personal loans, so you may be offered a different type of loan instead. Be sure to read the loan documents carefully before you accept.

5. Accept your funds


Though you can apply for an online personal loan anytime, you will usually need to wait until the bank is open to receive the cash in your account. Usually, this is within a few hours or overnight. Then use your cash for whatever needs you have.

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