Online loans: new opportunities or a bad deal?
In the modern world, taking into account the development of network technologies, the consumer view of some services is also changing. And if you no longer surprise anyone with the purchase of goods in online stores, then far from all users know about online loans. What kind of service is this? Does it have any advantages, how to apply for an online loan? We will try to answer these and some other questions in this article. Vartanov Anatoly, Shutterstock.com Let’s pretend that you suddenly needed a certain amount of money that your personal budget and salary do not provide. You do not want to borrow money from friends and do not want to sell your property. Then for you there is only one reasonable option – to take a loan from a bank. Already at the first stage you will encounter a lot of questions – for example, in which bank to get a loan and which credit program to pay attention to. Today, even in a small town, not to mention if you want to take a loan from St. Petersburg or in Moscow, dozens of commercial banks provide lending services, and everywhere different interest rates, return terms, requirements for borrower’s documents, hidden fees and commissions are different. Therefore, before you begin your journey from branch to branch, do not be lazy to visit thematic online resources that will allow you to compare credit programs of various banks. As a rule, on such sites you will also find loan calculators, which, in turn, will help you find the right time and amount for a loan. In other words, if you are interested in an ordinary consumer loan, you will immediately calculate how much money you will overpay on top of the amount on the check, and how much time you will need to repay the loan. In most cases, this simple arithmetic makes it possible to realize the feasibility of a loan. Now you can go directly to the loan online. Immediately it is worth making a reservation that online loans have never been distinguished by low interest rates – you will have to pay for the convenience and speed of processing. As a rule, it all comes down to filling out a standard application form and uploading scanned copies of a passport, residence permit, employment record book and other documents required for registration to the bank’s website. After you submit your application, you will have to wait for its approval. An additional advantage of online loans is that you can immediately submit multiple applications to different banks. In most cases, the answer comes within the first 24 hours; however, it is better to check the exact time of consideration with an online consultant. It is worth paying attention to the fact that if you need a cash loan, then you will not get it online for obvious reasons – you still have to go to the bank branch for money. So, among the advantages of online loans you can highlight the ability to compare and select different credit programs, as well as the convenience and speed of processing. Among the disadvantages of online loans, however, it is worth noting the high interest rates and the possible presence of hidden fees and additional fees. That is why before you put your signature, do not hesitate to contact a consultant or a loan officer to clarify absolutely all the points. Of course, take the time to study the loan agreement, where those points can be described that are not mentioned on the site.