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What are Online Loans?
In the past, taking out a loan would mean driving to the nearest bank or other brick and mortar credit institutions, book an appointment, and submit an application. Today, with the advent of high-speed internet connection and advanced technology that paved the way for safer transactions online, more and more consumers are shopping loan products at the very comfort of their home. By taking loans out online, you are not only getting yourself finance in a convenient way but you are also allowing yourself to explore a myriad of options found and offered by reputable introducers like Pickaloan anywhere and anytime.
Payday Loans Online
Online loans are not only popular but are also becoming the number one financial solution for the majority of people in the UK. In fact, at the start of 2013, 83% of UK payday loan customers have taken out payday loans online and the numbers continue to grow. By taking out payday loans online, you can complete the entire loan transaction purely online. This simply means that there are:
- No Paperwork Involved
- No Faxing of Documents
- No falling in long queues
- No interviews
- No hassle whatsoever
All you need to do is fill up an application form online and get approved in a matter of minutes – if you meet the basic qualifications. And once you are approved, payday loans online can give you access to £100 to £1,000 of borrowing amounts and have that money deposited into your bank account on the same day or the next business day after your application was approved.
Advantages of Payday Loans Online
There are many reasons why people take out payday loans online to help them cover urgent needs like car repairs and unforeseen bills. Some of the common reason why people choose to shop payday loans online from reliable sources like pickaloan.co.uk include:
You can take out payday loans online even when you’re lying in your bed or watching TV on your couch. The application form is easy to fill in and the entire transaction is virtually seamless. It doesn’t take a lot of time and energy on your part and all you can expect is a straight-forward hassle-free process of taking out quick financing online.
If you don’t want your friends or family to know that you’re taking out a payday loan, then payday loans online will serve you best. No one will see you walking in a credit store or waiting in line in a bank because you can do it on your own without anyone even noticing it.
3.) 24/7 Availability
With the loans online, you can make an application any day even on regular bank holidays. What’s more, online lenders do not have closing times which means you can send an application even if its past midnight. If the lender has other financial products like personal loans online, the same 24/7 availability will work for your application.
4.) You can take it Out on the Go
When you take the loans online, you can do it virtually anywhere, whether it’s on the bus, at the office, or in the park, as long as you are connected to the internet. Introducer’s like Pickaloan also have websites designed to cater mobile use which means you can take out a payday loan or personal loans online through your Smartphone.
There is a reason why payday loans online are also called instant loans online and this is because taking out the loan is amazingly quick. You don’t need to book an appointment or wait in long queues like you would normally do with banks. Simply fill in the application form, send it once it’s done, wait for a decision after a few minutes, and once you are approved, you will have your money ready for use in the same day or the next business day at the soonest.
Online, applications can be much faster. Online loans are as close to instant cash as it is possible to get. Smooth, straight-forward applications can lead to money in your account within an hour.
Lenders cannot provide instant cash. However, most can make a lending decision within 30-60 minutes. As a result from that point, a money transfer can take as little as 10 minutes.
Advantages of online loans: unsecured debt
Online loans are typically unsecured debt. You do not need to trade in your beloved belongings.
High street lenders are often pawnbrokers, requiring security in the form of a valuable item. Other options include logbook loans, where you use your car to back the loan.
With unsecured loans, like online payday loans, your possessions are not usually at risk.
Advantages of online loans: easy to keep track
It is easy to keep track of your online borrowing.
Lenders usually provide a personal account, so that borrowers can check their details. You can log in to see how much debt you have outstanding and access a list of your payment dates.
You may also receive email and SMS reminders so that you never miss an important repayment deadline.
Advantages of online loans: accessible information
If you apply for a loan in person, you will need to speak to someone just to find out if you are eligible.
You may also need to visit or call a physical store or bank branch, just to check what you need to bring with you.
One of the advantages of online loans is that the application process is crystal clear. Strict regulations, by the Financial Conduct Authority, ensure that the details are easy to find.
You will quickly see whether you meet a lender’s minimum requirements.
To apply for a loan, you must be at least 18 years old. You will also need UK residence and a UK bank account. Any further requirements are set by specific lenders, so it is helpful to be able to easily see if you fit a lender’s criteria.
Many lenders will need you to be employed, with a regular income.
Few people enjoy feeling rushed into a financial decision, whilst a bank manager is reading through pages of terms and conditions. With an online loan, this information is instantly accessible.
Read through the details at your convenience. Though online loans usually provide the quickest way to borrow money, it is reassuring to know that you can take all the time that you need.