Nowadays, most of our necessities can be bought online. This includes foods, clothes, medicines, appliances, gadgets and even money. Yes, you read it right. Moneylenders now use the internet as one of their platforms to reach out for their clients. And just like online shopping, there are factors to consider when availing an online loan.
1.How urgent do you need the money and how much?
When you think of an online loan, you must identify the reason why you need cash within a short period of time and how much is needed. A loan application is a commitment that you must think thoroughly not something you do out of whim.
2. Is the lender reliable enough?
There are several lenders available online and finding a reliable one is a test. To differentiate the real one from fake, take the following into considerations.
- Website security
The website address has a small green lock icon and the link address starts with “https://”. Also, carefully look at the domain and check if there are discrepancies like wrong spelling. Think twice before you apply.
- Legit company
There are certain details to look for if the online lending company is real.
First, it must have a physical address and an active contact number. If you can locate and communicate with them, you are one step in assuring you have chosen the right online lending company.
Second, all the information disclosed by the client is kept private. The company includes a statement that privacy and security of the client is one of their utmost priority.
Third, the requirements needed can be accomplished easily. Which includes as follows: (a) Clear statement of age and citizenship, (b) statement of account or pay slip named after the client, (c) government ID, and (d) proof of billing. Others may ask for more documents, but these are the basic.
Fourth, it is a quick process. Since this is online, the procedure usually takes a day or two to be approved after all the requirements have been submitted and checked accordingly.
Fifth, the website is legal. It can be proven by an SEC registration number on the website.
Sixth, it uses a loan calculator. An online lending company allows you to borrow money that they know you can settle easily including the interest in a specified period.
Seventh, it has good client feedback. Whether it be thru social media or on the website itself, a good review proves a legal online lending company.
Lastly, the company is conscientious in verification. To validate if you are qualified, character references are needed to support the requirements that have been submitted.
3. Are you qualified?
After you have checked different lenders, assess which one suits you best. Avoid being rejected by choosing the right online lending company and that includes meeting all its requirements. Once you have chosen, fill up the application form. Make sure all the details submitted are complete and accurate. This information must also be supported by the documents.
4. Are you willing to be contacted anytime?
To validate the information submitted, the lenders will communicate with you thru a phone call. You should be able to answer all their questions which are primarily included in your application. This is to assure the lender that they are dealing with the right client.
5. Do you have a trustworthy contact reference?
As part of the verification process, a contact reference is needed. Inform them that you have submitted an online loan application and they will be contacted anytime and remind them that it usually takes a few minutes.
6. Have you read the loan contract thoroughly?
Once your application has been approved, the loan contract will be sent. It is a must that you have read and understood it. Do not hesitate to ask questions to the lender. It is best for you if all your queries have been answered especially in terms of the payment method.
7. Have you marked your calendar?
After you have finished the process, check your bank account to prove that you have received the right amount. Include in your schedule the due dates of your bills to settle it on time to maintain a good credit standing.
Check out an online lending company now and comply with this guide to ensure approval. It may take some time but it will be worth it if you find a lending company with quality service.