If you have ever approached your bank or credit union for a personal loan, you probably know just how time consuming and inconvenient the process can be, often taking several days for your loan application to be processed. And approval isn’t exactly guaranteed, especially if your credit score isn’t as high as you would like it to be.
The increase in lenders that operate entirely online has made it a lot easier to get approved for a personal loan; often you can be approved for a loan within hours, even minutes, and have access to your funds in as little as one business day. And the application process is straightforward with the minimum amount of personal information usually needed, unlike the pages of paperwork required by your bank. Although requirements for a personal loan can vary between lenders, you will typically need to provide your social security number, proof of employment or income and bank account details so you can have your funds deposited. Online lenders really have tried to make the application process as fast and as straightforward as possible, knowing that anyone applying for a loan probably needs that money as soon as possible.
Online lenders generally don’t care about your poor credit score, your credit history or the reasons behind those numbers – too many bills, divorce or anything else. As long as you can verify that you are employed and can make the payments every month, you can be approved. It’s also a lot easier and less intrusive typing your personal information into an online form than having to explain your situation to an apathetic bank official.
Another big advantage of online personal loans is quick access to your money, allowing you to use it as soon as you need it, which means not having to wait for a check in the mail and then having to cash that check. An online personal loan also allows you to choose the amount of money that you need to borrow (make sure that you can comfortably afford the monthly payments). Many online lenders also offer varying loan terms, allowing you to spread the monthly payments out over an extended period of time. Alternatively, you can pay more than the minimum amount per month and pay off your personal loan more quickly – it’s all up to you, making personal loans flexible as well as convenient.
Whether you need the cash to take care of some unexpected bills, a medical bill that you just couldn’t otherwise afford, or some necessary car repairs, the money can be used for whatever you like, with no questions asked. If you are struggling with a low credit score, regardless of the reason, and need money in a hurry, a personal loan can be the answer – it’s easy, flexible and can be affordable.