Why You Should Go For Online Loans?
In today’s day and age, there’s one thing most of us can’t live without: the internet. Everything we need in order to live and survive comfortably has migrated into the World Wide Web, even the tradition financial institutions.
Looking back at the past few years, banks jumped into having online presence. They started with online banking, evolved into mobile banking, and they are now known to play around with fintech software as well.
With this trend in mind, it’s no surprise that more financial technology companies have made different types of loans available online. Fortunately for us, there are now several legitimate online lenders to choose from.
The Beauty Of Online Lending
Everyone can make use of some extra cash – for many reasons we cannot attempt to identify. And the great thing about online loans is that it brings us closer to the opportunity to gain these funds.
Given the choice to defend this point in one sentence, we only have this to say: Getting an online loan is just the same things as borrowing money elsewhere; only this time, it’s so much more convenient.
Most of the time, online loans simply requires you to pick a particular lender, register on their site, apply, and wait for the results.
The Benefits of Online Loans
Still not sold? Here are seven reasons why online loans are better than any other alternative in your mind today.
- You can apply anytime, anywhere.
When online lenders promise ease of use, they mean it. Online loan application is so much easier as long as you have stable internet connection. The only thing you have to do is to visit their official website, create an account, and fill out the profile they require. There’s no need to go to a physical branch – which is a risk you don’t want to take at this delicate time.
As long as you have decent internet connection, or a way to find access to one, you can start up your application process through a laptop, or even your smartphone!
Convenience is such a precious gift especially as we are at an age where time is just so expensive. In the traditional way of loan application, you visit a financial institution, usually a bank, and you line up. Here in the Philippines, lining up usually takes hours. And that doesn’t even count the commute time!
On the other hand, online lenders allow you to start up the application at the comforts of your home. You don’t have to dress up – you can do it in your pajamas. And there’s no need to wait for anyone – you just have to make the decision to do it and start clicking!
3. There’s no need to get out of your home.
This topic has been touched a little on the other benefits, but it deserves its own space as we are still in the middle of the pandemic. Though the economy is operating and things are moving along, the ultimate recommendation is that if you can avoid having to go out of your home, that’s the way to go.
By going with online lending solutions, you don’t have to travel. You can stay safe and indoors while getting the funding that you need. Even if there are document requirements, you will be prompted to upload them on the platform.
4. You can go as high or as low as you can.
With other lenders, you will usually have limited opportunities with how much or how little you can apply for. On the contrary, online lenders are more extensive in their offerings. Usually, you can get a smaller amount, which are known as fast loans. Consequently, you can apply for loans that go as high as 5 million pesos.
5. The interest rates tend to be lower than traditional lending.
Because the loans offered by these companies are often unsecured loans, the monthly repayments you have to settle come with lower interest rates. In addition, you also don’t have to worry about fees. Most of the time, the fees are minimal to none, depending on the platform you select.
6.The funds are disbursed much quicker.
In traditional lending companies, the disbursement of the loan can mean a few weeks of waiting. The earliest it can possible go with is seven business days. With many online lending platforms, after the evaluation of your application and you gain approval, you can just wait for your funds to be wired to your nominated bank account. Most of the time, it is ready for use 24 to 48 hours after the notice of approval.
7. Online lenders are more flexible on the reasons behind the loan application.
One difficult thing about traditional borrowing is that it can be so hard to justify why you need funding. You have to provide so many details before they take their chances to lend you the amount that you need.
On the other hand, borrowing from online lending companies are much more flexible and they don’t ask for too much. You may be in it for medical needs, educational expenses, travel, business capital, or whatever personal reasons you may have. You can keep the main details privy to yourself and they won’t mind.
The Best Online Lender In The Philippines: Blend.ph
Doesn’t online borrowing sound enticing? It is an amazing opportunity, which if you have the need for, can be quite hard to resist. If you are interested, you should definitely explore the loan products of Blend.ph.
Blend.ph is a type of marketplace lending wherein you create a profile, apply for a loan, and you will be linked to investors who will fund these loans for you. It is commonly known as a peer-to-peer or P2P lending company, as different individuals interact together in a mutual relationship for each of their financial goals.