Jefanie Genilla
Check out this article to better understand how online loan applications help us get the loan we need faster and more conveniently. We’ve also listed the top 4 things to avoid when doing online transactions.
Gone are the days when borrowers have to wait in long lines to get entertained. Offfices usually limit their operations to 4:00 pm in the afternoon. Those who were not able to process their loan application need to go back the next day to continue the procedure. It was all such a dragging, time-consuming task. Then came the online loan processing portals. All of a sudden, loan inquiries, applications and approval can be made online.
Today, online loan applications have become a norm with almost all banks and private lending companies launching their dedicated loan application pages. So, how exactly does this benefit you?
Perks of Online Loan Applications
- Convenience – For starters, applying online is absolutely more convenient than spending hours lining up in banks or lending companies
- Saves Time – Filling out your application online can only take a couple of minutes. Loansolutions.ph, for instance, has an application form that can be completed in just 3 steps.
- Numerous Choices – Doing your application online allows you to compare the prices and rates easily.
- Lower Rates – Rates are significantly lowered because online businesses have minimal overhead cost (e.g., rent, office supplies). Plus, the maintenance basically just covers the server cost and programmer services.
What to Avoid
As online applications have gained popularity, they have also become a target for people with malicious intent on the applicants’ money and information. So when doing transactions over the internet, make sure to be aware of the following:
- Phishing – This refers to the act of inserting codes into the connection between the client server and the applicant’s device. The codes will then store whatever confidential information that goes on between the provider and the client.
- Scams – This is a method by some people wherein they pretend to be representatives of other known companies then ask for cash advance from the applicant. The innocent applicants will then realize that they’ve given their money to a non-existent person.
- Loan Sharks – This term refers to lenders who take advantage of the borrower’s vulnerabilities by pricing their loans solutions too high – unreasonably high. To avoid this trap, it’s a must to compare rates first before signing any contract.
- Misleading Fine Print – This is another method employed by lenders when they intend to integrate too much information on the contract. The confused and misled borrower will then miss reading the entire contract only to end up incurring additional charges due to some stipulations on the agreement he or she was not keen enough to see.
There are certainly pros and cons when it comes to applying online. To ensure you’re making the smart move, you can process your applications here at Loansolutions.ph. We have a team of authorized loan agents who will review your requirements and find the best banks and private lending companies that you qualify for. Behind every electronic application, there is a loan agent working to get you the best loan rates possible.
