For those who can remember the days before the internet essentially provided everything, we need within a few clicks of a mouse, loans used to be a pretty formal process.
An appointment with the bank would be made, and we would rise early and ensure we were donning our most professional attire to apply for a loan. We would make our way across town and enter the branch, and if lucky, would be offered a water or a cup of coffee. After waiting a while, the bank clerk would go through the loan application with us and – if luck was to strike twice in the same sitting – we would be told how likely we were to be approved for the loan. These days, things are different. We open a laptop, with tired eyes and bed head, sipping a cup of coffee and punching random words into Google: direct lender online installment loans instant approval.
While we might take a break momentarily to remember the efforts we went to in order to get a loan before everything got so convenient – especially the work we put into our appearances before we visited the bank – we can rejoice. This method is now, for most of us, consigned to history.
Yes, you can order pretty much anything online and receive it the next day. You can also get a loan from a bank within minutes.
In comparison to the traditional method – where we would have to wait for a bank to go over our application before contacting us days later – this level of convenience is a game changer. It makes everything so much easier. I don’t have to take any time off work, or worry about my appearance, as everything is almost instantaneous when it comes to online loans.
How does it work?
Once you decide how much money you require, the next step is to find a lender who is suitable for your borrowing needs. Once you have identified the right company, then you can essentially enter your details and follow the instructions. Most lenders who operate this way take pride in the speed of their application processes – a large number of these lenders tend to deposit cash into an applicant’s account within 24 hours of the loan being approved.
What are the requirements for an online loan?
While you may find differences in the criteria from time to time, for the most part, the fundamental factors which will determine loan approval are that you are aged 18+, have an income or other means to make repayments, satisfy residency, and can verify the information you provide.
Some online lenders may have slightly different requirements, but everything should be made clear to you when you apply. With these lenders generally conducting all of their business online, you will have the means to be able to upload documents and proof of ID to the site.
In terms of simplicity, this is the most convenient way to get a loan. And you can drink your own coffee while you apply.