As online loans grow in popularity and accessibility, many consumers appreciate how this type of financing can work to their advantage. With the economy still unstable and traditional lenders tightening their credit guidelines, more people are staying away from bank loans because they do not want to risk being turned down or alternatively having to make steep monthly payments to the bank. When they need financing for bills, borrowers are increasingly turning to online loans to solve their money problems. Along with enjoying relatively easy acceptance and flexible payment options, borrowers also prefer the convenient and modern methods for applying for this kind of financing. Even so, people who are unfamiliar with the online loan industry and how they can apply for financing themselves can benefit by understanding these key facts.
Modern Application Methods
In this industry’s earliest days, people who wanted to apply for online loans often had to go to a brick and mortar store and wait in line to fill out an application. After they filled out the application, they sometimes had to wait a half hour or more for their income and employment information to be verified. Today, however, borrowers can apply for financing online. After they submit the online application, the lender quickly verifies their details and approves most clients within an hour, if not sooner. Many people can get their money within a day’s time, if not the same day that they submit their application. Most online borrowers do not have to visit an actual store, nor do they have to speak to the lender on the phone. The entire process can be done securely on the Internet and at the individual borrower’s convenience.
Social Networking and Online Customer Service
Just as they can fill out the application online, borrowers can also get help with their online loan questions and concerns on the Internet. Many online loan companies now maintain active social networking presences and interact with customers via Twitter, Facebook, Pinterest, and Google Plus, among other social media websites. If clients do not have social networking accounts themselves, they can still get online help by utilizing a web chat on their lender’s website or by emailing the company directly. They do not have to travel to a store to speak to someone in person or call the lender on the phone, although in many instances these more traditional customer service methods are still available as well.
Direct Deposit and Automatic Withdrawal
When it comes to getting their money and paying back their loan, borrowers now routinely use direct deposit into their bank accounts, as well as automatic withdrawals for their payments. After they are approved for their loan, people can request that the funds are put directly into their bank accounts through an ACH transfer. Many banks are able to clear the funds within a day’s time, if not sooner. Likewise, when it comes time to make a payment on the loan, people can set up automatic withdrawals from their bank accounts. The lender can take out the payment amount without the person having to write a check or take out cash to pay the loan in a store. This electronic transfer method for both deposits and payments lets customers continue with their busy lives without having to visit their banks.
People today have more options open to them when it comes to getting money they need today. Rather than risk being turned down at a bank, people can apply for online loans at Northcash and be approved for financing without having to visit a store or speak to the lender on the phone or in person.