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20 Jan 2017

How to Request Personal Loans Online

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What do you do when you need small-sized, short-term loan to get you through a “financial rough spot” and you need the cash available for use in as little time as possible?

One answer might be to ask a friend or family member for assistance, but that isn’t always practical. Another answer might be to go to a payday lender, but payday loans severely limit how much you can borrow, require repayment immediately upon receiving your next check, and charge interest rates and fees that are much higher than you want to pay.

Requesting a traditional bank loan is out of the question because that would require days or even weeks, with a high chance of not being approved for the loan (especially if your credit is “less than perfect”).

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Personal Loans Online Are a Viable Option for “Emergencies”

Personal loans online have many advantages over your other options when you find yourself in a “financial pinch.”

First, they are “installment loans,” which simply means you do not have to repay the whole amount borrowed in one lump sum after only two weeks (as with payday loans). You may need, for example, a month or two to “get back on your financial feet,” and a payday to payday borrow-and-repay cycle may never get you there.

Second, it is generally easy to get approved for a small personal loan, even if you have bad credit, and the process need only take minutes online. Your cash can often be deposited in your account by the next business day or sooner. Thus, you save valuable time and can be relatively certain you won’t waste your time requesting a loan that doesn’t get approved.

Third, rates and fees for taking out personal loans are lower than with payday loans and lower than with many credit cards. You do have to pay for the convenience of getting fast cash, but as long as you make your payments on time, the costs will be much lower than, say, paying bank overdraft fees or late fees on house, car, and utility bills.

Requesting Personal Loans Online is Fast and Easy

How do you request personal loans online? The answer is not very complicated. The online request forms are short and simple. Only basic personal and financial information is asked for, and as long as you have steady income, a credit check will often not even be involved.

There is normally little, if any, faxing to be done. And you will usually be approved for the loan instantaneously, after spending only a few minutes filling out the request form.

You do want to spend some time researching the lender and comparing lenders to ensure you are getting the best possible terms and rates, but overall, the process is extremely fast and easy.

In sum, we can say that requesting personal loans online is one of the easiest ways to get fast cash on competitive terms to get you through a temporary financial “bottleneck.”