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Applying For Personal Loans Online
13 Jan 2017

Requesting Personal Loans Online

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Requesting personal loans online may be new to you, like it is with a lot of people, but in fact, it is becoming more and more commonplace for loans to be taken out online rather than by physically appearing at a bank or other physical location to requesting a loan.

And personal loans are one of the most popular forms of online loan, due to the advantages they offer over payday loans, the ease at which they can be attained, their longer pay-pack periods, and their greater flexibility on loan terms.

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How to Request Personal Loans Online

Online lenders of personal loans generally make it fast and easy to submit your loan request. Only basic personal information, like full legal name, state of residence, and social security number are asked for; and only basic financial information, such as annual income and the name of your U.S.-based bank, are usually asked for.

Filling out the request form may take only a few minutes, and approval is typically instantaneous.

Some lenders will run a quick credit check, while others will not; but most offering personal loans online will accept even those with poor or no credit. Good credit would get you a lower interest rate and, perhaps, a bigger loan amount with more time to repay; but bad credit online personal loans will offer competitive rates and terms within their field and will often give a better total deal than credit card companies and payday lenders.

Tips When Requesting Personal Loans Online

To get the best possible loan for your situation and to steer clear of any scammers or sharks that may be lurking online, here are some basic tips to follow when requesting a personal loan online:

  • Take the time to read the details of the loan terms and the lender’s policies before making a final decision.
  • Compare online lenders point by point to be sure you get the best loan terms possible.
  • Determine your priorities and put them in writing to reinforce them. Is a low APR, large loan amount, or long repayment period more important to you? Do you want a fixed rate or variable rate? Do you want automatic withdrawal for repayments? Find a lender who accommodates you on all or most of your most important preferences.
  • Be diligent to research your lender. Look for a secure connection (green HTTP and lock in URL bar), a physical address and contact information on the website, and an About Us page.
  • Carefully weigh how much you want to borrow. Too little will not meet your needs, but taking on too much could make the loan difficult to repay.


Taking out personal loans online can get you the cash faster, make approval far more likely (even if you have bad credit), and secure you better terms than payday lenders and some credit cards. The request process will likely take only a few minutes, but it is wise to spend some time researching the lender/loan before “signing.”