What do you do when you need a loan fast to cover a financial emergency – turn to a bank? For most people, that wouldn’t work for at least three reasons: banks are reluctant to approve loans for personal use, you may not have an collateral acceptable to banks, and even if you could get approved it would take far too long.
Have you ever considered searching for signature loans online? Getting loans online is safer and more common than ever these days, and almost all direct lenders advertise online. But what are “signature loans” and why should you choose them over other options?
Why Apply For Signature Loans Online?
Applying for signature loans online gives you a number of important advantages over other lending options. But before we look at benefits, let’s stop for a moment to define “signature loan.”
A signature loan is simply a loan where your signature acts as your collateral. That is, approval is based on either your credit score or on your income, but not on some possession you own like equity in a home or your car. Most signature loans are personal installment loans and approve based on verifiable income rather than on credit history.
Typically, a signature loan will not bother you with a credit check; and most of them accept bad credit or no credit. Online approval is almost guaranteed, and you find out instantly whether or not you are approved for the loan.
When does the cash arrive? Normally, next business day. In some case, perhaps, within two business days. It comes straight into your US-based bank account, and you can immediately use it any way you like because you, not a third party, control how the funds are spent.
How Do Signature Loans Work?
We’ve looked a bit at the basics of what signature loans are and why they are attractive to many consumers. But here, let’s go a bit more in depth on how the whole signature loan process works.
Here are the basic steps you can expect:
- Locate your most favorable lender and loan offer (more on how to do that just below!)
- Fill out a short online application form, which only asks for basic and relevant personal and financial information. It takes only a few minutes of your time.
- If necessary, upload a pay stub or other documents to verify personal identity and regular income.
- Click the APPLY BUTTON and instantly find out your are now “APPROVED FOR THE LOAN!”
- Check your bank account next business day to discover the funds have arrived!
- Make regular installment payments on your loan until it is fully repaid. Payment size will be based on your ability to repay to help you avoid a late fee.
- Watch your credit score improve as you make multiple on-time payments across the life of the loan.
Where Can I Find My Best Signature Loan Offer?
Locating your most ideal signature loan offer is quick and simple when you utilize the search tools provided (free of charge!) by Bonsai Finance. There are just too many variables and too many options to try to whittle your way through them on your own, one by one. It would be overwhelming, potentially confusing, and unacceptably slow.
Bonsai Finance helps you avoid not seeing the forest for the tree OR not seeing the trees for the forest. That is, we help you get the big picture of what kinds of loan offers are out there AND help you identify specific loans that are superior to the others.
Whether you are looking for signature loans online, payday loans online, a new credit card, bad credit loans or another type of financial product – Bonsai Finance puts the tools in your hands to find your best loan now.
Here are some additional articles that may interest you:
Installment Loans vs Revolving Credit: Which Is Right for You?
How to Find Installment Loans Based on Income, Not Credit
Should I Get a Personal Loan? 10 Tips for Borrowing Smart
Personal Loan With No Income Verification