Online credit applications are very convenient: you do not have to get up from the chair to get a loan, but when it comes to technical details, it looks a bit different in banks, and differently in loan companies. We’ll take a look at some of the often-occurring models of the application.
Click here to find loans when you have bad credit
In the Greendayonline loan company, the application for a payday loan for bad credit is very simplified. Usually, there are questions about the amount and source of income, as well as the amount of monthly liabilities, but when it comes to verifying these fields, it is a rarity. The most important in this case, of course, is the loan amount requested and the repayment period.
Online loan applications are simple and friendly for loan companies, usually in the form of forms that you may know from various websites requiring registration. The only formality will be the need to transfer a small amount to the loan company’s account. It is important that the transfer comes from the account you own because only this will allow authorization of the application. After confirming the identity by bank transfer, the company checks the application for loan availability and grants the loan. Sometimes there is an additional telephone contact, which is aimed at verifying the data entered in the form.
Banks – loan application full version
In many banks, as well as for new customers, loans are available with the application via the Internet, but with a full application, and thus requiring the provision of all necessary data. In this case, the bank application differs slightly from that in the loan companies, while different variants of contract confirmation are possible: bank transfer, branch or courier. Of course, this range varies depending on the bank, and the deadlines for considering the application are different. In principle, when confirmed by bank transfer (usually it is also required to set up a ROR account), it is a time close to that required by loan companies, and when confirmed in a branch or courier for obvious reasons, it is a longer period.
Is it worth to apply for a loan online?
When it comes to the cost of credit with an online application, it does not deviate in any way from traditional loans. Individual offers or cheaper variants are rarely made, but it is hard to hunt them because banks are preparing and presenting them more and more often, whereas in loan companies the most common promotion is “the first loan for free”, which we wrote about in another article. if the prices are identical in the network and branch, then the first variant is better, because it is more convenient.
The big advantage today is the online availability not only of the applications themselves, but also advisers from banks and loan companies who deal with the clarification of doubts or the presentation of loan agreements. Thanks to this, you can choose the best offer without getting up from the computer with full awareness and responsibility. This is a good solution for busy people and those who simply do not want to stand in the queue for a bank window.
In the case of loan companies, the online application is almost obvious, as many of them do not have any fixed-line branch.