You have a need for some cash coming up soon. The problem is that your credit is more good than great. Owing to a couple of incidents some time back, your score is just under what many traditional lenders require. Don’t assume that you cannot find a lender who is willing to work with you. Opting for an online Magical Credit personal loan could be just what you need. Here are a few reasons to consider this solution.
No Need to Provide Collateral or Security
While there are a few exceptions, most personal loans do not require the applicant to provide collateral or security. This makes the loans part of a class known as unsecured financing. Since your intention is to repay the loan using a series of installment payments and you’ve already worked out how to fit the obligation into the budget, this is a great way to meet the need. If you should need to sell any of your other assets, there’s no need to communicate with a lender in advance.
The Simplicity of the Application Process
Lenders who offer personal loans in an online environment do require key information. Details like your name, proof of identity and permanent residence, and verifiable sources of income are sure to be necessary. Banking information is also something that the lender will need in the event that the application is approved.
Most online lenders make it easy to provide the information that’s needed. The application forms proper are simple and follow a logical sequence. Attaching or remitting electronic copies of essential documents is also not difficult to do. Provided you have everything in hand when you begin to fill out the application, there’s no reason why the application can’t be ready to submit in a half-hour or so.
And the Rapid Response
With personal loans, there is a verification process that’s followed. All the data is checked and confirmed. If there are any questions, the lender will get back in touch with you as quickly as possible. The goal is to process the loan application without any delays. That means you can often measure the response time in days rather than weeks.
Remember that while the lender may have less stringent qualifications than traditional lenders, it’s important to make sure you meet the lender’s basic requirements. If that’s the case and all of the required information is submitted with the application, you can expect a decision about the application comparatively quickly.
Superior Interest Rates in Comparison to Other Loan Types
You already know that having credit that’s not the best means paying a higher interest rate. What you may not realize is that the rates and fees charged by a personal loan lender may be more competitive than other types of alternative loans. This will become apparent when you begin to compare the rates and terms offered by different online lenders.
For example, you may be looking for a personal loan with a somewhat short repayment term. If you look at the type of interest rate that available and compare it to the rates associated with payday loans, it will be easy to see why the personal loan is a better choice. In fact, if you take the time to have payday loans explained to you, the practicality of opting for a personal loan will become even clearer.
The Money’s in Your Account Quickly
Assume that you’ve submitted the application and made sure all of the required information is included. The lender has verified the data and extended a loan offer. You accept the offer and return the documentation; what happens next?
Once the lender has all the signed documents in hand, the transfer of funds to your bank account will commence. How quickly the money is in the account and available for use depends on the policies and procedures of your bank. You might have access to the funds on the same day the lender initiates the transfer. If not, expect the money to be ready for use by the following business day.
And You Can Use It Any Way That You Like
The funds for your personal loan can be used in any way that you like. If you have more than one project that needs funding, feel free to allocate the money in whatever way works best. The lender is only interested in receiving timely installment payments that are in compliance with the loan terms and conditions. As long as you make the payments on time, all will be well.
If you’re mulling over the possibility of making a purchase, covering the cost of a repair, or need money for some other purpose, do consider the benefits of an online personal loan. Once you use this method once and see how well it works, you may decide to apply for a second loan the next time the need for some cash arises.
Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.