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The Rise of Online Loans
For over a decade, online loans have been the most popular lending option among consumers. As a result, lenders have put measures in place to reduce the number of defaults.
For instance, it is only those who meet the loan requirements that can qualify for funding.
These requirements make it easier for lenders to issue online loans to consumers who need them the most.
The loans are especially useful to those with poor credit. These are the people people who can’t qualify for loans in traditional financial institutions.
What are the benefits of online loans?
One benefit of online loans is that most people can qualify.
It doesn’t matter whether your credit score is excellent, good, fair, or weak. There are many other reasons why people apply for online loans over bank loans.
For instance, it is easy to apply for loans online. The application process is fast and straightforward. Plus, you can get approval in as soon as 24 hours.
What are the different types of online loans?
There are so many loan options that consumers can apply for online.
Before applying, it is first important to know the type of loan that best suits your situation. Below, we are going to explain the three most common types of online loans;
1. payday loans
These are short-term loans that are paid as soon as the borrower’s next paycheck arrives.
The loan amount ranges from $50 to $1000 depending on several factors. Payday loans have a term ranging from one to three weeks.
2. Installment loans
These are loans offered in larger amounts than payday loans. Installment loans are paid in fixed and equal installments. The loan amount ranges from $100 to $10,000 or even more.
(This also depends on a number of factors). installment loans have a term of between 12 months to 60 months.
3. Lines of credit
This is a preset borrowing limit that borrowers can take at any time.
The maximum amount you qualify for will depend on your approved credit limit. So long as you pay the principal, the available credit increases. Interest is only paid on the drawn amount.
Types of online lenders
When searching for an online loan, the choices available can be overwhelming. All the loan websites promise consumers money at a time when they really need it.
But the way these lenders issue the loans vary depending on their type of business.
This is the reason why people should know the different types of online lenders.
Note that it is not all these companies that provide the funds. Some of them are actually intermediaries that offer funds through other companies.
Here is how a lead generator company operates;
- First, they collect details from a potential borrower
- They then sell this information to companies that provide the loans
Sometimes, lending companies work together with the lead generators to get these details. They then advertise the loans to the customers.
One advantage of working with lead generators is that they match borrowers to the lender that suits them best. They do this by selling potential customers’ information to the lending companies.
These are websites that refer their visitors to lending companies’ websites. Affiliate marketing is basically getting a commission by promoting other company’s products.
Therefore, the companies earn a commission when a customer;
- Provides information like names, location, etc
- Applies for the loan
Price comparison website
Consumers use these websites to compare loan options offered by lending companies. This is in terms of;
- The interest rate
- Maximum amount offered
- Customer reviews
- How long they have been in business
- Type of online loan offered among other things
At times, price comparison websites make money through affiliate marketing. Other times, it is the lending company that pays to feature on the price comparison websites.
Direct lenders are the type of lenders that are in charge of the whole process. This includes;
- Collecting borrowers’ applications
- Reviewing these applications
- Approving the loans and
- Collecting payments
Some online lending companies offer loans through bank partnerships. In this case, the bank works with the lending company to collect consumer information.
This company then sends this information to the bank that then offers the loan. Consumers make payments to the lending company that accepted their loan applications.
Affiliate marketers, lead generators, and price comparison websites help consumers find the right lender depending on the situation. But their services also come with a lot of advertisements.
This can at times leave the borrower confused.
As a result, direct lenders remain the best option when looking for loans online. Loans from direct lenders feature an easy, fast, and streamlined process.
Online loans for bad credit
Online lenders have easy to meet requirements. This makes them the best alternative to traditional banks. GreenDayOnline is one of the most trusted online lenders.
We do not provide bad credit loans.
But we are more than ready to provide loans to consumers who can’t qualify for the loan in any other place.
If you have bad credit, the wisest thing to do is find ways to improve your credit score. You can find more information about this here.
What does GreenDayOnline offer?
GreenDayOnline provides affordable installment loans, payday loans, and lines of credit.
Our loan requirements vary from one state to another. Before applying for a loan, ensure that you go through our rates and terms page. It is here where you will get more information about the type of loan you intend to apply for.
Applying for our online loans is a fast and straightforward process. This starts by performing a soft credit check that won’t have a negative effect on your credit score.
With this check, we only consider whether you can afford to repay the loan. This will reduce the chances of defaulting.
Applying for online loans come with serious financial responsibilities. It is important to only apply for a loan online when you are in dire need of it.
If you need instant cash and feel that GreenDayOnline is your best fit go ahead and submit your loan request form! We will be happy to help you out.
FAQs on online loans
Is there the best online loan option?
The best online loan will depend on what your needs are. Your credit type can also determine which loan option is the best for you. Besides, not every applicant qualifies for lower rates.
So when looking for the best online loan, start by identifying your financial needs.
Can I apply and qualify for an online loan now?
Yes, this is possible. Online lenders like GreenDayOnline can approve loan applications on the same day.
If you need money fast, ensure that you submit your application before 10.30 am CDT.
We will then approve your loan on the same day!
Are online loans safe?
It is safe to apply and qualify for an online loan. It is however important to ensure that you only work with a legitimate lender.
Visit the Consumer Financial Protection Bureau website to get more information on safe borrowing.
Are there online loans with no credit check?
The answer to this question is no. There are some lenders who advertise as offering ‘no credit check loans’. What you need to know is that all lenders perform some form of credit check. GreenDayOnline only performs a soft credit check.
This won’t have any impact on your credit score.
Can I qualify for over $5000 at GreenDayOnline?
GreenDayOnline only approved online loans for up to $5000 with installment loans