Online Loans: A modern solution for financial emergencies

Sunlife Financial

Jan 4, 2021

As our world quickly moves in the online medium, the financial market has to follow. Until now, if you needed a loan, you had to wait for hours in banks, get rejected because of credit, and spend tens of hours looking for options. Nowadays, lending services offer a speed boost to the process. With a 5-minute application process and one click, you can get a loan no matter your credit score.

An online loan growing in popularity is the payday loan. It is a short-term cash advance that you can get within a day and repay on your next paycheck. Most direct lenders can give you between 100 and 1,000 dollars in payday loans. A benefit of this product is that the eligibility criteria are easy to meet. Even people with bad credit can apply for a payday loan.

A second highly researched online loan is the installment loan. Just like for payday loans, you can apply for installment loans with bad or no credit. However, installment loans can give you more money than payday loans can. With an installment loan, you can take between $1,000 and $5,000. You repay it in equal sums within two years. These loans are also available online for most American citizens.

A third popular option is an online personal loan. It meets the necessities of those needing $5,000 to $10,000. Borrowers can take a personal loan no matter their credit score. They repay it in up to 60 months. Lenders have no restrictions on using the money and usually don’t require a minimum credit score.

Borrowers prefer to take online loans with the help of matching services. The reason for it is saving time. The customer submits one application only, and the service sends it to tens of direct lenders. People choose this option to speed up the process and make their approval chances higher.

Especially in this period, online loans are helping more and more customers. People prefer to stay safe, in the comfort of their home, and still receive the money they need quickly. No matter what online loan you may choose, make sure you are mindful about the borrowing and know all your customer rights!