Online vs Traditional Lenders

When you are in need of immediate cash, getting cash loans is one of your best solutions. Of course, traditional banking institutions that offer these loans are out of the equation because with them, you have a very small chance of getting your cash loans approved if your credit score is low. Other than that, the processing time takes weeks, if not months, so by the time you receive some feedback on your application, you may no longer have the need for the money. So what is your other option?

Your other option to get instant cash loans would be to obtain them from an online lender offering these services. The following are the differences between banks and online lenders when it comes to cash loans:

Timeliness of Response

When you submit your application for cash loans, you want to hear immediate feedback. It is likely that you have chosen to borrow from lenders because you are caught in an emergency; therefore, you need money ASAP. If this is the case, waiting for weeks to get an answer would be a torture.

But with online lending companies, you will only need to wait for 24 hours to get a reply to your cash loans application. As a matter of fact, within just a few hours, your request could be processed and by the time you get that email confirming your cash loans, you will already have the funds in your bank account. It’s that fast.

Hassle-free Requirements

Traditional lenders would require a lot of paperwork from you. They would want to make sure that you are in the best situation to pay back the cash loans on time. They would ask for collateral and they would most likely conduct a thorough background investigation on top of a credit check. With these requirements, only those with pristine records can get their applications for cash loans approved.

But with the cash loans offered online, you don’t have to go through the hassle of filing so many documents. Most of the companies would only require you to submit proof of employment, US citizenship and age and a copy of an active bank account. No credit check will be required so it won’t matter if you have bad credit. There is also no need for collateral as the lenders would trust your capacity to pay on the stability of your employment.

Loyalty Bonuses

Perhaps the other best thing about online cash loans is that they are recorded and most firms would offer bonuses to their most loyal customers. These bonuses would come in the form of free gifts or as discounts that are applied towards the loan application fees.

Cash Loans at Your Own Convenience

You don’t have to drive to a local bank and/or face a representative as you answer questions that may make you feel uncomfortable if you’re going with online lenders for your cash loans. Since the firm is online, you can log in at anytime of the day. However, there are jurisdictions that must be followed so check first if a lender can legally transact in your state.

Another important fact to remember is that even if you can send your application anytime of the day, only those received before 4PM CST would be processed within the next 24 hours.

Cash loans have never been made easier with the online lenders around. So the next time you are met with an emergency, turn those fears into confidence knowing that you have lenders to approve of your cash loans applications – fast.