Online Loan Application: Advantages and Types

2007-03-08 10:33:40

( Financial )



ADVANTAGES OF AN ONLINE LOAN APPLICATION

You can apply in the convenience and privacy of your home or office.
An online loan application allows you to apply at a time and place of your own choosing. As long as you have a computer and access to the Internet, you can access your creditor’s website and avail of their online services.

You can apply for simultaneous loans.
An online loan application gives you the ability to apply for loans from several lenders at once, increasing your chances of being approved. This would be difficult to do if you had to apply personally over the counter because you would have to travel from one lender to another.

You get immediate feedback.
When you are doing an online loan application, all you have to do is follow the prompt, fill out the forms, and provide the information being asked for. Once you click on the submit button, you will receive a confirmation in a matter of seconds. Depending on the type of loan, you will immediately know if you have been approved or pre-approved. If you do not qualify for the online loan application, you will be informed why it was denied.

TYPES ON ONLINE LOANS

The most common type of loan that can be immediately approved online is the payday loan. Because it is a secured loan that involves a fairly small amount, approval and release of funds can happen all within the same day of your online loan application.

Most major types of loans like mortgages have online services like an on line mortgage quote. While mortgages have provisions for an online loan application, the online system can only do a pre-approval. You will then have to take this pre-approval form to the banks and they will then verify all the information you have provided. Once the other requirements have been satisfied, then you will be approved for the loan.


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