Online or Conventional Loan?

Written By Devi Kristanti on Wednesday, October 15, 2014 | 12:28 AM


If you're considering a loan, there are a few options available to you. Whether you have great credit, bad credit, or no credit history at all, there is probably a loan out there that will suit you. Getting a loan used to be a long drawn out process at your bank with tons of forms and paperwork to fill out. The application process was usually followed by waiting for approval in the mail. Now days, you have the option of going to your bank for approval in just a few days, or filling out an online application and getting a loan as quickly as the same day.

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So, what are the differences in online loans and conventional loans? There are a few things to consider when making your choice. Banks usually want someone with stellar credit. They offer loans for generally larger amounts for things like home improvements, auto loans, or mortgage loans. The process can be drawn out, or it can be relatively simple based on your history with the bank itself. You'll want to contact your bank directly when weighing your loan options. They may have an application that you can fill out by just answering some questions over the phone. You should expect to have to go in with documentation of your income, debt and possibly your past years tax return. Some items can be faxed, but some things may need to have your actual signature. If you can't make it to the bank, then you may have to have documents mailed to you for your signature, and the actual loan money can take a while for you to get your hands on.

Bank loans usually have better interest rates than online loans, but not necessarily all of the time. Online loans are more readily available to people who have bad credit or no credit history. Banks can be really picky about who they loan money to and on what terms. Online loans, such as payday loans or cash advances, are usually a flat rate for anyone, regardless of their credit history. If you have good credit, you can usually borrow larger sums of money and can have longer loan terms available to you. This just means that you'll be offered more time to pay off the loan.

If you have an urgent need for cash, then a payday loan or cash advance can be deposited into your bank account, usually within twenty four hours. You don't have to have great credit to borrow small amounts, usually around five hundred dollars. Check with online lenders to find out which ones don't require you to fax in a lot of forms for processing, which can make the process draw out for longer and longer. Check for surprise fees, such as an early payoff penalty. You really don't want to pay more interest for a time when you weren't even using the money. When you find the company that will work well with your credit, your time frame and your idea of good terms, then you should be pretty happy. Don't make any of your payments late and make sure that you pay off the loan when it is due. This can help you build your credit and improve your current scores. With a little research, you can find the payday loan or cash advance that works for you.


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