Finance

3 Reasons to Avoid Banks When Looking for a Loan

If you are in need of a cash injection for any reason, you would likely approach your local bank manager, which would seem the logical thing to do, yet there are online lenders that do not follow the same exhaustive protocols of traditional banks. Indeed, if you apply online for a short-term personal loan, you are likely to receive approval within a few minutes! Here are just a few of the reasons why people are using online lending institutions.

  • Rapid Processing – Using the online lender can lead to having the funds in your account within a few hours of submitting the proposal, something you could never do with your local bank. Using a leading Australian company like Universal Finance is by far the quickest way to obtain any kind of loan, and all you do is fill in the information boxes, then click on ‘submit’ and you should receive pre-loan approval within minutes. When we are in need of cash, time is usually of the essence, and the online lender is about as fast as you can get, with a few hours being the norm.
  • Tailored to your Needs – The bank would be very rigid in the type of loan they would offer – whereas the online lender is happy to be flexible regarding the terms and conditions of the loan. You might want a short, 6-month repayment schedule, or the ability to defer payments, whatever your needs, the online lender would work with you to create a loan package that best suits you. The staff are friendly and experienced and can answer any questions you might have, so search online and within minutes, you can be talking to a loan expert.
  • Reams of Paperwork – If you apply for a loan with your local bank, they want to know everything about you; bank statements, income verification, credit score check, and if you happen to be self-employed, expect a refusal, due to lack of confirmed earnings. The online lender, on the other hand, only needs a few things, and with a fast, online application, that’s basically all you have to do.

The online lender is a very attractive alternative to traditional lending institutions, and if you are looking for a no-hassle loan, look no further than Google for results. Many Australians have used online lenders to help them through a difficult patch, and with low-interest flexible repayments, you can quickly source the funds you need.

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