Nowadays, taking a loan no longer requires a visit to a bank outlet or the headquarters of a loan company. We can do all the necessary formalities online, without leaving your home. Applying online does not take much time, is uncomplicated and looks similar to a bank branch. Just fill out the form carefully and provide all required information.
When choosing a loan online, we must take into account not only convenience, but also certain restrictions. First of all, the maximum loan amount available over the Internet is usually USD 50,000, although there are institutions that offer much higher amounts. Some banks prefer to grant online loans to customers who already have accounts with them.
Before we decide to submit an application, it is worth using a graphical simulation of the cost of credit, which can be found on the bank’s website. Thanks to it we can determine the amount and repayment required. Depending on the slider settings, we will receive a result with information about the installment amount and the cost of the loan we are interested in. If the amount, loan period and total cost of the loan meet our needs and timely repayment options, we can start filling out the online application.
When filling out the application, we will first be asked for basic personal data and a photo file of an ID document, which must be prepared in advance. Then, we can find in the form questions about marital status, education, owned property or number of people in the household, as well as questions about employment or business activity and the amount of earnings or other income in the form of a pension. Then, we will be asked to provide information on current liabilities to other institutions or to check the correctness and confirmation of data from the Credit Information Bureau report that was downloaded by the bank after providing the data.
When the correctly completed application is accepted by the banking system, we can see the initial decision after a few seconds. The contract is usually signed by entering the code we get in an SMS to the phone number provided. In some banks, instead of entering the code, we are asked to make a verification transfer or get a contract via courier. After the contract is finalized, the amount requested appears on the bank account indicated.
Due to the convenience and time saving, online loans are becoming more and more popular. However, please note that submitting the application and sharing your personal data involves some risk. If our data, passwords or codes get into the hands of online criminals, they can be used for theft. In order not to fall victim to scammers, you should protect your computer against viruses and malware that steals passwords. Regular updating of the system as well as the bank’s browser or mobile application is equally important.