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Online lending – a review

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The days when people had to go to the banks and wait for a long time for a loan that has a high chance to be denied are over. Online lendings have made it possible for people to find an alternative way to get their hands on a fast loan which they can repay it in no time.

There are many pros as to why you should choose this method over the banks, and we are here to discuss it in detail.

After the big financial crisis that shook the world in 2008, banks had a lot of new rules that restricted many people from getting their loan approved. The approval rate went significantly low and that is when they started looking for alternative solutions.

The Internet provided the best one for them. Online lending companies started expanding massively in the last few years and more people are turning to them for loans, rather than banks. How did they accumulate so much success in such a small period?

First of all, applying for loans at online lending companies is much simpler than the traditional way. You just visit their website and fill out an online application with your basic info (name, surname, birth date, etc.).

Image: Michael Longmire on Unsplash

After you fill the application, you just wait for feedback. Some statistics have shown that 70% of the people who apply for online loans are accepted. That rate is significantly higher than the one with banks.

Online lending companies are much more lenient and customer orientated. Whenever you feel like you need to check your loan status, all you have to do is visit their website. Some companies even have apps, which are very simple to use.

You can also easily compare different loan offers from numerous companies. Every offer is just a few clicks away and it saves you time. 

The only con that the online lending companies have is that some of them might continue contacting you after your loan payoff ends to inform you about their latest services and promotions. This is not a big issue since most of them are contacting the customers via email and you can always unsubscribe them. 

The bottom line is; the technology will always offer us alternative solutions for any problem. With online lending companies, people have found a perfect way to get the money that they want without relying on the other side too much.

Experts say that the market will grow up to 200% in the next few years, and because they are one of the most profitable online businesses, the lending companies will evolve and probably become the main option for personal loans, overtaking the banks.

The banks are not as trustable as they used to be. Some experts believe that a new financial crisis is already on the way and judging from the catastrophic way the banks handled the crisis in 2008, it’s no wonder that people are a bit frightened to put their money into the bank’s trust. 

 
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