I borrowed the money from Loan Call, and I will never go back to traditional loans. This is a particularly surprising statement because, like most, I preferred visiting a bank branch and talking to an employee face-to-face. Somehow the same information provided by a representative as a website portrayed more trust. The level of comfort was more when talking to a human lender. Yet, when an urgent financial crisis came to a head, it was an online loan that appeared as the savior and forever changed my point of view.
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In this short piece, the discussion will surround the benefits of taking an online loan. They are the reasons many have switched from convention bank loans to online loans. The first positive of applying for a personal loan through the virtual world is speed. In the past days, when a brick and mortar bank was the only option, a person had to first visit to get an application. They had to fill it and then gather all the supporting documents. A second or third visit was required to submit the same and then a final visit where they were interviewed.
This entire process took a long time which could be delayed further and further depending upon the number of weekends and holidays that sprung up. An online loan takes a brief time to be processed. At times, one can get access to funds in as little as half an hour. The reason for this being that the entire procedure is done on the internet. There is no time spend on visiting a bank again and again. Furthermore, there is no human delay. Online applications are partly processed by computer programs, which as we all know, are faster.
The part of the procedure that is handled by a person is also faster because online lenders tend to have more workforce than traditional banks. Therefore, an applicant does not have to wait in a long queue to get his or her application processed. It is the speed of online personal loans that have raised their demand in recent times. A bank loan just cannot compete with the fast service of the internet.
The second reason for online loans is the convenience. There is no comparing them with bank loans. A standard loan requires a person to dress up in a suit and tie and visit a bank during working hours. For a professional, who has a 9 to 5 job this is not conducive. It requires taking an off from work to apply for a loan. An online loan does not demand these sacrifices. One can apply for it on a Sunday while lounging on a sofa or one can fill the form in the middle of the week while at the office.
These two benefits, the fast speed and suitability of timings, put online loans far above in caliber and forever turned my back on conventional bank loans.