8 Reasons Why You Should Apply for a Personal Loan Online
Personal loan online is a futuristic wave happening right now.
As a potential customer in the market for a personal loan, you may have more than once come across terms like online lenders, alternative lenders, online lending platforms, etc. These are the terms that describe the new category of personal loan online lenders that have recently emerged with the intention of providing a convenient way of providing finance to customers like you.
Here are some advantages of applying for a personal loan online:
- You may check your personal loan eligibility without hurting your credit.
Because such eligibility inquiries are registered as soft inquiries which don’t affect your credit scores. This allows you to go shopping for an online loan – check the offers with various lenders and choose the one that’s best for you. Once you select your personal loan lender and apply for the loan, the application will register as a hard inquiry and will reflect in your credit report.
- You can quickly compare your personal loan options.
Personal loan online gives you the opportunity to check and compare various personal loan offers from various lenders. This allows you to choose a lender that offers a personal loan with best interest rates and loan terms based on your financial situation and desired loan amount.
- You can calculate how much you’ll pay every month.
With EMI calculation available online for free, you can check how much EMI you would be paying for a particular loan amount taken at a particular interest rate.
The EMI calculator helps you generate a personalised personal loan quote. You can feed different values of the loan amount, loan tenure and interest rate into the EMI calculator to come up with an EMI figure you can comfortably pay. Hence, the EMI calculation helps you make an informed decision.
- It provides convenience and saves time.
Applying for a personal loan online unarguably saves times. Unlike a physical application for a traditional personal loan, applying online is as easy as it gets. You can decide to apply for an online loan while having lunch, travelling, or watching a movie. All you have to do is visit the personal loan online website, fill in the application form, do paperless eKYC, upload relevant documents and then hit the apply button. It’s as easy as that.
- You need to submit minimal documentation.
Since the entire personal loan application process is online, you have the privilege of uploading the necessary documents, thus saving time and paper.
- It’s a quick application and funding process.
The end-to-end lending process is much quicker if you are taking out a personal loan online. Right from the application, verification to approval, the entire process can be completed from the comfort of your home. You don’t need to make time to visit a branch and handover the copies of your documents. The process is so quick that you’ll get the money in the account in a couple of days.
- You are treated with a 24/7 Service.
Most of the personal loan lenders have their personal loan apps. This is a great advantage when you encounter an emergency and the traditional banks are not accessible. Having an opportunity to apply for a personal loan online at any time of the day (or night) means getting instant access to funds when in need.
- You can manage your personal loan account online.
Once you download the personal loan app, you can use it to manage your account online. You can track your spending, you can pay your EMIs, etc. from just a single app with a single tap.