The use of online loans has been on the rise lately. This is because most people live from payment to payment. In that, they use all their pay to meet their monthly expenses with no savings for a rainy day. There has been a rise in the number of online money lending applications. With more people registering to use them.
Emergencies are quite unpredictable. They happen to us all the times and when we least expect them. Money emergencies are most rampant. Online loans come in handy to rescue us from being stuck financially. You might need money urgently to clear some fee balance, go to the hospital or sort some unforeseen emergency. Banks take some time to process money or you might be living far from your bank. Online loans solve this for you by giving you a 15 minute loan. You can borrow money online and have it in 15 minutes. Online loans have fast approval as compared to other means of getting loans. Mostly because of their improved automated system.
Ease to approve
For physical loans, you have to go to the institution physically to apply for the loan. The loan approval process is long and may take time depending on your loan credibility. It can take from 3 days to one week. The process for applying an online loan is easier. The criteria to be eligible for an online loan is low and most people easily meet it. It can include having a bank account and attaining the legal age to be credible.
In getting other loans, you have to fill several paper works and submit for consideration. You also need guarantors for your loan to be approved. Need we say the long queues at banks? This is totally different in online loans. You only need to download the loan or access the website for the loan lender that you are using. Create an account with them and have your loan processed within 10-15 minutes. No paperwork is required in online loans. It saves you the hassle of traveling to the bank physically, standing in long queues and waiting to have your loan approved.
You access it in a really short time
The best thing with online loans is that you get them instantly. Apply for your loan via the lenders' app and you have it in the next 15 minutes. You are able to solve your emergency with ease. No waiting for days and weeks to access your loan. This makes them both easy to acquire and also convenient for use. Thus attracting more people to use online loans.
Despite the advantages of the 15 minute loans, they also have their disadvantages. Instant loans have higher interest rates compared to other loans. They also have a short repayment period. Unlike other means where you are given an adequate grace period, you will have to repay your loan within a short duration.