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Rhodalyn M. Maddix
Now, almost everywhere you go, you see signs, posts and advertisements of loan companies. This is the effort lenders make to ensure that those who need loans over the internet to solve a financial problem get them. From the day of applying to when the funds will hit your account most service provers now offer their services through the internet. Internet loans have quick approval and the process of application is not cumbersome.
Internet loans stand for the dawn of a new way of lenders providing services to its customers. It seeks to lessen some of the longer processes involved with the non-internet way of transacting business or getting a loan. It is a type of loan that has come to stay especially now that time is of the essence to everyone. Borrowers are wary of the real hassle when it comes to getting a loan from traditional lenders.
Internet loans defined
Internet loans refers to loans that are gotten by using the means of an internet enabled device on a website created by a lender. Lenders have adopted this technology to enable loan seekers to have it easier when applying for loans.
The internet is made up of a huge worldwide telecommunications network of business, government and personal computers.
This setup enables lenders to launch their loan application faster than the usual. Internet loans are disrupting the traditional means people used to get loans.
The internet refers to the network of computers communicating to each other and sending information among themselves either in documents, video, text, graphics and other computer programmes. This ability of computers to talk to each other virtually has been adopted to be used in the lending industry. Internet loans are now being offered to enable people apply for loans remotely.
History of internet
The internet first started as a network of computers that was linking US and the rest of the world. Some research scientists developed it to help them communicate amongst themselves.
By the middle of 1990s to spread to a form of communication between users of personal computers. The numbers then increased causing a change in the communications industry. The US however still had a problem of it being widely unregulated.
The internet was then called the ARPANET (Advanced Research Projects Agency Network) which was allowing researchers to make experiments for their computers to have communication with each other.
They originally created four different computer sites at some US universities and research institutions. This research was funded from the Advance Research Projects Agency (ARPA).
The internet advanced faster as time went on in the 1990’s. People discovered how important it was. The appearance of the Net’s content was mainly in e-mail and articles posted in electronic forms.
The coming of the World Wide Web also around the same time increased greatly the popularity of the internet. The World Wide Web came as a multimedia interface that allowed text, pictures, audio, video on something known as web pages. These web pages resembled the pages in a magazine.
All these events taking place on the net made it a medium of communicating and retrieving any kind of information on any topic on the net when you needed it.
The fuss of the internet grew to the political and legal circles. The internet was growing into a multi-million dollar industry. Most services were now moving to the internet and resources were being devoted mainly to the experience online.
The internet was greatly hailed but gradually, its criticism was also boiling. This was mainly about the content that was being sent across it. The federal government and other lawmakers proposed a crackdown on content.
The debate that was sparked was on whether the internet should be regulated or not or should it be cleaned up by a policing body? This debate moved on into the 2000’s. Society was no more closed but opened up to a variety of things.
Internet loans continued
Internet loans come as a break from the stressful traditional lending process. We all fall into the need for money and hope our savings can cover it. What if that is not the case?. What do you do?. The next option will be to go in for a loan.
Imagine spending a significant part of your day in a queue just to submit your application to the lender or moving from lender to lender in search of which loans are available and suitable to you. This can be a pretty tiring process.
Hence the coming of internet loans is of utmost importance.
Now, you can use your personal computer or an internet enabled device and search for several companies when you need loans.
You do not have to leave the comfort of your home. You fill in the necessary information and submit to the lender. It doesn’t take long for them to connect you to the right loan for you.
Internet loans come as a relief to many borrowers.
Internet loans have come to revolutionize the financial market. It has made expedient the method and process of borrowing.
It has brought less hassle and stress to those seeking for loans. Internet loans have advantage over traditional loans because they are available at any time.
You also do not have to go there personally to get the loan. With your internet, you can have access to a good number of lenders that you can choose from.
Bad credit and Internet loans
Even with bad credit, you can get internet loans. Lenders who give internet loans have the understanding that it is a situation that can happen to anyone. Lenders giving internet loans are lenient with their requirements. Internet loans can range from secured to unsecured loans and other kinds.
There are therefore loans that can be given to those who have even faced some bankruptcies, arrears in payment or default.
Internet loans have loans for everyone no matter your circumstance. This is different from the zero chance that you have with traditional lenders when you have bad credit.
With internet loans, bad credit does not stop you from getting the loan when you need it. The most important thing is to be able to prove that you can pay back the loan when given.
Bad credit score cannot prevent you from getting quotes for internet loans. You can even apply for a loan quotes. You would only have be sure if there are charges attached to getting the quotes. Comparing these quotes will show you the loan term, the amount involved and the interest rate of the loan. You can then go in for the one that best suites you.
Some lenders even go the extra mile of providing round the clock customer care for those who are confused or need clarity concerning the internet loans they are applying for.
They will give you useful information about whatever you want to know concerning internet loans.
What to know about internet loans.
With technology constantly improving, it has become easier to do a lot of things and applying for loans is no exception. The advent of the internet has made it possible for us to find new ways of conveniently getting loans.
Internet loans have become very attractive to a lot of people. The only thing to do is to submit the necessary information. All this can be done without your presence at an office or loan company.
Another thing about internet loans is that before you apply, you should know what types of loans will be available to you.
There are differences between these different types of loans, each with its own requirements.
Will you go in for secured, or unsecured internet loans. Applying for a secured internet loan will mean you would have to pledge an asset before you get the loan.
With this you have the chance to pay low interest rates and to negotiate how you will repay the loan.
Assets to be used range from houses, cars and other valuable property. Unsecured internet loans can be another option but it means you are not required to place anything at all as an asset before you get the loan.
You will ,however, pay high interest rates to compensate for any risk.
The time of approval for internet loans differs depending on the type of loan that you took. But on the whole, internet loans do not take a long time before its approval goes through.
Internet loans are good, but sometimes, it can be confusing especially when you are spoilt for choice. The best way to know which one is good is to check out the reviews and forums of those who have used the lenders service in the past. What they say about it can help inform you on which one is best to choose.
More on what to know about internet loans
When you are faced with a lot of options for internet loans before you, choosing the first offer that you get may not be the best decision that you can take. What you should do is to consider and compare the one that best suits you.
A flexible lender with good payment terms does the magic because you wouldn’t want to go in for a loan that will leave you worse off than you were before financially.
One thing to also watch out for is the interest rate charged by the lender. This refers to the cost of borrowing the money.
This interest adds up to the amount of money that you have to pay back. It is therefore important that you find a lender whose interest rate will be minimal and something you can afford at the end of the day.
Verifications are few and the eligibility is flexible makes many people drawn to internet loans.
You would still have to calculate your budget to know whether you can apply for internet loans. This is because no matter how easy it may seem to get internet loans, it is still a loan and the standard procedure regarding loans will be applied to it when the lender wants to.
Urgent financial times require for urgent measures. Internet loans are there to allow you to borrow for your purpose and pay back within the agreed time.
Internet loans make your loan journey smoother.
The use of the internet as part daily lives has come to stay. It stores information on anything that we want to know and this information is no more difficult to get. This has changed the way goods and services are even being delivered.
The lending industry has also been affected by the internet. Internet loans now exist where individuals looking for loans need not go into an office before they get their loans. You apply from the comfort of your home conveniently with the coming of technology.
With the internet, you can have different websites that are offering loans. Their website is available 24 hours, 7 days a week.
You can even get the extra service of calculating your credit score for little or no fees at all. It has taken away the hassle of going to meet each lender personally with documents to know more about the loan you want.
This has made the loan journey even smoother than it was before. Lenders are mainly concerned with the monthly repayments.
You would only have to fill an application form which does n not take long and submit your credit report. The lender will then find which loans best suits you. Like a coin having two sides, internet loans come with their own challenges. It does not look all rosy all the time. You may not be able to bargain with the lender who gives internet loans.
Each loan that you choose comes with its own terms and conditions to be adhered to. Internet loans also does not come with an overly personal feel. In the course of the application everything will be done either over the phone or by the web interface provided by the lender.
Peer-to-peer lending as an example of internet loans
Internet loans are the new kid on the block when it comes to lending. People go in for loans to personal, business and other uses. Previously, loans were only gotten at banks and other financial institutions, but now with the computer age, internet loans have come to form part of society. Internet loans have come to stay for the now and the future.
Most lenders are going “light” with their loan application processes. They are interested in limiting the documents that you have to fill or produce.
Where traditional banks refuse you a loan, peer-to-peer lending can be a good source of internet loans for you.
Peer-to-peer lending simply means the act of allowing people to invest in people. That is what peer-to-peer lending sites provide. Most of peer-to-peer lenders transact business over the internet. It is the best example of internet loans.
If there is someone who needs a loan, the person is required to go onto a site and list the loan. This will include stating how much they want.
It can either be for business, personal or other uses. You then list the loan and then wait for those who want to give to you to do so. This whole process is done in anonymity hence the investors never know your identity.
Those with higher credit scores have lower interest rates which may not be too beneficial to investors because they will be getting less from them.
On the other hand those with worse off credit scores will have higher interest rates and thus lenders can get more benefits from them. Peer-to-peer lending allows you to apply for a loan whether your credit is good or not.
Advantages of peer-to-peer lending sites
Serves as a better alternative to other loans
Peer – to – peer lending as a type of internet loans is a great alternative to the other loan types that you can get. Payday loans for instance have a higher interest rate than peer-to-peer loans. You also don’t have stringent payback time.
That is not to say that you completely escape from paying back the loan since you are anonymous.
You will still have to arrange a payment plan with the lender but the terms are more flexible than other types of loans.
Longer time to repay loans
As previously mentioned, peer-to-peer lenders do not have an overly strict payment period. This doesn’t dispute the fact that there is a payback time. You generally have within 2 – 5 years to pay back.
Having a longer time to pay back means your monthly payments will be lower as compared to if you had a shorter time to repay.
There is therefore enough time to enable you plan your repayment.
Your identity remains anonymous
With peer-to-peer lenders, you have the opportunity to remain unknown when you are requesting for the loan. After the lender has taken the necessary details, they can then decide when they are going to give you the loan.
Your identity is protected as no one will know your name or any other information about you.
Good interest rates
Interest rates from peer-to-peer lenders are better than when compared to traditional lenders.
They are competing against them as well as the other peer-to-peer sites hence any lender will try to put up the best and competitive rate that will give them an advantage over the others on their website.
Loans are gotten with speed
The loans that you want do not take a long time to be given to you. With banks and other lending sites, it may take a very long time before the funds hit your account.
This can put people in a very tight spot especially if they are in dire need of the money. Hence this type of internet loans come as a relief to those who need money instantly.
Internet loans come with ease
The number of days that you have to pay back internet loans depends on whether you go for a short term or a long term option.
Generally, internet loans are easy to get. Lenders do not ask for any long documentation. You only need to provide some personal information and fulfil other requirements that the lender will ask for.
You do not necessarily have to present collateral before getting internet loans. Once you have a paycheck or a consistent flow of income, it is the best collateral that the lender needs.
To be eligible for internet loans you must be at least 18 years of age and a permanent resident of the country you are applying in.
Some lenders may ask for proof of employment to know how long you have been at your job. The repayment period can last from 14 days to 30 days.
You will usually have to deliver information requested for via phone, website or e-mail when it comes to internet loans. Since lenders who give internet loans do not deal face to face with those who need the loans , they are particular when it comes to employment status. This is due to the fact that it’s the only way lenders will get their money paid back to them.
The only difference with internet loans is that the procedure to get the loans does not involve a lot of verification and sending of documents back and forth. Everything is done over the internet.
Internet loans are simple and hassle free. You only have to fill in an application online. The basic bio information that you give about yourself helps lenders to know which internet loans will be good for you.
You should however beware of fake lenders that may be involved in identity theft as you submit your personal information over the net.
In spite of this threat, lenders who give internet loans are also ensuring that they safeguard the information of those who apply for loans from them.
There also exists the Data Protection Act for every individual to read on if you want to know more about how your personal information can be used and the risks involved. Another check will be to see if the lender is reputable before you go ahead with applying with them. You can get a heads up about this from Better Business Bureau, family, friends or colleagues just to be double sure before taking the next step.
Internet loans serve as an option to those looking for them. The best part is you can apply from anywhere. There are several loans sites available to choose from.
Disclaimer: All loans offered through this website are subject to credit and underwriting approval. AfterLoans.ca is a lead referral company, not a lender. AfterLoans only works with financial service providers that adhere to Canadian laws and regulations. Our lenders lend from $500-$5,000. Loans amortization is between 6-36 months. APRs range from 19.99% to 55%. The actual APR charged will depend on the lender’s assessment of your credit profile. For example, on a $1000 loan borrowed for 12 months at 29.9%, the monthly payment will be $97.24; with a total repayment, including interest, of $1166.88 There is also lender’s optional loan protection policy. In the event of a missed payment an insufficient funds fee of around 45$ may be charged (dependent on the lender). If you default on your loan payment plan the lender may terminate the plan and the remaining balance will become payable immediately. Our lenders employ fair debt collection practices, but will pursue the payment of Outstanding debts to the full extent that Canadian law allows.