The advancement in information technology and its impact on all aspects of our life cannot be ignored. Speed and accessibility are looked at as important aspects of the modern day to day life. Be it shopping for grocery or booking appointments, or even in banking, “online” is the new and smart way to live. Online Loans have become the new game-changers in today’s fast-growing credit market, allowing people to get easy and seamless access to credit.
Instead of physically visiting a bank or financial institution, you can go online and find the best-suited solution for your financial shortfalls by applying with the right lender – preferably a lending startup or P2P lending platform. This does save a lot of time and energy, not to forget, the complete elimination of the need to take off from work or office for the same.
Here are some reasons how online loans have come to dominate today’s fast-evolving credit market.
- Convenience and accessibility
The ease of applying for a loan as and when you want, rather than being constricted by the working hours of a financial institution is perhaps the biggest reason why online personal loans have risen in popularity. More so, you can contact support executives via phone, and someone will guide you through the eligibility and documentation requirements.
- Anytime application – on the go
There is no necessity to visit the branch of a bank to apply for a loan – the application can be filled out from the comfort of your home or workplace, or even during travel. This saves a lot of time and energy, much unlike previous times when people had to visit their bank to complete application formalities.
- Privacy and Security
Lenders these days are required to preserve the customer’s privacy, and having a robust security framework is an essential requirement. Moreover, as online loans are unsecured loans, there is also the satisfaction that a precious asset need not be given as collateral. The processes involved are equipped with the latest in technology and innovation – for instance, bank statements can be submitted online through a secure web channel using your internet banking credentials.
- Option to compare
Online loans give you enough time to contemplate and compare the criteria and benefits associated with different vendors. At your pace, you can look for special benefits or advantages, and potential disadvantages, before you make a final decision.
- Personalized lending
Online lending platforms are quite versatile and can give you personalized options. Be it in terms of the amount required, the rate of interest or the tenure, you can mix and match a wide variety to choose a personal loan and a payment plan that is best suited for your need.
Using latest in risk calculation algorithms, these Fintech companies provide loans in as less as a day, post verification. It is just not possible for traditional setups with a load of documentation formalities to compete with that. Qbera disburses the amount within 24 hours provided the documents are in order and the eligibility criteria are successfully met.
- Easy to track
These lenders usually provide the borrower with a specific account that can be accessed anytime. Payments that have been made, pending amounts and the interest charged are all available at the click of a mouse. Mostly, your bank account is linked to the loan account making it easy to pay the EMIs through NACH mandates.
So? Looking for an online loan at the best interest rate? Apply for one with Qbera and get your loan amount within 24-48 hours.