Nowadays, you are not obliged to go to the bankto get a loan if you need money to cover temporary expenses. You can now get a personal loan from an online lender without having to wait for a long approval time as when you apply it from a bank. There are many established online lenders that offer personal loans and you can take your time to compare between the lenders with the online loan comparison tool.
With the loan comparison tool, it is convenient to compare the loan offer details such as interest rates, fees, monthly payment, loan amount and credit scores between all the online lenders in the market.
One of the reasons why online personal loans tend to have lower interest rates because the online lenders don’t have as much expenses to cover as the brick and mortar banks and lenders. Many online loans have fixed interest rates so you can expect to pay the same monthly amount. These loans are also unsecured which means that there is no need to provide a collateral as security.
The benefit of online personal loan is that you can apply at any time unlike banks which only operate during business hours. You don’t have to go to the bank and wait there for a few hours until it is your turn to apply for the loan. It saves you time and petrol cost in driving to the bank. You also save time from having to talk to the bank representative for a long time when applying for the loan.
If you need money urgently, you can quickly apply it and they may approve the loan and release the funds in as fast as 1 business day. For most online lenders, you don’t have to wait for more than 2 weeks to see the money in your account. It is easy to submit an online application to get pre-approved and you won’t hurt your credit score. You can get pre-approved for multiple loan offers and then decide which offer to accept after having reviewed each of them.
You can take out a loan from online lender or p2p platform. The difference between an online personal lender and p2p platform is that the loan is funded by a single creditor when you apply from an online lender while loans from p2p platform are funded by individual investors. There is no need to wait for the loan to be 100% funded on a p2p platform. Many p2p platforms allow the loans to be approved even if the requested loan amount is funded by only 60% – 70%. You’ll need to have the good or excellent credit score to qualify for a low-interest rate. Many online lenders also accept those with the average credit score in 600 – 700 range.