Getting a loan without leaving home
The COVID-19 pandemic is taking a toll on our finances. Many of us are concerned about how to keep up on bills, pay for groceries and handle other expenses. If you need extra cash to help you through these uncertain times and want to get it while keeping your distance from others, keep reading to learn about getting a loan without leaving home.
It’s easier today than ever before to borrow money without having to go to a bank or other brick-and-mortar institution. Many online lenders allow you to research loan options, get quotes, apply for loans and receive money electronically – and many consumers are taking advantage of this. According to a recent study done by Experian, 49.4 percent of unsecured loans on the market were originated with online lenders.
Online lenders, operating through a digital process, differ from traditional ones in a number of ways, including:
- Using a pre-qualification process with a soft credit check to provide applicants with customized rates and terms.
- Working with applicants who have lower credit scores, by considering their income, education and more, to help them qualify.
- Sending loan funds faster, such as within the same business day that a loan is approved, or the next business day.
- Potentially charging lower fees since these businesses don’t have physical locations to pay for.
A personal loan with an online lender can be a very quick and convenient way to get the money you need if you’re comfortable with a digital process. Being able to borrow from home could be a good option to keep your distance from other people and stay safe during the current pandemic.
To find the right lender, remember to research loan eligibility requirements, check your credit scores, know the amount you need to borrow and figure out what you can afford for monthly payments.
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