Why Online Lenders Are a Better Option

The internet and technology as a whole is such an integral part of our lives that most of us wouldn’t even know what to do without it. We use it to shop, to order food, to pay our bills and to talk and connect with people from all over the world. However, that is only the tip of the iceberg when it comes to what the internet is capable of.

In fact, in recent years, you have even been able to secure loans of all different kinds using nothing than your computer and an internet connection. Online lenders are exploding in popularity recently, and this article is going to take a little look at some of the reasons why many feel that online lenders are the better option when compared to traditional ways to get loans.

They are More Convenient

Imagine being able to get a loan without having to actually leave your home. While that was once a pipe dream for many different people, it is now a reality. Online loans have made it easier than ever to get a loan, and people all over the world are loving it. All you need to do is find the right online lender, fill out an application form, provide the information that they need, and that’s all!

Even better, all of your dealings with this lender will take place online, so there will be no need to go to the bank for a meeting or have a sit down conversation or anything like that. Just like shopping was made easier with Amazon, online lenders have made a task that was once tedious, extremely easy. There are also a variety of loans available online, so whether you require something simple, or a place that offers online installment loans instant approval, you will be able to find what you are looking for.

They Can Offer Lower Rates

When looking for a loan, the interest rate that you are able to get is often one of the most important things to consider. Without considering the rate, you might end up spending a lot more on your loan than you would have imagined. While there are always different rates among different lenders, banks and other local lenders will often have to charge a higher rate to pay for things like their buildings, employees and more.

However, because online lenders don’t need a physical office space (or at least don’t need many), they don’t need to charge you as much interest to cover their expenses. This means you can generally get a better deal online than in person, and save money while also saving time.

The Application and Approval Process is Better

One of the single worst things about getting a loan is how complicated the application process can be. There is a lot to fill out, a lot of information to record or bring and more. You can spend upwards of an hour trying to fill out and complete your application at the bank, which can be very annoying. Thankfully, many online lenders have application forms and processes that will only take a few minutes.

Not only that, but hearing back from the bank about your approval can often take a long time. With online loans, you will generally hear back in only a few days or a week. This means you can get your money faster than you ever thought possible, without having to spend as much time worrying if you were approved or not.

In conclusion, while you should still consider and investigate the types of loans your bank or local lenders can offer, online loans are a great option. As they become even more popular, they will only continue to offer a better and more efficient/streamlined process to their customers.


Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment


May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
modify your car, fuel efficient, fuel economy, car care

How to Modify Your Car to Increase Its Fuel Economy

Last year, I wrote a post where I listed 8 tips to reduce your fuel budget. I definitely recommend everyone adopt these tips. So why... more →