If you need to borrow money, there’s a slim chance you’ll speak to a financial advisor face-to-face at a local branch. Nowadays, most people opt to borrow online rather than in-person. According to a Harris Poll conducted on behalf of Fiserv, a global provider of financial tech, a whopping 65 percent of people applying for loans since 2017 did so online.
With nearly two-thirds of the population applying for loans online, it makes you wonder why people are making the switch. Below, you’ll find the top advantages of going online the next time you need to borrow money in an emergency.
With a smartphone in your hand or a laptop resting on your knees, you’ll find it simple to comparison shop. You can click on an individual lending company’s website to compare it with another, seeing how their rates and terms differ in real-time.
Alternatively, you can take advantage of the Internet to brush up on the basics of borrowing and learn more about the different types of emergency loans. When you do, check out this resource page from MoneyKey, which makes it incredibly convenient to compare direct payday loans to installment loans.
Being an informed borrower helps you become a smarter borrower. The more you know about your options, the better your chances are of finding the best loan for you.
Online loans offer a hassle-free experience. Technically, you can search and apply for them anywhere you get the Internet. However, you’ll want to wait until you’re on a secured network and trusted device for your safety. And with online applications available 24/7, you can apply any time of the day or night.
Compare this to the traditional borrowing experience, which requires you to work around the bank’s schedule:
You have to take time out of your day to make it to a meeting with a financial advisor, where you’ll speak face-to-face about your options. To find out how they compare to another financial institution, you’ll have to arrange another meeting and start the whole process over again.
Any time you can skip waiting in line at a crowded bank is a good day, but it comes with a certain sense of relief at a time when people are practicing social distancing. It means you don’t have to venture out into these shared spaces to get the help you need. Instead, you can apply online from the safety of your home.
The online borrowing experience also comes with robust digital security that protects your personal data. The best online lending companies invest in the latest SSL (Secure Sockets Layer) encryption and firewall to ensure the financial information you share with them is safe from prying eyes.
To be sure your lending does what it takes to keep you safe, spend some time reading their privacy or security policy. After their rates and terms, this is the next important page of information, as it lets you know how they will collect, share, and store your data.
There Are Many Benefits to Borrowing Online
The online borrowing experience is empowering, convenient, and safe, allowing you to apply for money with confidence in an emergency. Now that you know what you stand to gain by looking for a loan online, it’s time to compare rates and terms to ensure it offers the best solution to your financial problem.