Online lending has several advantages, starting with the ease of access. We will see how the use of a comparator facilitates an online credit search at the best rate, without bad surprises. This article is only interested in consumer credit solutions (personal loan, car credit, work, etc.), excluding the question of the mortgage.
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Today there are various online loan solutions, all adapted to specific situations. These are the specialist organizations like green-touch.org, that have a monopoly on online real payday loans direct lenders.
Banks are lagging behind on the issue of online consumer loans. They generally prefer to reserve their consumer credit solutions only for their very best customers. In most cases, consumer credit from banks is reserved only for its customers. It is therefore impossible to bring competition into play, as is the case with organizations. The bank’s specialty remains mortgage lending. However, if it is possible to carry out simulations of mortgage online, the much more complex steps than those of a consumer loan oblige to turn to a more traditional method.
What are the advantages of an online loan?
An easy to compare loan
It’s always easier to make decisions with your head rested behind your screen. Simply take a few minutes to properly calculate your need for money, and make the first comparison of offers. The online loan is above all a credit easy to compare. There are many credit players, and not all offers are attractive. Our credit comparison provides a classification based solely on the APR rate.
Once the best rates have been identified using a comparator and the first response has been obtained, requests are generally processed very quickly. Major credit organizations have made fast credit their specialty. Some even offer 100% credit online, with electronic signature and digital delivery of supporting documents. For others, it is possible to print their contract immediately or request that it be sent by post (2 to 3 days). The final response once the file is received takes two to five days according to specialists, rarely more.
A cheap loan?
We have already seen it before: online lending often rhymes with cheap credit. This is only true if you compare the offers. Difficult indeed to know which door to knock on among all the credit specialists to obtain a good rate adapted to his project. Some organizations, for example, have rather good rates on small revolving credit but offer inexpensive work or auto credit solutions.
Our experience allows us to say that a cheap loan online is on average always cheaper than that offered by its bank, a dealer, car insurer or even a building professional.
Comparison of online consumer loan rates
Not all online loans are attractive. As we have seen previously, specialists such as Bankate, Yoabank or Bankil make commercial choices. Beyond the differences between different organizations, some also offer completely different rates when you change the amount or duration of the credit.
Take the example of a personal loan without proof of use of 10,000 USD over 48 months and another 15,000 USD in 60 monthly payments.
The rates of the third organism are in this example disproportionately higher than those of the best. Our comparator is however only connected to the biggest specialists in consumer credit. This means that it would not be surprising to think of simulating your credit directly with the third specialist in this ranking, and thus potentially missing out on much more advantageous conditions.
How to Apply for a Loan Online?
It is above all important to clearly define your need before embarking on the search for a fast online loan. The first step is to find out which loan is best suited to your situation. We have gathered in a table the different types of loans offered on our comparator.
Once you have identified the right online loan, you need to study its monthly repayment capacity. Useless for example to make a request for 10 000 USD over 24 months with small income: the monthly payments – higher than 400.00 $ / month – will be too high and the credit will be a priori (except co-borrower or other income) refused.
Loan request via our comparator: easy as pie
Our credit comparison guarantees:
- A ranking of the best offers of the day only based on the best APR rates
- One credit with immediate response from each of the top three organizations
- Support and follow-up of the file until obtaining the money for your loan online
Once your need has been completed (see above), a simple four-step form provides access to the ranking of offers.