Payday loans direct lenders: approved online
If you wanted to take out a loan, you used to have to go to the bank, have a stressful conversation with the bank advisor and then wait a long time for a loan decision. Today everything is possible from Gad Capital content because there are many payday loans direct lender offers online.
In principle, an online loan is a classic installment loan that can be applied for on the Internet. Both direct banks and branch banks offer this type of credit on their websites, and even on better terms than in the store of the same provider. But it has many advantages:
- Time-saving. No time stress, no unfavorable opening times, no expectations – you can apply for a loan anywhere and at any time.
- Favorable conditions. Direct banks offer particularly low-interest rates (2.9-8%) because they have lower operating costs.
- Flexibility. When applying for a loan, you can determine the desired term, sum and amount of the monthly installment yourself. There is also the possibility to compare different offers from several banks.
- Low bureaucracy. The whole process (from application to payment) is carried out online. The only bureaucratic process is legitimation via the postal service procedure, which is increasingly being replaced by the use of a webcam.
- Short-term nature. It usually takes 2-5 working days for the money to be credited to the account.
- Versatile applications. You want to buy a new car or finance your next vacation trip – for what purpose you need money, does not matter here.
How do I apply for an online loan?
1. Calculate a non-binding loan offer
First, you have to define the decisive criteria in the loan comparison – the desired amount and term. This allows you to see directly how high the interest is and change it if necessary. But they are only a guide. With the final offer, the interest can be higher or lower because the interest rate depends primarily on the credit rating.
2. Compare personal loan offers
Next, you have to enter personal data (address, date of birth, profession, etc.) and make a non-binding request to one or more banks. Then an automatic instant decision is created and the personal interest rate is calculated. You can now compare these interest rates and other conditions.
3. Send in the contract
After the loan application has been sent in with the most favorable terms, you must print it out, fill it in, sign it and send it to the bank with all the required documents (by post or online). Additional documents can be here: bank statements, proof of income, copy of the employment contract, the latest tax assessment notices, etc.
The bank should be sure that the applicant is really the specified person. To do this you have to have your identity confirmed by the Harrison procedure (online identification also possible). When all tasks are done, the bank makes the decision. The payment is made within a few days.
But if it seems at first glance that nothing is easier than taking out an online loan, there are some important requirements. In principle, the same criteria apply here as when taking out any other loan: age (legal age), credit bureau information and good creditworthiness or proof of income.
Conclusion: The online loan is a good alternative to the classic installment loan, but you have to inform yourself about everything and think about possible risks.