Financial disaster rarely waits until you’re prepared. No, it usually arrives when you’re looking the other way, budget already preoccupied with an existing problem. With no more savings to bail you out of your next unexpected emergency, an online loan or line of credit may help you cover your bills.
But why should you open a new browser tab instead of the doors to your local financial institution? Here are some reasons why an online loan or line of credit might be the best option.
Online Loans Make Borrowing Accessible
As their name implies, an online loan can be requested and received over the Internet. This means you can say goodbye to taking time out of your day for in-person meetings with a financial advisor.
An online loan lets you use technology to make getting cash easy. As long as you have access to the Internet, you may request a loan or line of credit any time and any place that works for you — whether that’s two in the afternoon during a break at work or two in the morning sitting up in bed.
If you’re approved, you’ll receive your online loan or line of credit as a direct deposit.
Digital Options Move Faster
Simply put, technology pushes your application through the system faster. It automates many of the steps involved in the lending decision, allowing a financial institution to perform real-time underwriting and approval in a matter of minutes.
In some cases, you may be able to receive your funds by the next business day after approval. This comes in handy when you’re handling an emergency under a time crunch.
Compare this to a brick-and-mortar financial institution, where a financial advisor must go over and review your application by hand. This old-fashioned approach can delay your borrowing experience to a few days or even weeks.
There’s Still a Human Touch
As long as things go according to plan, doing everything online is simple. But if you run into problems, starting at a screen may be frustrating. It’s impersonal and rarely catered to your unique issue. After all, there’s only so much a chatbot is programmed to handle.
Luckily, many online loan and line of credit options don’t get rid of the human element entirely. A customer service representative will likely call you to confirm the details you supplied online, giving you an opportunity to field any questions you have about the process before you sign a loan agreement.
They’ll be your contact for the lifespan of your loan, so you can talk to a real person ready to handle your unique problems — not just an algorithm equipped to answer FAQs.
Between the smooth efficiency of technology and the lateral thinking only a human can perform, the online loan system blends the best of the digital and analog worlds. Together, they make a new trend in the financial world that benefits borrowers like you. Try it to see how much easier and responsive online borrowing may be in an unexpected emergency.