What is a Online Personal Loan?
With the continued evolution and expansion of ecommerce and the Web, lenders are turning to the Internet to increase access and convenience to personal loan lending. Increasingly, some banks and finance companies are becoming purely online lenders—originating, processing and servicing all of their loans online—without needing a single storefront location.
As consumers have become more comfortable making larger purchases or handling sensitive transactions over the Web, lenders have begun to offer potential online borrowers exactly what they want: an online loan.
Generally, online personal loans are exactly the same as a traditional personal loan obtained in-person at a bank branch or “brick-and-mortar” storefront. But today’s technology allows companies to accept loan applications, perform underwriting, fund loans and even receive loan payments over the Internet with significantly faster and more flexible options.
Personal Loans Online Through NetCredit
With the surplus of options now available for online loan customers, we know it’s important that not to lose the “personal” aspect of personal lending. So that’s where NetCredit excels. With a customer support team that is second to none, and customizable loan options that allow you to create a loan that’s the right fit, NetCredit makes sure your personal loan is just that—personal.
Online lenders offer borrowers access to online loan applications 24 hours a day, seven days a week. With NetCredit, this means you can apply for an online personal loan from the privacy of your home, whenever is most convenient for you.
Technology and automation provide online loan lenders with more efficient ways to process data and transactions quickly. At NetCredit, online loan applicants can receive an eligibility decision instantly, and if approved, funding can be as soon as the next business day.
Online loan lenders that offer applications 24/7 may also offer multiple customer service options. If a consumer has a question about a loan, they can sometimes “chat” with an online customer service representative, call a toll-free customer service number, or send a question via email. Contact NetCredit now if you have questions for us!
What are the different types of online loans?
Online lenders now offer a wide variety of consumer loan products through their websites, including the following lending programs:
Is borrowing from online lenders safe?
Here are some security tips for borrowing from online lenders:
How do I repay an online loan?
There are many repayment options for online loans. Many online lenders (including NetCredit) offer the option to have payments withdrawn directly from your bank account. This is done this using Automated Clearing House (ACH). ACH is a system that allows consumers to set up direct debit payments of bills, such as mortgages, utilities, credit cards, or even loans. At NetCredit, ACH is just one of our available options, but is most-preferred as it enables us to automatically deduct your recurring repayment amount directly from your bank account on each due date so you never have to worry about forgetting a payment.
Take note: This deduction will happen whether you have sufficient funds or not! If your repayment causes your account to be overdrawn, your bank and lender might charge you fees. If you think you may have difficulty making a payment, you should call the customer support line of your lender well in advance.