Sometimes, money is needed immediately. It is not even that you saw something nice and need to buy it right now, but it happens, as well. In some cases, if there is an unexpected health issue, a bill, some kind of an emergency, people just cannot wait. And friends or relatives cannot provide the needed sum right at the moment. In such cases, online loan service is of great help.
What Is an Online Loan?
A loan online can be taken for many purposes. There are so many loans that they are usually classified depending on the purpose of the borrower:
- If you need money for personal needs, such as making a purchase, for example, you request personal loans;
- Housing loans are taken for the construction or purchase of accommodation;
- Vehicle loans, accordingly, are requested to buy some kind of vehicle;
- Student loans are issued to people who study at a college or university.
Further, loans can be classified based on the duration, financial institution kind, and so on. For example:
- To get easy loans, one needs to comply with minimum requirements, but the interest rates are higher than when one is requesting a conventional loan;
- One Day Loans are taken for one day only;
- Bank loans are issued by banks, and online loans are common for lending companies.
Where to Get Online Loans?
The easiest way to get a loan is to apply for a loan online. In Sri Lanka, one can find many lending companies that provide people with easy-to-get online loans, hence, providing the majority of the employed population with access to money whenever it is needed. One of such lending companies is Cashwagon.
Advantages and Disadvantages
One should consider however that even an easy loan online is a loan, and one will need to repay not only the borrowed sum but interests as well. Hence, before applying for any loan, including a loan online, one should consider the following pros and cons, compare them and only then decide whether to apply for a loan or not.
Advantages of applying for a loan online:
- Lending companies approve loan requests very fast, usually, within a couple of days maximum;
- The approval is almost guaranteed if an applicant complies with requirements;
- No credit history is needed;
- Minimum requirements.
Disadvantages of applying for a loan online: Interest rates are usually much higher than in a bank.
How to Apply for Online Loans?
You might be interested in how the entire procedure of loan application is performed. Here is a detailed instruction:
- Select the needed loan amount from the provided options;
- Select the loan term;
- Provide your full name and a phone number in the requested fields;
- Below, you will see the sum that you will need to repay monthly;
- Further, move to the next page and fill in the requested information;
Wait for the approval and get your funds in the indicated by you way.
Online Loan Requirements
To get an online loan, one does not need to comply with many requirements. Usually, a borrower needs to:
- Permanently reside in Sri Lanka;
- Be within the age range 20 – 60 years old;
- Be employed and have a source of constant income.
The requirements are minimal, but consider that you will need to repay the loan within the provided period. As well, calculate the interest rate and assess your possibilities objectively if you don’t want to end up with more debt than you already have.
Is online loan safe?
Are online loans legal?
Yes, all online loans are legal if they are issued by a legal entity. Hence, before applying for a loan check the registration information of the lending company and reviews about it.
What are online loan risks?
The risks of online loans, like of any other loans kinds, is in the interest rate. In the case with online loans, the interest rate may be much higher than by commercial or governmental banks. So, a borrower needs to return more money than he/she has received from the lending company.