There are a lot of ways to get loans online. You can try loan apps, loan websites, or even peer to peer lending sites. Have you tried getting loan online? What challenges did you face. Well, in my country, online loans are a thing, a lot of banks offer loan applications through mobile apps or online banking, even though they say loans can be approved in 30 minutes, the criteria they have set are hard to meet. One such condition is you need to have a salary account with that bank, of you need to have a fixed deposit with that bank. Having said that if you actually meet the requirements, online loan saves you hassles from visiting the bank.
Challenges in Getting Online Loans
- Thread starter Mika
- Start date
There are a lot of ways to get loans online. You can try loan apps, loan websites, or even peer to peer lending sites. Have you tried getting loan online? What challenges did you face. Well, in my country, online loans are a thing, a lot of banks offer loan applications through mobile apps or online banking, even though they say loans can be approved in 30 minutes, the criteria they have set are hard to meet. One such condition is you need to have a salary account with that bank, of you need to have a fixed deposit with that bank. Having said that if you actually meet the requirements, online loan saves you hassles from visiting the bank.
That is very true that one needs to meet the criteria if they are to get a loan approved through the app online. The thing is that it is true that you need proof that you have an income and they also look at your CRB to show your credit score to help determine the probability of you paying it back. In my country, it is the same answer that a lot of banks and financial institutions have started offering this service to the citizens but you must meet the criteria.
Most people are unable to get loans because they are not credit worthy which means they have a bad or a non existent credit score, online loan apps are sharks especially in my country, they give loans with a ridiculously crazy interest on top of it.
I won't even recommend anyone to take it unless it's an emergency, they use different metrics to qualify you for a loan, you identity, work place, type of job or salary to determine the amount to loan you.
I won't even recommend anyone to take it unless it's an emergency, they use different metrics to qualify you for a loan, you identity, work place, type of job or salary to determine the amount to loan you.