Online we can already order a pizza or open a checking account. So it would be surprising if we could not borrow online. The generic term for all installment loans offered on the internet is the payday loan. Behind this term we find for example the car loan or the instant loan, the credit without credit bureau is also an online variant.
What qualifies an payday loan and what are the differences compared to the loan from the branch?
An payday loan qualifies the fact that we can only apply online. The convenience is in the foreground, especially the ability to apply for such a loan from the PC or mobile to save yourself the way to the store. Banks that offer their customers a way to make a loan online often argue that the loan would be cheaper than who we would ask the same offer from both branches. That probably has to do with the lower workload, so the bank can better offer its customers terms.
Through the Videoident process it is now possible for us to complete the entire process online from the application to the loan disbursement. The branches of a bank have regular opening hours. Since the Internet is never closed, so the advantages are clearly in the payday loan. There are now several banks that only do business through the Internet, which means they do not have a single branch and are only accessible to their customers online. An example would be a bank from Liechtenstein that specializes in loans without credit bureau, which are only offered online.
A few examples of loans that we can apply online.
Online car loan:
As soon as we have found our dream car, we have to take care of the financing afterwards. We can apply for a car loan like any other payday loan through the internet. When online car loan, we can hope for more favorable terms, because this credit is additionally secured by the vehicle itself. In this case, the bank keeps the vehicle letter, even though the payday loan has been fully paid off. If it fails, the bank can sell the vehicle to minimize its loss. We can also finance a car with a loan without credit bureau.
Online installment loan:
Anyone who wants to get some financial space or buy new furniture, can finance this with an online installment loan. Numerous banks have the installment loan in their product range. Since this is a very popular financing, the offer is very large. The conditions for an online installment loan thanks to numerous credit comparisons can be easily compared.
Online Personal Loans:
The personal loan is offered online only a few years ago. The idea is that people can lend money to each other privately. Here, the bank is replaced by an Internet platform, where the borrower can finance his loan through several investors. The online personal loan is a kind of crowdfunding, we already have this special financing from platforms like Kickstarter or Indiegogo.
Online Instant Credit:
If it should be a little faster than usual, the instant loan is a good alternative compared to the normal installment loan. With the instant loan, the time of processing and a quick payout play an important role. Once the application has been submitted, it will not take longer than 24 until the loan is approved and can be disbursed.