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3 Benefits of Borrowing Money Online


May 18, 2021 ( Newswire) Taking a loan out online is no longer a novelty; it's one of the most common ways to borrow.

Credit: standret via FreePik

According to a Harris Poll survey conducted on behalf of Fiserv, a global tech provider to financial institutions, 65 percent of all borrowers applied for loans online. Their research shows many borrowers feel comfortable navigating the online lending world on just their smartphones or tablets.

These borrowers pick up their handheld devices expecting certain advantages - namely, a digital experience that makes it easier to compare rates and apply for funding. But that's not all they get. Here are three more benefits of borrowing money online.

1. Convenience

There's hardly ever a good time to go to the bank and ask for money, but in-branch services make it harder to arrange. Banker's hours usually coincide with your own workday, so it can be challenging to speak with an advisor unless you're willing to take time off work.

There's also the ongoing healthcare crisis to think about. Besides scheduling difficulties, do you really want to be spending more time inside with other people than you have to?

Online direct lenders like MoneyKey offer a socially distant way to borrow money. Their fully digital platform means you can apply at any time of the day or night. More importantly, you can request, receive, and repay your installment loan or line of credit without ever leaving your home.

2. Eligibility

Your chances of borrowing money hinges on successfully passing a lender's underwriting and approval process. Historically, your credit score played an important role in this assessment. You needed to have a prime credit score to be approved.

Online direct lenders also consider your credit score when performing their underwriting process. However, they've diversified their qualifying data.

Rather than focusing on a few data points pulled from your credit file, they may also consider the following info:

  • Employment status
  • Debt-to-income ratio
  • Income
  • Living situation
  • Pay Schedule

This additional information gives them a more rounded view of your financial situation. If you can prove you can afford an online loan, you might be approved even though your credit score would normally disqualify you.

3. Speed

An online lending platform can speed through these assessments faster than an in-person option because of automation. Powerful technology drives a lender's decisions, many of which hinge on the answer to simple yes or no questions:

  • Do you live in the U.S.?
  • Do you have a bank account?
  • Are you employed?
  • Do you have a prime credit score?

These conditions make up if-then-else statements that allow a program to run without human intervention.

If you meet these eligibility requirements, then you qualify for an online loan. The else comes into play if you aren't eligible, then you get denied.

An automated system can move through these if-then-else conditions faster than any human could. What would take a person a few minutes to do, a program can do in seconds.

This adds up when sorting through hundreds, if not thousands, of applications. That sort of speed means you'll know if you qualify faster than if you applied in person.

Bottom Line

Nowadays, you can do almost anything online, so it only makes sense that the borrowing experience joins the 21st century. If you make the switch, you can expect convenience, accessibility, and speed.

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