A Guide to Getting an Online Loan
Written by: John Mussi
If you've been considering applying for an online loan but
aren't exactly sure whether it's right for you, then this guide
is written to help you to find the money that you need. Online
lenders often offer the same services that traditional lenders
such as banks and finance companies offer while offering them at
lower interest rates or with more loan options.
Of course, you might not be sure that applying for your loan
online is the best suited solution for your loan needs... here
is some additional information to help you to decide whether an
online loan is right for your needs or not.
Why choose online loans? Online loans generally offer a level of
convenience that you won't find with standard loans... you can
research your loan and apply from the convenience of your own
home computer via a website utilizing advanced encryption
features designed to keep your personal and financial
Additionally, because of the reduced overhead of operating their
business online instead of in a physical building, online
lenders are often able to offer loans at greatly reduced
interest rates regardless of the borrower's credit history with
sufficient collateral to insure repayment of the loan.
What information do I need in order to apply? Generally
speaking, to apply for a personal loan online, you will need to
provide some or all of the following information: Name Address
Phone Number Date of Birth Identifying Information Email address
Employment Information (if applicable) Monthly Net Income
Housing Status Automobile Information (if applicable)
Other information may be required, depending on the type of loan
that you are seeking and the lender that you're using to apply
for the loan. Often this information will relate to specific
types of employment or lender-specific requirements based upon
the type of loan that's being applied for.
If you're taking out a Small Business Loan: Know what lenders
are looking for you've got to be prepared with the information
your lender needs to make a decision in your favor. Lenders
typically evaluate four key factors: previous business
experience; ability to repay the loan; collateral and personal
guarantee; and character.
Prepare your documents thoroughly--they include your business
plan, balance sheet, cash-flow statement, income statement,
personal financial statements, personal and business tax
returns, and a description of the terms and loan amount,
including how it will be used, secured and repaid.
If You're Taking Out a Home or Auto Loan:
You'll need the name and phone number of nearest relative not
living with you. The length of time at your current address or
ownership of the vehicle. Payment amounts, Employment
information , Year, Make, Model, and other relevant information
should also be available.
Give Them Your Business
Show your lender that you are a good risk. Move all of your
personal and business accounts to the bank, so that they can
evaluate how you manage your money. This will also give you a
chance to check out the bank's loan policies and gather up the
forms before you get started.
When at First You Don't Succeed . . .
Many people get turned down for funding. But, don't give up.
Search for other banks until you find the right fit. In the end,
banks want your business and will work with you to find a
solution. Above all, be persistent.
You may freely reprint this article provided the following
author's biography (including the live URL link) remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help
homeowners find the best available loans via the www.directonlineloans.
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