5 Reasons Why you should Get a Loan Online instead of going to the Bank

When you need money, going to a bank or a traditional lender can be frustrating. These financial institutions require a lot of documentation and then a lot of time to consider your loan request.

You may not have the time to wait and you certainly do not want to waste your time using this loan option if they decline your application. One way to beat the system is to get an online loan.

The following reasons should give you the answer to why this is a better route to take. Keep reading to find out those reasons.

#1. It is easy to apply

This takes the frustration out of applying for a loan. Online lenders like Little Loans look at fewer criteria than banks and traditional lenders do. You normally do not have to supply a lot of documents to get the loan approved.

What you need is steady employment and when you are working all the time, you look like you can repay your loan with ease. That is a good sign to online lenders. Another important criterion will be your debt to income level.

The lower your debt the better you look to lenders. That low amount of debt tells them that you have more available cash to pay back the loan. The third criterion will be your credit score. This will always be an important factor in the approval process.

When you look for an online lender you will find that they will only want to see some government-issued i.d., proof of income, your checking account number, and your social security card number. That is all the documentation you should need in most cases.

#2. You get the money faster

One of the frustrating things about applying for a loan through a bank or a traditional lender is that they are never in a hurry. They will drag their feet when it comes to approving or declining a loan application. With online lenders, you should know your loan status within 24 hours.

Sometimes that approval process is done instantly and you get your loan processed the same day. When you are in a hurry, that is a great benefit and helps you save your reputation or lets you be prepared for your daughter’s big day.

Whatever the reason you need a short-term loan, going with an online lender helps you meet your deadlines and makes sure you have the cash on hand to cover your expenses.

#3. You can get a loan even if you have a bad credit

This is a status that keeps the banks and traditional lenders from helping you out of a difficult spot. If your credit score is not perfect or you have had some bumps in the road, you can be assured of being denied by banks and traditional lenders.

However, that spotty credit or bad credit history is not usually a problem for most online lenders. They are willing to help you out and get your credit score back on track.


The only drawback to this aid is that you may have to pay a little higher interest rate than if you had great credit. Not every online lender will ignore bad credit but you can do some shopping around to find the best options for you. Just don’t let your credit history stop you from reaching your goals.

#4. You don’t have to leave your home

In today’s world, convenience is king. You can shop for food. clothing, television sets, and many more items online so why not shop for a loan through your computer? it is fast, easy to do and you do not have to leave your house to fill out the application form.

While some online lenders do have a brick-and-mortar office you may need to visit. {That visit depends on the state and type of loan you are applying for}, you also may not have to visit their office. This is usually true when you pick the direct deposit for your funds.

Everything can be done online and through your computer. You save time, money, and energy by opting for an online loan instead of going to a bank or traditional lender.

#5. You won’t have to sign tons of documents

This is true if you do not have to visit the brick-and-mortar office of the online lender. Check the rules and regulations for your state to make sure you do not have to leave your home, even to sign documents.

With everything done through the computer, you won’t even have to pick up a pen. The loan is approved, sometimes the same day, and the latest you get your funding is the next bank business day.

Some application forms take only 5 minutes to fill out. That is all the lender needs in order to make their financial decision. The fewer documents you need to sign the better it is for you. You get to keep your privacy.

Some final words

Not everyone will qualify for a loan through a bank or a traditional lender. Those financial institutions have banking regulators to answer to and they need to dot every ‘i’ and cross every ‘t’.

Online lenders do not have the same regulations to follow which is why it is easier to get a loan through their institutions. Even if you have bad credit, you can usually find one of these loan alternatives ready to help you meet your financial goals.

Check them out today and see if one of these lending options is the solution you are looking for.