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Wednesday, January 7, 2009
If you could use some quick funds, online loans can be a great way to go. However, if you're going to go this route you will want to make sure that you understand the risks. If you do, you will save yourself a lot of heart ache.
Online loans, true to their name, are loans that you apply for and receive online. You simply provide some basic personal information to the lending institution online and your application is complete. If you are at least 18 years old and a citizen of the United States, you are eligible to apply.
You will basically fill out an application online, and will then wait for a few hours while the bank or lender determines your eligibility. Once they give you the thumbs up, they will notify you by email. If approved, you will receive your funds by direct deposit or bank wire within about one day.
Before you fill out an application online, make sure that your lender is legit. If a lender is asking you irregular questions, they are probably trying to do something shady. We'll give you in the next few paragraphs what each lender should be asking you for.
For almost any online loan, you will have to provide your social security number, or at least your driver's license number. This is normal and isn't any kind of red flag. This is sensitive information but the lender will need it to run your credit and verify your identity.
Knowing that their personal information is going to be sent over the web makes some people very nervous. While it's possible to do secure transactions online, you might want to make sure you think it through. If you're very uneasy about the process, you may want to just walk into a bank. If you proceed online, you should make sure that the site uses encryption and runs on a secure server.
As long as your lender has set up the proper security and is running a reputable shop, you don't have anything to worry about. Go ahead and proceed and get the funds you need.
Online loans, true to their name, are loans that you apply for and receive online. You simply provide some basic personal information to the lending institution online and your application is complete. If you are at least 18 years old and a citizen of the United States, you are eligible to apply.
You will basically fill out an application online, and will then wait for a few hours while the bank or lender determines your eligibility. Once they give you the thumbs up, they will notify you by email. If approved, you will receive your funds by direct deposit or bank wire within about one day.
Before you fill out an application online, make sure that your lender is legit. If a lender is asking you irregular questions, they are probably trying to do something shady. We'll give you in the next few paragraphs what each lender should be asking you for.
For almost any online loan, you will have to provide your social security number, or at least your driver's license number. This is normal and isn't any kind of red flag. This is sensitive information but the lender will need it to run your credit and verify your identity.
Knowing that their personal information is going to be sent over the web makes some people very nervous. While it's possible to do secure transactions online, you might want to make sure you think it through. If you're very uneasy about the process, you may want to just walk into a bank. If you proceed online, you should make sure that the site uses encryption and runs on a secure server.
As long as your lender has set up the proper security and is running a reputable shop, you don't have anything to worry about. Go ahead and proceed and get the funds you need.
About the Author:
Trinity helps people to learn the dangers of online loans and about many types of online bad credit student loans.
posted by Credit Counseling at
2:07 PM
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