7 Benefits of Instant Online Loans

Financial experts recommend that you have enough savings to cover three to six months of essential bills. In reality, though, 47% of Americans would struggle to come up with $500 in an emergency situation.

If you’re reading this article, you probably fall into the second category. When you’re in a financial pinch, it’s natural to worry (or even panic) as you consider how to get the quick cash you need.

This is where instant online loans enter the picture. It’s easier than ever to submit an online application and get an instant loan to help you ride out any financial storm.

Is an online loan the right choice for you? Keep reading as we discuss some impressive benefits of online loans.

1. Use the Funds for Anything

Most instant online loans fall into the category of “personal” loans. As the name suggests, you can use the money for any personal reason or purchase. 

You can pay off medical bills, renovate your home, or fund a major car repair. You can pay off credit cards or consolidate high-interest debt. You can buy an engagement ring, pay for a wedding, or even take a trip to Tahiti if you like.

In other words, your instant cash is available for any purpose. You don’t have to give a reason for applying like you do with a traditional loan for a mortgage or a car.

2. No Physical Meetings or Documentation

If you’ve ever applied for a loan at a bank, you know how much paperwork is involved. Not only is this a major hassle, but it’s terrible for the environment.

When you apply for an online loan, all you need to do is upload a few digital documents. This generally includes proof of identity, proof of address, and proof of income.

There’s nothing to print and you don’t have to drive anywhere. You can apply for your loan, review offers from different lenders, and select the option you want — all from the comfort of your home.

3. Fast Processing Time

They don’t use terms like “quick” and “instant” for nothing. Online loans are the fastest way to get money when you’re in a pinch.

Traditional loan applications through a bank or credit union can take days or even weeks. Even after you’re approved, you may have to wait several more days before you get the cash.

Depending on your circumstances, you may not have the luxury of waiting days or weeks. With an instant loan, you can get approved in as little as a few hours. Better yet, you can get your funds direct deposited into your bank account as soon as the next business day.

4. Flexible Loan Amounts & Terms

Maybe you only need a few hundred bucks to cover an unexpected medical bill. Or maybe you want to finance a $30,000 kitchen remodel.

Whatever the case, you can apply for any loan amount you need to get the job done. Depending on the lender, you can get a personal loan for as little as $100 or as much as $35,000. 

What about repaying the loan? You can also choose the term duration that works best for you too. You’ll find repayment terms as short as three months or as long as six years.

Of course, keep in mind that the longer it takes to repay the loan, the more you’ll pay in interest over time. It’s often best to choose the shortest term you can realistically manage to repay.

5. Competitive Interest Rates

Without the overhead of a brick-and-mortar business, online lenders can usually offer better interest rates than banks or credit unions. Expect to find APR interest rates between 5.99% and 35.99%.

Bonus tip: Some online lenders that offer very low rates may generate profit by charging high fees. Others are predatory lenders that use unfair or deceptive tactics to “dupe” customers into unaffordable loans.

As you shop around for personal loan rates, consider all their fees when calculating the total cost of the loan. This includes application and origination fees, as well as closing costs and APR. And remember: If a deal seems too good to be true, it almost always is!

6. Less Rigid Criteria

If you have less than stellar credit, it can be difficult to qualify for a traditional loan. This is yet another area where instant online loans come to the rescue.

Although most lenders will check your credit rating, they’re also willing to consider other approval factors too. For example, if you can prove that you have a steady paycheck to cover the repayments, you’re likely to be approved for the loan.

7. Improve Your Credit Rating

Can taking out a loan actually improve your credit score? Surprisingly, it can!

For starters, many online lenders offer preapproval to prospective borrowers with only a soft inquiry on their credit report. Unlike hard inquiries, this doesn’t affect your credit score. You can get preapproved for different loans and then apply for only the best offer.

As you make regular, on-time payments, your credit rating will receive a nice little boost. Responsibly paying off your online loan may help you to qualify for larger, more traditional loans in the future.

Apply for Instant Online Loans Today

When you need instant cash, instant online loans are the answer. 

As we’ve discussed, it’s a fast, easy process loan application process. You can use the money for anything. And as you make on-time repayments, it will even help to build your credit.

FastLoanDirect works with a host of reputable lenders to help you secure the funds you need. You can request as little as $100 or as much as $35,000 with repayment terms from 91 days to 72 months.

Does this sound like the answer to your financial situation? Click here to see how simple it is to apply for your instant loan.