We all need fast cash sometimes. Life is full of unexpected surprises – and sometimes, there’s just too much month at the end of your money. Keep reading to learn what you need to fill out an online loan application in no time.
What Makes an Online Loan Application Different
Online loan applications have revolutionized the lending industry and made it easier than ever for people to access a personal loan from the comfort of their own homes.
Unlike traditional loan applications, online loan applications have a few distinct features that make them different:
- Online loans are fast and convenient
- Online loans are readily accessible
- Online loans can be secured without credit checks
- Online loans offer flexible repayment schedules
Sometimes called an “instant loan”, an online loan offers many benefits to people who need a quick injection of cash. They’re short to mid-term loans meant to help people out in a hurry without added bureaucracy.
On the flip side, that means they’re not meant to cover long-term debts, mortgages, and similar financial obligations.
One of the most significant advantages of online loan applications is the convenience they offer. Borrowers don’t need to visit a physical branch to fill out paperwork or talk to a loan officer.
They’re also fast, with online applications filled out in a matter of minutes. And because they’re generally “low stakes” when compared with mortgage loans and other substantial financial decisions, they’re very accessible for people who might be underserved by traditional lenders.
What You’ll Need to File an Online Loan Application
Overall, filing an online loan application requires some of the same documents and information as a traditional loan application.
However, the process is faster and more convenient, and online lenders may offer more personalized loan options and better security measures to protect your personal and financial information.
Who Can Apply for an Online Loan?
Unfortunately, some people are precluded from securing an online loan. The factors that disqualify include:
- Negotiating bankruptcy
- Having no monthly income
- Being unemployed
- Having high short-term debt ratios
Most online lenders expect your monthly income to come from your salary, wages, or investments such as rental income. Student loans, pensions, child tax credits, social assistance, and insurance income don’t qualify. Neither does income for self-employed people in most cases.
In other words, you need to demonstrate a source of monthly income from a stable job. Fortunately, the amount isn’t back-breaking and averages around $1,200 per month – which many people earn even if they’re only employed part-time.
As you’d expect, people applying for online loans need to be a citizen of the country they’re applying in.
Documents You Need
When applying for same-day loans, you’ll need a few documents on hand to get approved. Here’s a simple loan application checklist covering the documents you’ll need:
- Citizenship papers
- Proof of employment
- Bank statements and a bank account
You’ll need to show that you’re a citizen of the country you’re applying in. Obviously, you’ll also need a bank account to receive your cash – and your bank statements should prove that you’ve got a monthly income from an employer.
Most online loan companies require you to show at least 3 months of stable employment to qualify.
The Application Process
When applying online, there are no nerve-wracking, face-to-face appointments with stern bank managers to worry about. You can apply from wherever you feel comfortable, and the application process is short.
That means it won’t take long until you receive a response – and until you have cash in your account. Generally, it takes up to an hour for an online lender to process your application.
On your end, filling out an online application should take you under ten minutes from start to finish. You’ll need a valid email address and phone number. From there, you’ll simply need to provide the lender with bank statements and proof of residence.
How Do Online Loan Repayments Work?
How you repay your online loan depends on the choices you make when you first apply – and how much cash you need. Usually, you’ll be choosing how quickly you want to pay your loan back.
It’s always cheaper to settle your debt faster because it’s less risky for the lender. So, you should opt to repay an online loan within one to two months if you can.
Many online lenders allow their customers to renew their loans if they find they can’t pay their loans back on time.
What To Do When Repaying a Loan Is Difficult
If you’re struggling with your debts, you shouldn’t seek out multiple online loans at once to cover them. That will only land you in a cycle of debt that is difficult to break – and can harm your credit.
Instead, the most important thing to do is to communicate.
Reach out to your lender via a quick phone call. Explain the specifics of your situation and negotiate with them. As professional cash lenders, they’re experienced with the unexpected nuances of daily life and would much rather work with you to repay your loan than write it off entirely.
Be honest and explain why you’re having difficulty making payments. In some circumstances, you may be offered a deferment or an alternative payment plan. These options give you time to get back on your feet – but keep in mind that such solutions might come with strings attached.
Additional fees and interest might be applied to your loan, so make sure you get everything in writing before agreeing to it. Finally, if you’re still struggling, consider seeking help from a financial advisor.
Get Fast Cash When You Need It
Completing an online loan application is quick and easy. Online loans can help you out when you need a little extra cash quickly without going through the long and arduous traditional route.
At King Cash, we offer a little extra cash when you need it fast. Click here to learn how to claim your loan fast, without the need for a credit check.