The game “Two Truths and a Lie” is a popular ice-breaker in meetings and classrooms, as it’s an easy way to learn a lot more about anyone or anything. Usually, it’s a guessing game, but there’s no need to sniff out the lie here. Today, it couldn’t be clearer which facts are the truth and which ones are the lies about online loans.
Truth #1: There Are Online Loans for Bad Credit
A good or excellent credit score (anything between 670 and 850) will open financial doors, making it easier to qualify for loans at lower rates. But you may not need a good credit score to borrow money in an emergency. There are online loans for bad credit available, if you know where you look.
Online lenders like MoneyKey may still look at your credit score, but they supplement it with other financial details before approving you for an installment loan. These details, such as employment history and salary, help them look beyond a bad credit score to determine your creditworthiness.
Don’t let a bad credit score stop you from shopping around. Rate shopping will help you uncover the best online loans for bad credit available today.
Truth #2: Online Loans Are Safe
The latest advancements in online security mean you can trust your online loan will be protected. The top online lenders use the latest encryption technologies to safeguard any information you share with them. Verified Site Certificates and Secure Socket Layer (SSL) keep your financial information out of the hands of identity thieves and fraudsters, making them just as safe as traditional personal loans.
From a health standpoint, they may even be safer than the personal loans you borrow in-person. Nowadays, standing in line at a bank and speaking face-to-face with a financial advisor may be an unnecessary risk to your health, especially if you’re part of the vulnerable population who are at a higher risk of contracting COVID-19.
Online loans offer an easy work-around for these health concerns. You don’t have to sacrifice your well-being to apply for installment loans. What can’t be done online will happen over the phone, so you never have to interact with someone face-to-face.
Lie #1: They’re Complicated
Going online for your installment loan is incredibly easy. As long as you have access to the Internet and a computer, you can do it. So, if you’re reading this, you’re already halfway there.
Online lenders have eliminated a lot of the red tape that can slow down in-person loans. They’ve made it as straightforward as possible by streamlining the borrowing process. All you have to do is fill out an online application with personal information, and you’ll hear if you qualify within minutes.
If you are approved, you’ll receive your funds as a direct deposit in the bank account you supplied in your application. And to make the repayment even easier, you can set up automatic withdrawals to come out of this account on your scheduled due dates.
And there you have it, two truths and one lie about borrowing money online. Use what you learned here today to help you decide if online installment loans make sense for your financial needs.