Whether it is due to medical reasons or the absence of bank offices in your area, you may not always be able to go to a bank in order to get a loan. Unexpected medical or utility bills that must be paid quickly can make the whole situation considerably more difficult.
Luckily, there are several platforms that allow you to get loans without having to physically go to meetings with bank representatives or wait in endless queues just to submit the documents that are required to borrow money.
Submit all documents digitally
Online money-lending platforms operate entirely over the internet. This means that the entire process of borrowing money, from submitting the required information, to the actual transfer of funds is done using web-based services and software, such as smartphone apps and websites.
In order to get online loans, you will have to digitally send in all of the required personal details and information. This can be done in several ways:
- Take photos of your physical documents – Most services will allow you to take photos of your documents and submit them like this, however, you must make sure that all information is clear and easy to read;
- Send digital copies – Certain documents can be sent as PDF files, provided that you have them. These can be bank statements, tenancy agreements issued by your landlord or other types of documents that may exist in digital form;
- Fill in a form – You will also be required to enter personal and financial details when filling in the loan request form. This can be done using the website of the service or the smartphone app;
Use the app to make things easier
The fact that most money-lending services also offer smartphone apps can make the process of borrowing money extremely easy. The software will ask you for all the needed information and may also be used to access all the details of the transaction, such as fees and taxes that you may be required to pay.
All apps are usually free to download and install and will be compatible with both Android and iOS devices, giving you the ability to easily sync information between multiple phones and tablets. They will also send you notifications when you are due to pay the monthly installments.
Borrow money without worrying about your credit score
It is important to keep in mind that smaller, short-term loans do not require credit score checks. You will be able to submit your request and have it approved in under 24 hours, regardless of how bad your credit score may be. The online service may request that you also submit your credit score, however, it will not be checked and the information will not play a part in determining if you are eligible or not to get a loan.
Most financial information that you provide will only be used for marketing purposes in order to further develop the platform’s services.
Depending on the period that you set for the loan, you may not be required to have a guarantor. However, most companies may ask for one if you want to repay the loan over the course of more than 36 months.
Get loans without having to leave your home
Online services regulated by the UK government, making them just as secure as the ones offered by banks. They are required by law to fully disclose all information related to the taxes and fees that you will have to pay in order to borrow money.
It is also important to note that all the agreements that are made using the smartphone app or the website have the same legal value of the ones that are signed at a bank, ensuring that all transactions are legal. Generally speaking, the main difference between loans given out by banks and the ones from online platforms is that you do not have to leave your home for the latter and that your credit score is never an issue.
Once your loan is approved, you may transfer the money to any bank you choose and use it for any legal purpose. Unlike the services offered by banks, online platforms will not impose restrictions with regards to what you pay for with what you loan.
Overall, using an online money-lending platform offers you, as the name implies, a way to borrow up to 5000 pounds, using only the internet. These services do not require you to go to the bank, wait in a queue to submit ani documents, or pay fees and taxes that are not disclosed beforehand.
The only limitation is the fact that most companies will only allow you to get a single loan at a time, making it important to accurately determine how much money you need when making the request.