Advantage of Online Loan Matching Services
By Nicole Belfort,
Filed under: CAREER & FINANCE
The definition of an online loan matching services is a website where the borrower fills in an application form with details of how much money they want, employment information and monthly income. Then the online loan matching service matches your request with a suitable lender using their pool of top lenders. There can be hundreds of lenders willing to lend you money in exchange for the interest they will earn. So what is the advantage of this form of loan over regular online loans or conventional bank loans?
With an online matching service your loan request reaches hundreds of potential lenders with just the click of a button. This saves you the leg work (or computer time) spend searching for someone to lend you the money. Your friends and family won’t know you’ve taken the loan. You don’t have to suffer the embarrassment of going hat-in-hand from bank to bank begging for some kind soul to have mercy on you and lend you the money – and at outrageous rates. Or alternatively wading through the many scam loan websites. Another advantage is the time factor. If you are in a tight spot and need money yesterday, then sites like CashMojo can match you with a lender who will deposit funds directly into your account. Applying for a loan on a loan matching service can take under 24 hours and sometimes a matter of minutes. If you have bad credit, no credit or have faced financial struggles in the past you will still be able to be accepted with an online loan matching site.
Short term loans or payday loans are best made on loan matching sites. Loans up to $2,500 can be arranged fast, easily and with little fuss. As with conventional loans there is interest and fines are applicable if you fail to repay your debt or are late with your payment. However each lender has his own terms and you can read these and see if you agree before actually committing to the loan. You are under no obligation to accept the loan offered. If for any reason you feel that you will not be able to keep the final pay date then you have the option of extending your loan before the due date arrives. Note that short term loans, from a bank or website, are illegal in Oregon, Arkansas, Georgia, Arizona and West Virginia.
If you feel insecure borrowing from a website rather than a face-to-face transaction then the loan matching sites have help lines. You can also be reassured by the fact that your information is encrypted using similar systems to conventional banks. Your information is protected by Thawte, an industry standard for site information security.
So don’t wait until your back is against the wall, over 3 million borrowers have already used these services. Lenders are available and able to ease your financial difficulties with a loan within a few hours.