Are Online Lending Companies Really Worth It?

Consider this situation: you are earning a comfortable income. You even manage to save a comfortable amount every year even after supporting your mother who has Alzheimer. However now you need money urgently. A spot have opened up at the local nursing home and they are willing to take your mother as a permanent patient. You do have the money but you cannot remove it from the bank as it is tied up permanent deposits.

Where will you get so much money and so quickly?

This is where a good website like http://green-touch.org/ comes into the picture. Greentouch is a payday lending website that offers quick and easy loans anytime you want them. All you have to do is fill in the online application form and the company will get in touch with you in about 12 minutes to 12 hours. The loan is approved quickly and the cash is sanctioned in about 20 minutes after the loan is approved. This means that you can get your loan almost immediately and you do not have anything to worry about.

But does that mean that everyone will get a loan from http://green-touch.org/?

No like every other lending organization Greentouch too has eligibility requirements. However these requirements are simple. In order to get a loan you have to be a citizen of the United States of America. Greentouch only lends to 18-year and older US citizens and these citizens have to be working fulltime or part-time and drawing a salary. If you fulfill these basic requirements you are automatically eligible for a loan from the company.

That means I can get a really great amount in loans right?

Not right in the beginning as you are only allowed to borrow a fraction of your payslip. However if you repay the amount on time your trust rating with the company rises and they will automatically sanction a higher amount every time you take a loan from them. You can ask for a larger amount in the beginning for special reasons and the company may sanction it in case you require it badly.

Paperwork?

This is one of the reasons that an online agency like Greentouch is so popular. The company prides itself on minimal paperwork and quick turnaround times. All you have to do is keep proof of your citizenship and salary ready and the company will approve your loan immediately. You may also have to sign a contract that will list your payment amount repayment amount and repayment date. Bloomberg

As you can see getting a loan from an online agency like Greentouch is really simple and easy. Instead of wasting time with a bank get in touch with the company and get your loan approved immediately. It is as simple as that.

What you Should Know Before Applying for Car Title Loans Online

Title loans have grown in popularity over the last few years mainly as a result of the tough economic times. Car title loans online are quickly replacing nearly every other type of short term loan for people who require cash fast. With this loan your car is usually used as a collateral and in return you receive a certain amount of cash which is to be repaid within a very short period of time-typically a month.

Before applying for this product it is important that you understand how it operates it advantages and disadvantages. Unlike the conventional ways of getting loans which used to be slower and involved a lot of paperwork this loan can be secured online without any delay. The following are the advantages and disadvantages of these loans

The Advantages

Instant Cash in Your Pocket

Car title loans online provider the borrower with instant and easy cash. Approval times to vary from lender to lender with some as quick as less than 20 minutes but generally a borrower can have the money within the day. Similarly the application period is not lengthy as the case with conventional short term loans. It is also possible to find lenders who are not concerned with a proof of employment proof of income numerous utility bills proof of insurance and tax returns thus reducing the amount of paperwork.

Better Than Selling Your Car

Selling your car will require that you make numerous advertisements online or in newspapers responding to enquiries before finding a buyer. Borrowing for this loan gives you top dollar for your car the instant you require the cash. The beauty is that you will keep driving your car. You can read more at CNN.

No Credit Check

Most title loan companies do not run a credit check on the borrower. Your car is your credit. This makes it possible for individuals with lower credit scores and poor credit histories to take advantage of this product. Since the loan is secured with your car the approved loan amount will be based on the condition and the value of the actual car.

The Disadvantages

Interest Rates

Car title loans come at high interest rates. Most lenders will charge the maximum possible rates allowed by your specific state. Also if you take this loan you should make sure you it is repaid in full within 30 days. If you are not able to pay within this period your interest rates can go even higher and you might find yourself paying a very big percentage of the original loan.

Losing Your Vehicle

Car title loans online are secured debts. This means that you must offer collateral to the lender before your loan is approved and this collateral is usually your car. If you fail to repay your loan the lender has a legal right to take custody of the car and sell it. Even if you have made previous payments the lender can also keep the profits obtained from the sale of the car.

Car title loans online can be a quick and easy way of accessing cash in case you have an emergency. However it is important that you borrow reasonably. Understanding the benefits and drawbacks of these loans as well as your personal financial situation will help you make an informed decision. This loan is tailor made to be repaid quickly hence you should not consider it as a solution for your long term debt problem.

Online Pay Day Lenders

Online payday lenders

These are people who lend fast and unsecured money without much hassle. The speed at which they avail the borrowed money is largely dependent on the fast processes they have and the minimal checks they conduct on borrowers to determine their worthiness. The loans lent by these payday lenders are repaid within a short duration and are usually of small amounts. Relatively high interest rate (APR-annual percentage rate) is charged by these lenders due to the short loan repayment duration.

Lender’s website

For these lenders to effectively carry out the fast and tress free lending they have to set up websites; from where they operate. Potential borrowers must visit the websites and learn all they can about the lenders and the loans as well as place their loan application(s).

Loan application form

For fast online loan application every online payday lenders provides a loan application form on his/her website; a form which require potential borrowers to fill and submit on the same platform for their loan application consideration. The form is short and does not require a lot of information from the borrower. The only few details required are the name address desired loan amount and bank account number (where the approved loan money is deposited to eliminate the cheques system).

Processing and approving the loans

Payday loans are processed fast and approval is almost instantly because the lenders do not require more information (other than that submitted via the application form) such as credit checks faxing of documents mailing of application(s) employment/ financial information records or collateral to determine whether they will approve the particular borrower’s loan or not.

Collateral

Online payday lenders do not require their loans to be secured. This is partly because they run their processes online and the presence of collateral will mean that the borrower has to bring in the collateral or the lender has to go to the borrower to verify the collateral; which will not increase costs but consume time. Absence of collateral makes payday lenders popular among many people as almost everyone (with or without collateral) can seek these payday loans from them (payday online lenders).

APR

The Annual Percentage Rate charged by these lenders is considered relatively high and at times exploitative. It is however a fact attributed to the very short loan repayment duration that the loans have to repaid within. Otherwise the lenders would be running at a loss since the short repayment duration of loan repayment would never generate enough funds to cater for services offered.

Loan repayment mode

Payday lenders (seeing that they run their processes online and even disbursement the money directly into borrowers bank account) require as fast and hassle-free a loan (and accrued loan interest) repayment means as the application processing and sending of the money processes. It is in this regard that most of these lenders require the borrower to write a postdated cheque; which they (the lender) will cash once the loan repayment date is due. For the cheque not bounce the borrower must deposit (into their bank account) the amount of money that will adequately repay the loan and the interest that that loan will have accrued. Other payday lenders require the borrowers to deposit the money (loan amount and the accrued interest) into the lenders bank account on or before the due date of the loan repayment.

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