{"id":97,"date":"2019-10-22T19:24:02","date_gmt":"2019-10-22T19:24:02","guid":{"rendered":"https:\/\/directpaydayloans247.com\/?p=97"},"modified":"2022-09-04T20:42:27","modified_gmt":"2022-09-04T20:42:27","slug":"the-pros-and-cons-of-borrowing-money-from-an-online-lender","status":"publish","type":"post","link":"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/","title":{"rendered":"The Pros and Cons of Borrowing Money From an Online Lender"},"content":{"rendered":"

Online lenders can be a convenient and easy source of money. With an online lender, you can often quickly apply online and receive the funds in your account within a few days. However, working with a financial institution that has brick and mortar locations has its benefits as well.
\nIf you\u2019re considering an online-only lender, review these pros and cons first.<\/p>\n

PRO: YOU CAN SOMETIMES GET A GREAT RATE AND TERMS<\/h4>\n

Many online lenders offer unsecured personal loans, which you can use to\u00a0consolidate higher-rate debt\u00a0or for a major expense. But you may also be able to find auto loans, mortgages, student loans, and other types of loans online.
\nBy forgoing the costs associated with running retail locations, online-only lenders may be able to offer lower interest rates and fewer fees than branch-based lenders. If you can qualify for one of these low-rate loans, you could save money compared to borrowing money elsewhere.
\nDon\u2019t assume that online-only lenders offer the best rates, though. Some online lenders offer similar loans to their branch-based counterparts, and some have such high fees and rates that going to your local bank or credit union might be a much better option.<\/p>\n

PRO: YOU CAN QUICKLY COMPARE MULTIPLE LOAN OFFERS<\/h4>\n

One advantage of shopping for a loan online is that it\u2019s easy to compare lenders and offers\u00a0before accepting a loan.
\nYou can find reviews and comparisons to get an overview of each lenders\u2019 potential interest rates, terms, loan amounts, fees, and other benefits or drawbacks. You can also sometimes apply for a preapproval or prequalification with a lender to get an estimate of the loan amount, rates, and terms you\u2019ll receive.
\nThere are also aggregator and comparison-shopping sites where you can fill out one application and then receive multiple loan offers. In either case, these often only require a soft credit inquiry, which won\u2019t\u00a0impact your credit scores.<\/p>\n

PRO: THERE MAY BE A QUICK AND EASY APPLICATION<\/h4>\n

Online-only lenders often aim to create a simple, streamlined application process. Most of the process takes place entirely online, although you sometimes have to take pictures of verification documents (such as a driver\u2019s license) for the lender.
\nBy contrast, some branch-based lenders let you start the application online but require you to visit a branch to complete the process.<\/p>\n

CON: YOUR CURRENT FINANCIAL INSTITUTION MIGHT BE BEST<\/h4>\n

You may find it\u2019s hard to get approved for a loan from some of the best online lenders if you don\u2019t have excellent credit and a low debt-to-income ratio.
\nSometimes, it can be easier if you try to take out a loan with your current bank or credit union. This is especially true if you have a long history of keeping your money there or took out and repaid (or are repaying) other loans from the bank or credit union.<\/p>\n

CON: LENDERS MAY CONTINUE CONTACTING YOU AFTER YOU TAKE OUT A LOAN<\/h4>\n

Once you start the application process with multiple lenders, or compare offers using an aggregator<\/a>, the snail mail, emails, and calls might not stop. This could be true even after you take out a loan or decide against borrowing money.
\nWhile you can contact each lender and ask to be taken off their marketing lists, it can be a time-consuming and bothersome process.<\/p>\n

CON: YOU\u2019LL NEED TO MANAGE THE LOAN ONLINE<\/h4>\n

You may be comfortable applying for a loan online, but also understand that you\u2019ll need to repay and manage the loan online.
\nIf you have a problem or question, you\u2019ll have to email, call, or use online chat to contact the issuer. These are often possible with branch-based lenders, but you also have the option of sitting down with someone if you\u2019d prefer.<\/p>\n

ARE ONLINE LENDERS BETTER OR WORSE THAN BRANCH-BASED LENDERS?<\/h4>\n

There are a few defining deal-breakers if you\u2019re comparing online-only and branch-based lenders.
\nIf you want to be able to meet in person to discuss your loan application or while repaying a loan, then a branch-based lender is the only option. When you\u2019re looking for the fastest possible funding and lowest possible rates, online-only lenders may be best\u2014assuming you can qualify.
\nHowever, neither online-only nor branch-based lenders are best every time. Each can offer a good loan, and no matter where you\u2019re looking, you should compare the rates, terms, fees, and benefits of a few lenders before accepting an offer.
\n\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Online lenders can be a convenient and easy source of money. With an online lender, you can often quickly apply online and receive the funds in your account within a few days. However, working with a financial institution that has brick and mortar locations has its benefits as well. If you\u2019re considering an online-only lender, …<\/p>\n

The Pros and Cons of Borrowing Money From an Online Lender<\/span> Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":2876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[25],"tags":[44,45],"yoast_head":"\nThe Pros and Cons of Borrowing Money From an Online Lender | DPDL<\/title>\n<meta name=\"description\" content=\"Online lenders can be a convenient and easy source of money, but do you also know the pros and cons of borrowing money from an online lender?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pros and Cons of Borrowing Money From an Online Lender | DPDL\" \/>\n<meta property=\"og:description\" content=\"Online lenders can be a convenient and easy source of money, but do you also know the pros and cons of borrowing money from an online lender?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Directpaydayloans247\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-22T19:24:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-04T20:42:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/directpaydayloans247.com\/wp-content\/uploads\/2022\/09\/Vintage-Circle-Chicken-Farm-Logo-220-\u00d7-220-px-250-\u00d7-250-px-14.png\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Pay Day Loans\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Pay Day Loans\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/\"},\"author\":{\"name\":\"Pay Day Loans\",\"@id\":\"https:\/\/directpaydayloans247.com\/#\/schema\/person\/de67e0b417fa725e3e05ffd6f46c8f67\"},\"headline\":\"The Pros and Cons of Borrowing Money From an Online Lender\",\"datePublished\":\"2019-10-22T19:24:02+00:00\",\"dateModified\":\"2022-09-04T20:42:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/directpaydayloans247.com\/the-pros-and-cons-of-borrowing-money-from-an-online-lender\/\"},\"wordCount\":752,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/directpaydayloans247.com\/#organization\"},\"keywords\":[\"Online lenders can be a convenient and easy source of money. 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