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Advantages and Disadvantages of Online Loans

August 1st, 2013 at 08:06 am

It is not advisable to be thinking of getting loans every time .However, in the light of the present economic crisis, many people have ended up needing to take loans in order to meet their obligations.
With the era of internet, loans can also be processed online rather than going to banks or other financial institutions. If you have good credit score, it is always better to start with your bank.
There are some advantages and disadvantages of online loans.
1.You do not have to travel to go to banks or any financial institution.
2.You do not have to wait in queues at banks or any financial institution
3.You do not feel embarrassed when it is declined like a client who is sitting in front of a Bank Customer service Provider.
4.You get the approval immediately
1.The online loans are normally for a short period.
2.You normally have to pay a fee if you do not pay on time.
3.You cannot negotiate or be given any options for softer loans. Many people have been informed about accounts, saving or investment accounts and loan types they were not aware about by sitting with a Customer service Bank official
4.Most of the online cash loans have high interest rates.
All that said, we should always aim at saving than accumulating loans.