Where to Get Loans Online

With more and more people using internet banking, it only makes sense that it is now possible to get all types of loans online.  Here are some options if you are considering getting a loan, depending on your individual needs.

Peer to Peer Lending

One of the first online lending options was peer to peer lending.  This is where other individuals loan their own money out, not just banks or institutions.  If you are looking for a loan, you simply put together a listing (similar to eBay or a classified ad) for what you intend to use the loan for, and people will bid on it.

The peer to peer lending company will put together all your information for the bidders to see, such as your credit score and credit history.  If your loan is funded, the lending company will transfer the funds to you and you will repay them.  The typical peer to peer loan is 3 years, and the interest rate varies based on your credit history and what bidders are willing to pay.

Online Banks

Many online banks now offer loans online as well.  You simply apply for a loan through them similar to how you would apply to open a savings account.  Some banks will even fund your loan 100% online.

Depending on what bank you use and what the loan is for, the process can be very easy.  A popular online bank offers auto loans online, where you print out a check to give to the dealer once you’re approved.  Everything is done over the internet!

Loan Companies

Finally, even short term lenders like payday lenders and others are getting into the online loan game.  Some payday lenders will allow you to apply for a payday loan online, scan in a check as collateral, and the funds will be direct deposited into your checking account once you are approved.  No more hassles and no more waiting in line.  You can do everything online that you once had to go to a bank for.

Post by Robert

12 Responses to Where to Get Loans Online

    • It was a guest post, but I disagree with your comment as a philosophy. Knowledge where to turn isn’t the problem…knowledge that you shouldn’t turn is the problem.

      • Oh, shit. It seems like half the posts aren’t yours anymore.

        Guest poster, don’t tell people to take out loans. Thanks.

            • What about if that person is getting an education? Few people can get out of school without debt. You had a shitty experience, I did not.

              What about a home loan? I would say that if 5% of the population can buy a home without a mortgage that would be a lot.

              What about starting a business? What about just trying to feed their family ?

              There is reason to take on debt…you just have to know how to control it which you clearly didn’t know back in the day, but hopefully that has changed now.

              Your attitude is like someone who can’t handle only drinking a normal amount of soda so you ask someone in gov’t to ban all soda.

              • Wow. Condescending and rude. Way to go, buddy.

                I don’t really think your situation is/was less shitty. You ended up with more debt than me.

                Blah blah your degree was worth more, blah. The point is you ended up with more debt.

                I think people should be able to get an education without going into debt. People should be able to pay for their homes without going into debt. Just because this is a debt driven society doesn’t mean that’s right.

                • The point is that your situation was shittier than mine is. You got deeper into debt.

                  There are people who pay for their educations and houses in full. There’s no reason anyone should have to take a loan. I could save up 100,000 and buy a house for that, and I wouldn’t have any debt.

                • “You ended up with more debt than me.”

                  What is your point?

                  “I think people should be able to get an education without going into debt. People should be able to pay for their homes without going into debt.”

                  and I think my bosses should pay me more because I am so damn attractive, but we’ll see if either of these Nirvanas come to fruition

  1. C,

    All this time and you still don’t get it do you? You are exhausting.

    “The point is that your situation was shittier than mine is.”

    You may not agree, but that is different from not understanding but there is a difference between good debt and bad debt.

    Let’s say I start a laundromat tomorrow (my mid-term hope/dream) and I take on 200K worth of debt to do it, but the business is bringing in 100K per year. Am I in a shittier situation?

    Real Numbers: I bought a house for $250K and it is now worth 300K I leveraged $232K of it with a mortgage. I am making $50K on that home when I sell it, am I in a shittier situation than you b/c I had a mortgage? That is lunacy.

    Real Numbers: My school loans which at their height topped more than double your school loans has provided me with a wonder of opportunities for the low cost of a couple hundred bucks a month to service the debt.

    Notwithstanding the above, when does the situation ever not get shittier? is it when I pay off all my loans and still have the assets (home/business and or degree)? or is it always shittier because I had the loans? lol

  2. Writing about loans doesn’t mean involving people into debts. It’s life and sometimes most of us have emergencies and urgent situations. Emergency fund is a great thing, and it’s a must have for people who don’t want to make debts and want to feel financially secured, but it’s not worth to forget that we live in the US where 28% do not have emergency savings. So taking out a loan is a necessity sometimes, the most important a borrower to know that taking out a loan is making a debt and feel all the responsibility of loan repayment. Knowledge is important and I am sure, the more people will know about finances, loans, debts, money and etc the more it will help to save them from financial illiteracy.

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