Technological advancement has been a great contributor to many aspects of everyday life, none more so than the finance industry. Applying for a loan always used to be a manual paper-based and time-consuming process, prior to the days of online application.
Most lenders will now have a fully functioning website containing an application form. Once you have entered your details into the form most lenders will give you a courtesy call and either email or post you the loan documents.
Each process is different, different types of unsecured loans will have completely different processes. Generally speaking loans offering larger sums of money will have a more rigorous and lengthier process, whereas short-term loans such as payday loans will carry out very few checks meaning that the loan can be approved within one hour.
The speed and ease of online applications means that applying for an unsecured loan is convenient and can be completed in any spare time available.
Prior to the introduction of online unsecured loans, there were very few options available to non-homeowners or those with poor credit, there were simply personal loans from banks or specialist lenders.
Nowadays there are a number of options available meaning there is a loan for every situation. Tenant loans are specialist unsecured loans for non-homeowners and tenants, they have some flexibility regarding credit history and generally offer sums ranging from ?1000 to ?15000.
Guarantor loans are another specialist unsecured loan, these offer amount ranging from ?1000 to ?5000, they are flexible both with the purpose of the loan and the credit history of the customer meaning that even if the customer has poor credit they can still be approved providing they have a suitable guarantor (homeowner) to support the application.
Payday loans are the newest type of loans, as the title suggests they offer finance until your next payday, meaning that the loan term ranges from a few days to a few weeks, the amount available generally ranges from ?50 to ?400.
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Most unsecured loan websites will have an FAQ or customer questions section, however if you are still unable to find what you are looking for there will be a 'contact us' page containing all contact details. All lenders will have a call centre which will have experts available to answer any queries you may have.
Along with going direct to the lender there are also a number of online loan comparison websites, these websites will have a large panel of brokers all offering different products to suit certain situations. After entering various personal and financial details (no bank details required) you will be presented with various quotes with the most suitable/ cheapest at the top of the list.
Ultimately, the introduction of online unsecured loans has made the application process a much quicker and more convenient experience for customers. It has also been an influential factor in the creation of new products such as tenant, guarantor and payday loans.
Source: http://matthewporterart.blogspot.com/2012/11/the-availability-of-online-unsecured.html
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