What are Online Loans?
Online loans are a form of finance that is conducted completely over the internet. When applying for an online loan, you should expect to complete the process on the lenders website including the application form and the signing of documents.
You will frequently be asked for bank and repayment details and for that reason it’s essential to check the security of the website that you’re using. Online loans are often offered by smaller, more specialised lenders rather than banks.
Online loans are a great option for anyone that has faced a financial emergency. If you’re looking for a little extra cash to tide you over until payday, online short term loans will provide you with the quick money you need.
There are no piles of paperwork, stressful interviews or lengthy phone calls. With one fast online form you could be one step closer to bidding goodbye to unexpected bills.
Why an online loan rather than your bank?
Online loans are simple to understand and simple to apply for. Like payday loans and short term loans, online loans are small loans that you can apply for online. They are fast to be approved and fast to be repaid, so they are often a good solution for unexpected expenses that need immediate attention. The application process takes no time at all and if your application is approved you could have your loan in your bank account on the same day.
What Are Online Loans Used For?
Online short term loans are considered emergency loans and are often used by people in financial emergencies. If a pipe bursts in your home or your car breaks down, you need to get the problem resolved quickly and not everyone has the money to afford these fixes there and then.
That’s where online loans come in. With an online loan, it takes barely any time to apply for and find out if your application is accepted, which means you can resolve financial emergencies as soon as they come up. Then, on your next payday, you can pay back your loan or spread the repayment costs over a period of several months to make them easier to afford.
Where Can I Get An Online Loan?
There are all sorts of different lenders that offer online payday loans and each of them has their own methods of lending. When you apply for a loan with LoanPig, a direct lender, but you also get a whole panel of reliable and trusted UK lenders that can provide you with the loan you want, if LoanPig can’t.
When you apply for an online loan with LoanPig, you can rest assured that your loan will be reliable, safe and affordable. That is because LoanPig and all of the lenders on our panel are authorised and regulated by the Financial Conduct Authority.
Who Are The Financial Conduct Authority?
The Financial Conduct Authority, also known as the FCA, are a governing body responsible for making sure that payday lenders and brokers approve loan applications responsibly and don’t put unfair terms and conditions on their loans.
The FCA are the ones responsible for making sure that online loan lenders and brokers offer loans to only people who can afford to repay them and stop lenders from making interest on online short term loans unreasonably high.
So, when you apply for online loans through an FCA approved lender or broker, you can be sure that they have your best interest at heart and you won’t be stuck with a debt from your loan that’s impossible to repay.
How Do I Get An Online Loan?
Applying for online short term loans is a quick and simple process that will take you only a few minutes. Simply use our online loan calculator on our homepage to decide the size of your online loan and how long you want it for.
When you click ‘Apply Now’ you will be taken to an easy online loan application form where you can fill in your personal details. If you have the information readily available, it takes no time at all to apply for a loan through LoanPig, so why not give it a try?
What Is An Online Loan Finance Broker?
A finance broker is an intermediary between you and direct lenders. Rather than directly supplying your loan, at LoanPig, it’s our job to go out and hunt down a lender that will accept your loan application and give you the best possible rate if we cannot directly offer you a facility.
We have a panel of lenders that consists of some of the top UK short term loan direct lenders, which means that you have more options when applying for online loans and a higher chance of being approved. So, why not rely on us to find you a great online loan with a reliable UK lender?
What Happens After I Apply For Online Loans?
When you apply for fast online loans there is no paperwork or boring phone calls to suffer through. After you have filled in your online loan application form, the rest of your application is sorted out by us. We will share your loan requirements with our panel of online payday loan lenders who will check over your information and see if you are eligible. If any of our lenders approve your application, we will get in touch with you and link you directly to their website where you can read over the terms of your loan and finalise your application by filling in a few personal details.
How Long Does It Take To Receive My Funds?
While we are well known for supplying quick loans to our customers, the lenders on our panel may have different response times, so we cannot always say how long it would take for you to receive your funds. However, if you submit your online payday loans application early in the day, you could receive your funds before the end of the day. We aim to get your online loan to you within 24 hours, so you are guaranteed a fast payment if your application is approved.
Are Online Payday Loans Right For Me?
Online payday loans aren’t for everyone and it’s important that you know the details of your loan before you apply. With LoanPig, you don’t have to finalise anything until you are absolutely sure about what you’re applying for and you can always come to us for advice if you’re not sure.
Do You Perform Any Checks Before Approving Online Short Term Loan Applications?
While we at LoanPig perform checks to approve your application, if we cannot lend then the lenders on our panel may carry out certain checks to assure your eligibility for online short term loans. These checks may include credit checks and affordability checks.
While we have a high acceptance rate for loan applications, these checks are necessary to prevent fraud and ensure that we are lending responsibly. However, these checks should not deter you from applying for an online loan. We have a high acceptance rate and welcome credit scores of all kinds.
What Is APR On Online Loans?
If you don’t know much about applying for online payday loans then one important bit of information that you need to look out for is ‘APR’ which stands for Annual Percentage Rate. The percentage that you see associated with APR when looking at online loans represents how much you would be paying back on your loan after a year compared to the original amount. This final amount includes interest as well as any additional fees and charges. You will often find that APR on payday loans is more than it is for other types of loans and this is because online loans are paid back quickly.
Why Should I Apply For Online Loans With LoanPig?
When you apply for online short term loans with LoanPig there are a lot of great benefits that you won’t find anywhere else. We have a high acceptance rate and more options for online payday loans than most other direct lenders or brokers. With LoanPig, you can also have the option to repay your loan in simple monthly instalments, with most people choosing 3 month loans to make their repayments more manageable.