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.

Why Online?

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.  As well as applying for an online loan with a lender, you could choose an online payday loan broker, like LoanPig. Rather than directly offering you a loan, when you apply for a loan with LoanPig we have a whole panel of reliable and trusted UK lenders that can provide you with the loan you want. 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. 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.

What Are The Restrictions For Applying For An Online Short Term Loan?

In line with our responsible lending practices, LoanPig and the lenders on our panel all have certain criteria that our applicants must meet in order to be approved for an online loan. These criteria have been put in place to make sure that the people that we supply online short term loans to are able to afford them. In order to be approved for an online loan you must meet the following criteria:

  • 18 years old
  • A UK resident
  • Be in permanent employment or receiving an allowance
  • Have a bank account with a valid debit card

Adhering to the guidelines set by the FCA, the lenders on our panel may also carry out checks to determine your credibility when you apply for a loan, which you will need to pass in order to be approved for an online loan. The types of checks and the standards for passing a credit check depend on the lender, so even if you have a low credit score there is still a chance that your application will be approved.

Do You Perform Any Checks Before Approving Online Short Term Loan Applications?

While we at LoanPig won’t perform any checks to approve your application, 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.

What Should I Do If I Can’t Make A Repayment?

If you miss a repayment, a £15 missed payment fee may be charged to you and you might see an additional 0.8% increase of your loan repayment amount in interest for every day until you make the payment that you have missed. Because of this, we recommend that you always double check to make sure that you can afford your repayments. If you can’t afford them, be sure to contact the direct lender we have put you in touch with and inform them of the situation. They may be able to defer your repayment until the next month or they might put together a repayment plan to make the process of paying back your loan easier.

Why Are LoanPig Online Loans Different?

At LoanPig, we prioritise responsible lending and want to make online payday loans accessible and safe. When you apply for online loans with us, we can offer you a level of flexibility that you won’t find elsewhere and will gladly walk you through your application process and support you. We will do all of the hard work for you, which means that you don’t have to put your life on hold just to get a loan. So, why not choose us for your borrowing solutions? We can help you find reliable cash options fast.