The emergence and expansion of online credit follows a global movement of order and online management of goods and services, all enabled through further development and wider access to telecommunication innovations. The adaptation of the loan contract to the digital age brings significant benefits:
Speed, flexibility and comfort
- The request and / or the subscription on-line exempts a passage in agency and thus the making of an appointment. Although a home loan requires the meeting of an advisor for the conclusion of the contract, the preliminary steps – often long and tedious – can be done on the Internet.
- An online credit application can usually be made at any time of the day and week.
- Similarly, the communication of supporting documents is done directly by electronic means.
- The response of lenders is given in a shorter period of time than in the case of a standard procedure (usually between 24 and 48 hours).
Simplicity and ease
- Subscribing to an online credit is a simple process since the potential borrower is guided from the first to the last step via intuitive platforms with just a few clicks.
- The communication is done by telephone, email, internet chat, videoconference, …, which allows to easily have answers to his questions.
- The management of an online credit can be done directly on the Internet via his personal space. This allows easy access to its schedule and track its credit at any time. Changes can even be made online.
- Fees are mostly lower and many institutions do not charge a fee for certain types of credit online. In addition, tariff promotions are offered on a regular basis by online banks.
- Thanks to the speed and accessibility of the application procedures, it is easy to find the most advantageous offer by comparing the offers. Comparative sites specialized in online credit exist to facilitate the task of individuals. This is a major advantage of online credit since the applicant’s personal bank often does not offer the best offer in the market.
Online, it is easy to tailor your needs and make multiple requests for free and without commitment depending on your projects and resources. Online credit applications are the subject of a personalized study to benefit from the best conditions for each. This allows you to react quickly if you have to revise your projects down or, on the contrary, borrow a bit more than you expect.
The rates and ancillary costs are known at the beginning, from the request of credit on line, and make it possible to subscribe without unpleasant surprises.
However, a loan agreement remains a major commitment; the underwriting facility can sometimes be a danger. This is why we must remain vigilant on several points:
Online credit is usually done without contact with an advisor and can leave the borrower lost, especially if he is an elderly person. However, a customer service is provided for this purpose to guide the person in his efforts.
Absence of security
- The communication of personal data on the Internet must always be apprehended with vigilance. However, online credit applications are made in a secure way – as such, it is important to check that such a device is provided on the site of your choice.
- Be careful not to turn to any online lender. By careful research, it is necessary to inquire beforehand and it is even highly recommended to opt for a reliable and recognized establishment on the market.
The subscription to a line credit being made in a few clicks, it is easy to hastily conclude a contract that is not adapted, or even unwanted. Nevertheless, we must not forget that a withdrawal period is provided for this purpose (see above) and that the online management allows to modify its information.
In short, a vigilant attitude helps to guard against the bad surprises of online credit. The specialized sites offer adapted assistance when needed, which offers the opportunity to enjoy, without much concern, the many assets of the loan on the internet that are speed, simplicity and economy.