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Online Lending Platforms

Online Lending Platforms
Online Lending Platforms

Lending Platforms

It is not an anomaly to run out of cash. At one point or the other, you might need loans to fund your medical bills, emergencies, studies and a host of others. Typically, one needs to go a bank fill a lot of forms and bring a bag full of documents; birth certificate, marriage certificate, hair cut certificate (if this exists), etc. Thanks to the internet. You can request for personal or business loans from the comfort of your homes. Most of them do not require collateral and your loans are typically disbursed in less than five (5) minutes. Platforms that do this are referred to as online lending platforms. Tons of them exist on the internet and in different countries around the globe – Online Lending Platforms.

Beyond the stress and bureaucracy associated with obtaining a loan from a physical bank, several people do not have the required documents and collateral required by these banks. Thus, these people who do not meet the requirements are left stranded when they are faced with an emergency such as medical bills. Online lending platforms have got these people covered as most of the requirements are not stringent.

Do you need a loan?

Take a deep breath! Yes, breathe in, breathe out. Having done this, ask yourself slowly if you need the loan. It is unwise to get a loan to show off or throw a party. Better still, it is highly unreasonable to get luxurious items like diamond wristwatches, rings, etc. Borrow up to $40,000 and get your money in as little as 4 days (Check your Rate at LendingClub):

  • Fixed monthly payments
  • Low, fixed interest rates
  • Make payments automatically from your bank account
  • No prepayment penalties
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Accessing Online Lending Platforms

Now that you are sure that you need a loan. The next thing that comes to your mind is how to get the online lending platforms. As the name suggests, online lending platforms are available on the internet. There are different online lending platforms available (take your time to research the one that fits you best). Most of these platforms offer different loan packages – short-term loans, long terms, payday loans, etc. Depending on the lending platform you are will be using, different lending platforms may use terminologies for the packages they offer other than the ones used above.
There are also online cryptocurrency loans. You get loans in cryptocurrencies such as bitcoin, etc. Some of them might require you use stable coin collateral.

General Requirements

  • Register (sign up) on the platform.
  • You must be more than 18 years.
  • Email address, home address, and office address.
  • Account details
  • Purpose of the loan

How does it work?

Select an online lending platform.
Sign up and input all the required information and documents.

Apply for the loan: Choose the amount you want to borrow (most of them have a limit most especially for first-time borrowers). Choose when you want to pay back.
Sit back for your offer: Some of them run algorithms on your phone and the information provided and will offer you the loan amount you are eligible to get.
Get your money in your account: Once you have accepted the offer and signed the terms and conditions, your loan will be disbursed.

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Aneta Larkins

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