Borrowing loans from traditional financial institutions such as banks, money lenders, and building societies is often an arduous task and there is also no guarantee that you will secure the loan. Instead of taking the old traditional approach which often eats up a lot of time and energy, applying for Online Loans is often times the best alternative. Online Loans are much easier to apply, is more efficient and the transaction process is also instant.
Online Loans are also known as Online Payday loans and they allow customers who are in need of financial assistance to borrow a certain amount of money, after which they can return it back after a set period of time. Online Loans, however, do not loan large sums of money but they range from £100 to £2000. What makes Online Loans different from Loans offered by other financial institutions, is that the loans here are transferred directly from the lender and there is also much flexibility by which the loan can be repaid.
At Pay Day Power, Online Loans services are offered and this allows customers who are in need of financial assistance to take loans which can then be repaid in instalments or in one go based on the customer’s preference. Pay Day Power acts as the online loans broker and thus helps finds the best lender based on your needs. The process for the application for an Online Loan using the services of Pay Day Power is fast, simple and free of cost. To apply for an Online Loan, customers are required to fill up and submit an application form which is then submitted to the lenders.
The application form requires some information from the customer and they are as follows:
- Your Personal Details: The first and foremost information that is required includes your full name, date of birth, e-mail, phone number and your address details. This is done to ensure that you are a genuine individual who is applying for a loan.
- Your Employment Details: This includes your employment status, employment industry, employer name, monthly income and other employment details. This is done to check whether you have a stable source of income to repay back the loans.
- Your Expenditure details: This includes your Rental/Mortgage payments, existing loan payments, and other expenditures. Expenditure details are required to help the lender make out if you can repay the loan after you pay your expenditure.
All these information are required by the lender to ensure that no fraud or money laundering takes place and also to assess whether an individual is financially stable to be given a loan. The data that is entered in the application form is always kept secure using the latest encryption and certification technology. As such with Pay Day Power there is no need to worry about security.
After the application form has been submitted and an individual is found fit to receive an online loan, they will be provided with the best online loan that is available based on their inputs. The individual has the freedom to either accept or reject the loan. Upon accepting the online loan the lender will provide the customer with all the required information which includes the loan amount, the interest rate and the date for repayment.