title:A Guide to Getting an Online Loan author:John Mussi source_url:http://www.articlecity.com/articles/business_and_finance/article_5246.shtml date_saved:2007-07-25 12:30:07 category:business_and_finance article:

If you’ve been considering applying for an online loan but aren’t exactly sure whether it’s right for you, then this guide is written to help you to find the money that you need. Online lenders often offer the same services that traditional lenders such as banks and finance companies offer while offering them at lower interest rates or with more loan options.
Of course, you might not be sure that applying for your loan online is the best suited solution for your loan needs? here is some additional information to help you to decide whether an online loan is right for your needs or not.
Why choose online loans?
Online loans generally offer a level of convenience that you won’t find with standard loans? you can research your loan and apply from the convenience of your own home computer via a website utilizing advanced encryption features designed to keep your personal and financial information safe.
Additionally, because of the reduced overhead of operating their business online instead of in a physical building, online lenders are often able to offer loans at greatly reduced interest rates regardless of the borrower’s credit history with sufficient collateral to insure repayment of the loan.
What information do I need in order to apply?
Generally speaking, to apply for a personal loan online, you will need to provide some or all of the following information:
Phone Number
Date of Birth
Identifying Information
Email address
Employment Information (if applicable)
Monthly Net Income
Housing Status
Automobile Information (if applicable)
Other information may be required, depending on the type of loan that you are seeking and the lender that you’re using to apply for the loan. Often this information will relate to specific types of employment or lender-specific requirements based upon the type of loan that’s being applied for.
If you’re taking out a Small Business Loan:
Know what lenders are looking for you’ve got to be prepared with the information your lender needs to make a decision in your favor. Lenders typically evaluate four key factors: previous business experience; ability to repay the loan; collateral and personal guarantee; and character.
Prepare your documents thoroughly?they include your business plan, balance sheet, cash-flow statement, income statement, personal financial statements, personal and business tax returns, and a description of the terms and loan amount, including how it will be used, secured and repaid.
If You’re Taking Out a Home or Auto Loan:
You’ll need the name and phone number of nearest relative not living with you. The length of time at your current address or ownership of the vehicle. Payment amounts, Employment information , Year, Make, Model, and other relevant information should also be available.
Give Them Your Business
Show your lender that you are a good risk. Move all of your personal and business accounts to the bank, so that they can evaluate how you manage your money. This will also give you a chance to check out the bank’s loan policies and gather up the forms before you get started.
When at First You Don’t Succeed . . .
Many people get turned down for funding. But, don’t give up. Search for other banks until you find the right fit. In the end, banks want your business and will work with you to find a solution. Above all, be persistent.

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