Online lenders can be a quick and easy way to get money. You can frequently apply online and deposit the funds into your account within a few days. But it is not legal for Licensed Moneylenders in Singapore to lend out their funds online. You will need to visit their outlets to sign up and receive your money.
On the other hand, working with a financial institution with physical locations has advantages. If you’re thinking about using online-only lenders, consider the following advantages:
No Collateral is Required.
The unsecured nature of the loan is one of the most important benefits and reasons to have one. This means you can get a personal loan even if you don’t have any collateral or guarantor to back it up. As a result, you won’t have to worry about arranging collateral. As a result, there is no risk of losing an asset.
Accessible Online – Anytime, Anywhere
One can apply for an online personal loan through Finance Buddha. Simply go to their online platform, fill out the online application form, and upload scanned copies of documents such as your PAN Card, bank statement, and ID proof.
That’s all there is to it; you’re done. Our automated algorithms will begin to check for everything.
If you meet the eligibility criteria and provide appropriate documentation, your loan application with us will be approved within minutes and disbursed to your bank account within a few hours.
You can quickly compare multiple loan offers
Comparing lenders and offers before accepting a loan is one advantage of shopping for a loan online.
You can find reviews and comparisons to understand each lender’s potential interest rates, terms, loan amounts, fees, and other advantages and disadvantages. You can also apply for preapproval or prequalification with a lender to get an idea of the loan amount, rates, and terms.
There are also aggregator and comparison-shopping websites where you can submit a single application and receive multiple loan offers.
In either case, these frequently only necessitate a soft credit inquiry, which does not affect your credit scores.
Track Loan Status Online
When you apply for a personal loan with us, you can always keep track of your application. You will be assigned an application number.
You can use it to track your loan processing and, later, to manage your loan online. You can obtain information such as your outstanding balance, tenure, interest, etc.
Personal loans online are extremely fast; applicants save a significant amount of time because the loan is obtained online. Traditional personal loans were processed manually, which took more time.
However, for online loans, loan processing is handled by computer software, saving time and effort while making the process extremely fast.
Use It for Any Purpose
Personal loans can be obtained online for any personal reason, including medical emergencies, children’s higher education, your dream wedding, an urgent trip, or a sudden need to increase your monthly budget.
A personal loan can assist you in any of these situations by providing you with quick cash. And the best part is that you don’t have to explain why you’re doing it to your lender.
Getting a loan used to be a time-consuming and difficult process. There is no longer any need for physical documentation, multiple visits to the bank, or long wait times for the approval of your loan. Simply apply online and have fun with the process. No muss, no fuss, and get e-approved in minutes.