In this day and age it’s easier than ever to apply for personal loans. Many lenders have moved their entire application and funding process online. Depending on the loan and the lender, you may be able to submit your entire application from the comfort of your own home. No more waiting in long lines or filling out lengthy paperwork.
It’s easy to get started. If your lender offers an online application—like CreditNinja—the process can be quick and easy. First you enter your personal information into the online application. The lender will likely need to know about your borrowing history, mobile banking information, and current income, among other things. Some lenders may want to also check your credit score, so make sure you know what it is.
Next the lender will decide whether or not they can provide you with an easy personal loan and what the APR, interest rate, fees, and total cost will be. Understanding the fees prior to signing the contract is crucial. What is the interest rate? Do they charge a late fee? What is the origination fee? These are all questions you should be able to answer. and once you can answer these, consider using a loan calculator to determine your payments.
If you’re offered an online personal loan, they will deposit the funds directly into your bank account and you can spend the cash with your debit card. You’ll begin to repay on the agreed upon date, and once it’s paid off the process is over. Most lenders will also allow you to set up autopay. Using autopay is a great way to always make payments on time. If they don’t offer autopay, consider setting reminders for yourself so you don’t forget. Or consider finding a lender that offers autopay.
If a borrower isn’t able to pay, the lender may offer to “rollover” the loan. This means extending the repayment term and adding more fees and interest. You can also apply for a debt consolidation loan if you have multiple debts. Debt consolidation can help you repay your personal loans.
CreditNinja’s safe and secure process allows borrowers to apply and get a personal loan completely online. You can also use a personal loan calculator to calculate the costs associated with different lending products like lines of credit, mortgages, and more. A calculator is a great way to make sure you can afford the APR and fees of a loan. You can find plenty of loan calculators online, including on the CreditNinja website.