Online loans: all the pros and cons

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The Internet has greatly simplified human life in many areas. Finance is no exception. Making payments online is fast, convenient and practical. The same goes for taking out loans.

Benefits of getting a loan online
There are many reasons why banks refuse loans. Borrowers go through thousands of cross-checks of their scoring systems that assess the trustworthiness of clients. You may not be given a loan even if, for example, your neighbors in the landing do not return their debts to the bank. Banks love to play it safe.

Another thing is microfinance organizations (MFIs) that issue loans on the Internet. They are far from being as demanding on borrowers as banks, and allow you to take an online loan on a card without refusal. The main thing is that the client is of legal age.

If you put together all the advantages of credit cards, you get the following picture:

1. MFIs issue money quickly, without visiting offices or branches and going through many bureaucratic procedures.

2. Unlike banks, many companies allow you to get an instant loan around the clock.

3. The MFI is unlikely to ask why you need the money. You don't have to report your expenses.

4. The probability of obtaining a loan without refusal is much higher than in a bank.

5. Microfinance organizations have loyalty programs. Regular customers can count on good discounts.

6. Many companies issue free (at 0.01% per annum) first "trial" loans.

Cons of applying for a loan online on a card
Of course, there are also disadvantages that are inherent in the field of online lending. Most of them are justified by the increased risks of default and the fact that money is issued to almost any person who urgently needs financial assistance. The disadvantages of credit cards include:

a high interest rate

Large late fees

Choose best cards and it will help you make your life easier.