Category Archives: Online Loans
If you are considering online loans, then it is a good idea to make sure that you have a good understanding of what they are and how they work. The loans are a bit different to more conventional loans and so you will be wise to find out more. You will find that you will be able to find out more in a selection of places.
You will find that you will get quite a bit of information form the websites of lenders that offer this sort of loan. They should tell you how the loans work and give you other information as well about them. This can be extremely useful, but it is worth remembering that they will want you to take out a loan. This means that they will only include all of the positives of the loan. As we all know, there are advantages and disadvantages to all loans and therefore we need to make sure that we look at other sources of information as well so that we can get a more balanced point of view.
Comparison websites may have some information on them which could be handy. However, they will also want you to take out a loan as they will make commission on any leads that they make which follow through to someone lending. As they deal with different lenders they may not be biased in the same sort of way as a lenders website but they will still be likely to only have positive information.
There are some websites that generally deal in personal finance or money. These can be much more helpful because they will be far less likely to have a need for bias. However, do be careful as you could find that there will still be some people that will perhaps make commission on leads but look like a general site. On a UK website, they have to declare if they have affiliate links so that should help you to be clear on whether they are likely to have bias or not. Forums can also be good places as people will discuss their experiences and this might hep to get a better understanding of what it is like to have a loan like this.
People you Know
It can be a good idea to ask people that you know about their experiences with online loans. They will be able to tell you what it is like to actually have a loan like this and this can be really useful. You will be able to get a feel for the actual borrowing process and repayments. They will be able to tell you about the pros and cons, why they chose that loan and lender and all sorts of things which could be extremely handy in allowing you to learn more about them.
This is a long list and it might feel like it will be a lot of effort just because you want to find out more about the loans. However, it is a good idea to think about all of these things so that when you do need a loan you will know what it might be like to have one like this. It is important because if you are picking between loans you need to make sure that you are picking the one that is most suitable for you. If you wait until you need money, it can be too late to do this level of research as you need the money quickly. You may also be worried and not really in the mood for it, so it can be wise to do it sooner rather than later.
There are some people that do get concerned about dealing online and worry about safety of doing any sort of banking online. It is right to be cautious, but there are things that you can do which should help you to make sure that things are safe for you which will help you to gain confidence with regards to dealing online.
Firewall and Virus Checker
It is a good idea to always make sure that you have a good firewall and a virus checker on your devices. This will help to protect you against a lot of the nasties that you could encounter while online. You are at no greater a risk with online banking than you are with any other internet use, but it is extremely important that you have these in place anyway.
Watch Out for Phishing
Phishing can be a genuine concern for many people and it is something that you need to be careful of. There are simple ways to protect yourself though. If you only bank by directly accessing the bank yourself through your PC or device or through telephoning yourself then you will know they are genuine. Do not follow links in emails, use search engines to look up the website or give any details over the telephone unless you telephone in, then you will not get caught out in any of the nasty scams that can happen to some people.
Keep Things Private
It is also important that no one can see your details as you are banking online. Therefore, try to use a private device or PC in a place where you are not overlooked. If you have to use it in a public space then make sure no one is looking while you are doing it. If you use a public computer make sure that it does not save your details and that you close all tabs fully before shutting down the browser. Also check before using it that it is secure.
It might also be that you will be concerned about trusting the lender. A lot of online lenders can be fairly new and therefore not well known. However, this does not necessarily mean that they are untrustworthy. You can check for this too.
If you read reviews online of a lender, then there is a chance that they will be biased. It is also likely that people are far more likely to write a review if they are unsatisfied, so bear that in mind as well. However, you should still be able to find out a bit about them. If you have review sites that you trust, then you will be better off going to them. Also, you could ask people you know, if you know that they have used online loans.
It is always a good idea to go to the website of the potential lender. You should be able to get an idea about them from this and it will allow you to be able to check what they are like and whether you feel that you want to use them. It might have information about the company on there and you should just be able to get an idea of how they feel by the way the website is worded and set up
It is also a good idea to contact them for yourself. This could be by email, through their website or by telephone. Use the form of contact that you feel that you would use if you were borrowing from them and ask them a few questions. This will allow you to be able to find out what they are like with regards to how quickly they respond, how polite they are and how helpful they are. This should help to build up your impression of them.