What are phone loans? How are they different from online inference? Let’s see!
We live in times when wanting to borrow money from a financial institution, we do not have to stand in long queues and eagerly await a conversation with a consultant. Currently, there are many modern loan companies that allow you to enter into a commitment not only via the Internet, but also by phone
While browsing offers available on the non-bank financial services market, we can see that lenders are proposing ever newer ways of applying for a loan without leaving home. We get the opportunity to take advantage of the online offer, with home service, by phone, and even during a Skype call. Some companies offer more than one of the ways to choose to reach as many customers as possible. All these solutions allow the convenience and comfort of the applicant, who can quietly analyze the lender’s proposal and make a reasonable decision in the comfort of home.
Phone loans are addressed to people who do not have permanent access to the internet, cannot use it or simply do not want to. We provide the necessary information to the consultant during a telephone conversation. We do not have to worry about whether we have completed the application correctly. When we answer the company’s representative’s questions, he or she will complete the fields required on the form for us. Not all lenders provide this option, so before choosing the offer that suits you, we should read the information through which channels we can apply for financial support.
Phone loan – what to look for?
We should pay attention to our needs and financial capabilities. If the minimum amount proposed by the lender is higher than what you need, you should abandon the idea of getting a loan from him. Thanks to this, we will eliminate any problems with paying too much money. It is also necessary to pay attention to the conditions imposed on borrowers. The most common obstacle to receiving a positive credit decision is age, source of income, or negative entries in the registers. There are lenders who accept some shortcomings in the regular repayment of previous liabilities but require permanent, reliable employment. The reverse can also happen.
Some customers assume that if we are 18 years old, every loan is at our fingertips. Nothing could be more wrong. Loan companies can set the borrower’s minimum and maximum ages themselves. There are those who offer their services to young people, but the chance of getting financial support shortly after reaching the age of majority may be small. That is why companies are inclined to commit for 20, 21 years. You can find offers that have even more stringent age restrictions.
Another thing that we need to pay attention to is the possibility of extending the repayment of the liability, refinancing or temporarily suspending the repayment. You never know what life situation we will find ourselves in and whether we will have sufficient funds to cover the commitment at the given moment. It is also worth familiarizing yourself with the consequences of late payment.
Before making a decision, it is recommended that you read the loan granting and repayment regulations and framework agreement. In case of ambiguity, it is worth paying attention to the questions and answers section. When requesting by phone, all our doubts should be dispelled by a consultant. However, if you want to complete the formalities as soon as possible, it’s better to try to explore the topic yourself.
Phone loan – how to apply?
Applying for a loan during a phone call is as easy as online. We just have to follow the guidelines indicated by the lender. At this point, it is worth noting that some companies only grant telephone loans partially. This means that you must first complete an online application, and then during the conversation the company verifies the data provided by us and gives decisions. However, what does the application process by phone only look like?
- The first and at the same time basic step for any loan should be responsible, thoughtful selection of the offer. (According to the aforementioned recommendations)
- Gathering basic information that a company representative may require from us during a conversation.
- What will we need? Nothing complicated. We must be prepared to provide basic personal data, address details, contact details, as well as information on employment or fixed expenses. Depending on the company you choose, we may be asked for other information. However, the ones listed above are the basic ones that every potential borrower should have at their fingertips. A personal document will be a mandatory document when completing the formalities.
- The next stage will be a conversation with a consultant. To contact the lender, you usually need to complete the appropriate contact form, leaving your details. Shortly after, we’ll get a call from a company representative. Another solution is also to make a call to a special hotline. Some lenders have the option of reporting via SMS.
- After providing all necessary information and when the lender completes our verification, we will receive a decision. If it is positive, our account – depending on the time of notification – will still appear on the same day or the next business day with the necessary money. You can read more about it in our article ” What is the waiting time for a credit decision? “
Telephone loans and online loans
For both online and telephone loans, the requested money will be on our account at an express pace. In addition, in both forms of financial support, the application process is smooth and should not raise doubts for the applicant. However, some lenders may require additional employer certification from their clients when granting loans online. In the case of a loan by phone, the information we provide in words is sufficient.
According to information provided on the websites of various lenders, it can be argued that a person with negative entries in the databases will get a loan more easily than by online. However, everything has its pros and cons.
An online loan will be better for people who do not have much time during the day and cannot afford a phone call during the helpline’s opening hours. In addition, for lenders online, you can find more offers from lenders.