Nowadays the technology provides us with a multitude of tasks, especially when managing our personal finances: apply for a loan online, transfer funds, check bank movements, etc. On this occasion, we are going to talk precisely about how digitalization can help us find a quick response to our financing needs. Let’s see how to apply for a loan online:
Online loans: speed and convenience
Online loans are similar to traditional loans, but with the advantage that they can be contracted online, without leaving home, using a computer, mobile or tablet. This is a point in favor for those who hate paperwork or having to go to an office to negotiate conditions with the manager and carry out the necessary procedures.
Another feature of this type of loans is that the approval and contracting time is almost immediate, since they usually respond to the request within 24/48 hours.
Online personal loan application process
Next, we will see the steps that we must follow to apply for a loan online. For this, we will take as an example the LiveStar Money loan, a 100% online loan, without guarantees and without the direct debit of the payroll. The steps to request it are as follows:
Step 1: Choose the loan amount and term
In this first moment, you must select the amount you want for your loan, remembering that, in this case, the amount can range between $ 1,000 and $ 4,000. In addition, you must choose the loan repayment period, which can be from 24 to 42 months.
Step 2: Complete the loan application form
Next, you must fill out an application form. Following the example, all you have to do is enter your identity document and phone number, since it is essential to be a LiveStar customer to approve your loan application, so you should check, with this information, If you meet this condition.
In addition, you can then select the purpose of the loan, although you can allocate the money you want to request for any purpose, as it has no restrictions and neither, LiveStar will ask you for proof of what you have invested in this money. We must remember that this is the specific case of the LiveStar loan, in general, other loans we will have to fill in a more extensive form and indicate the purpose of the loan.
Once you have completed this short form and your application has been confirmed, you will receive via email, a document with all the loan conditions, so you can study it well before accepting.
Step 3: Approval of the funding request
The next step, the signature of the loan, which you must do through your mobile phone, or any other device, once you have read all the conditions that were sent to you through your email. Finally, and in order to verify the identity of the client, a video recording of an approximate duration of one minute may be requested to authorize the operation.
The last step? Now we only have to receive the money within 24/48 hours.
As we have seen in this mock application for an online loan, the process is much more agile and simple than traditional loans granted in an office. In addition, we will save the collection and delivery in person of basic documentation, since it will be done through the internet, without losing security, as the company will ensure in one way or another the identity of the person requesting the loan.