The internet has revolutionised our lives, making things quicker, more convenient, and offering an unprecedented array of choices. The personal loans sector has not escaped this transformation, with providers like Harmoney offering an entire online loan process, from quote to repayment, providing numerous advantages over traditional bank loan applications.
Faster
It's widely known that the internet operates at a faster pace than the offline world, and this speed extends to the financial domain. According to Finder, obtaining a loan from a bank or credit union can take several weeks, including approval and disbursement times. In contrast, online processes are significantly quicker. On Harmoney, almost all loans are fully funded within 24 hours, and once funded, it takes just 1 - 3 business days to receive the money.
This rapid turnaround can be a significant advantage when you need cash urgently, especially during the quote phase.
Simpler
Getting a quote for a loan online is a straightforward process. While the necessary documents are still required, you can obtain a quote at any time, even in the comfort of your pyjamas. There's no need to adhere to someone else's schedule, travel into town, or search for parking. With an online loan through Harmoney, most applicants need only verify their ID and finances.
Moreover, the entire process is streamlined and eliminates paperwork. Applicants can easily track payments and loan terms by logging into their online accounts.
Less awkward
Discussing financial circumstances can be uncomfortable, especially when asking for money. In-person loan applications necessitate this potentially awkward conversation, requiring you to explain your reasons for needing the money and possibly feeling judged.
Applying for a loan online sidesteps this discomfort. While you still need to articulate your purpose for the loan, typing instead of speaking allows you to avoid potential embarrassment and ensures your reasoning is communicated clearly.
Easy to check a website's credibility
Ensuring the trustworthiness of a loan provider is crucial. To verify credibility:
Check ASIC Connect to confirm the company's registration in Australia.
Verify the company's Australian Financial Services Licence Number on ASIC.
Confirm a secure connection by looking for the padlock icon in your browser.
Read online reviews on platforms like Facebook or Google to gauge customer experiences.
Lower rates
Online lenders, with lower operational costs than brick-and-mortar counterparts, can offer more competitive loan rates. Harmoney, for instance, provides low interest rates based on your financial status and credit rating. Utilise their online loan calculator for a preliminary estimate of potential repayments.
Easy to compare
Comparing loan options in person can be time-consuming. However, online processes streamline this task. With Harmoney, a no-obligation quote is provided within 24 hours of starting the application, detailing how much you can borrow and at what rate. The quote remains valid for 60 days, allowing ample time for comparison with other lenders or thoughtful consideration before making a decision.
Whether you're exploring options or ready to proceed, Harmoney's online platform simplifies the loan comparison process, empowering you to plan your finances more effectively.
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