Home Finance What No One Tells You About Online Loans

What No One Tells You About Online Loans

What No One Tells You About Online Loans

No doubt you’ve heard of online loans before and you probably have a decent idea of how they work. You apply over the internet and find out if you’re accepted or not, then your money is sent to you. What you might not know is:

You will sign loan documents, just like you would at a payday loan office. This may be online, but your signature still counts, so defaulting on your loan is not an option.

Most online loans are short term. You may have to pay it back within a week or two, so double check the amount of time you have before your loan is due.

Loan fees depend on your state. Loan rates are determined by which state you live in, so it may change if you move.

APR can be through the roof, for good reason. Check out the APR on a simple online loan and you’ll find that it’s crazy high. Fortunately, there’s a good reason for that. Since you’re paying your loan back in just a short period of time, the amount is relatively low, but still allows the company to make some profit.

Whether you’re looking for a little something to keep you going or are in need of a business loan, going online might be your best option.