If you require a loan, you should know that banks are no longer the only option; We tell you three ways in which you can access personal payday loans online.
You have been a good payer all your life, but today that you have decided to start a new project and need money, you consider that the conditions offered by traditional financial institutions are not the best. What would you think of a formal credit, but via the internet? It is important to be aware that the fact that it is an online loan does not mean that it will require less requirements.
Ways to access personal payday loans online:
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Loans between people
– Lenders: some of the entities that grant loans on the Internet have a base of lenders; others are creating it. In the case of King Lend, interested grantors must register on the page, from this point the lender decides how much to lend.
-Who decides ?: On a platform where people finance people, it is the lenders who have the last word on whether they fund a loan or not.
For example, in the King Lend, lenders can interact with approved applications, analyze the description of each application and choose who to lend.
– Rate and term: in the case of the interest rate and the terms, in some occasions they can be fixed by the entity, while in others it is the lenders themselves who decide it.
On the King Lend platform, the rate is established through an algorithm that reviews several factors of the applicant, while the term is chosen by the applicant between 12, 24 and 36 months.
-Commission: there are different modalities for the collection of commissions according to the entity where the loan is requested, the important thing is to know the exact amount. On platforms like King Lend, the collection of the commission for opening is made once the application was approved and funded; In case the application was not approved or did not get the total funds, there is no charge.
Short term payday loans
There are other types of personal payday loans online: for example, those that are short term, where applicants must cover the financing between 30 and 90 days.
In this type of platforms, the amounts are small, since they do not exceed five thousand pesos, while the interest rate is determined in each case. Interest rates from 0.24 to 1.3 percent are used daily.
There are also reputational loans; Its main characteristic is that they base part of their decision on the reputation generated in social networks.
Companies that use these models, in addition to requesting mandatory requirements such as credit history and proof of income, complement their evaluation algorithms to grant or not a credit through the user’s reputation in social networks, corroborating the applicant’s information with the users that make up your trusted network. Of all the social networks, the information on Facebook is the most helpful in determining whether the loan is granted or not.