Applying for loans can be a headache if you go the traditional route. However, applying for online loans in Toronto makes the process far simpler and quicker. Here are some reasons why online loans are better.
It Is Faster
When you apply for a loan, you don’t want to have to wait very long before you are approved. In many cases, people need the money relatively urgently. With traditional banks, loan applications can take weeks to get approved. Even then, after jumping through all the hoops and waiting for the bureaucracy to get to your application, you might still be denied or offered an extremely unfavourable interest rate.
With online loan applications, you won’t have to wait in queues at the bank or deal with long waiting times for feedback. Most online loan applications through us at Better Than The Bank get approved within 24 hours.
Moreover, once the loan is approved, the money will be transferred to you immediately.
It Is Easier
Applying for a loan through a traditional lender such as a bank is rather arduous and admin-intensive. You have to provide mountains of paperwork and stand in queues just to be considered, and even then, you might not be approved.
With online loans, you can apply from the convenience of your home or office without having to set foot inside a bank or wait your turn in a queue. You don’t even have to do it during office hours. You can apply whenever and wherever it’s convenient for you.
What’s more, the administrative burden is significantly less. You only need to prove that you have stable employment so that we can ensure that you have the means to repay the loan. Not much else is required in terms of admin.
No Credit Checks
One of the most significant drawbacks of traditional lenders is that they will check your credit record and deny you a loan based on your credit score. This can sometimes be a somewhat unfair representation of your ability to repay your loans, which is why we at Better Than the Bank don’t base our decision on this somewhat arbitrary rating system.
We don’t check your credit history when you apply for a loan with us, which makes the loan approval process faster and more reliable.
For access to a range of online loans in Toronto, apply now at Better Than The Bank and get approved today!