Why Borrow Online?
There are many reasons for somebody to choose to borrow money online versus more traditional routes, such as a bank or building society loan. You might be unemployed, have a poor credit rating, you may not be able to access a bank for a loan interview because of remoteness, or a busy schedule.
You may need to obtain money immediately without having to wait for a credit check. Perhaps you would simply prefer the convenience of doing it online, from the comfort of your home. Whatever your reasons for deciding that you want to borrow funds online, and whatever it is that you need the money for, there are a lot of different options available to you.
The decision you make should be tailored to your 2personal circumstances, and this article is intended to help you make that decision and inform you of the plethora of options available to you.
Online Banking
If you already have a bank account, then before looking into other sources of money borrowing, it is often worthwhile to log into your online bank account. From there, you may be able to apply for an overdraft or a temporary extension to your overdraft limit.
Interest rates and fees vary, so you will need to read carefully through the terms and conditions, and also make sure not to exceed your overdraft limit. Many banks offer this service instantly after filling out a short form via online banking service.
Also, you can also apply for personal loans through online banking, in fact, some banks have exclusive offers available only to online banking customers, so make sure you know what your bank is offering!
Payday Loans
If you need an instant solution to your money problems, and you know that you will be able to pay back the debt in the very near future (for example, because you have a payday approaching), then a payday loan may be a good option for you.
Payday loans are an emerging concept in India, with some organizations such as Money in Minutes and Rupee Land growing rapidly in popularity.
It is possible to borrow amounts of money up to 10,000 INR, and interest rates are commonly high, usually at approximately 1{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} interest per day. Therefore, when looking into using a payday loan, ensure that you will be able to pay the money back soon.
PayPal and Online Credit Cards
If you need to borrow money for online purchases, then a good option may be PayPal credit. PayPal credit works in much the same way as a regular credit card, with an annual interest rate of 17.9{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616}. Application and approval occur almost instantly, making it ideal if you need the cash quickly.
In addition to this, there are often promotions running, and individual purchases can be bought with credit at a 0{ed162fdde9fdc472551df9f31f04601345edf7e4eff6ea93114402690d8fa616} interest rate for the first few months. If this seems like a good option for you, be sure to investigate the promotional offers available. Many online vendors, such as Amazon, also have their online credit cards which can be used for purchasing goods.
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