Financial emergencies arrive without announcement. You may be staring at one at the dead of night. Time is of the essence and waiting to apply for a loan at a brick-and-mortar office in the morning may not be a feasible option.

In such cases, online applications make more sense. You can apply for a personal loanonline at any time during the day and as per your convenience. Money would either be transferred to your registered bank account or delivered to your doorstep in no time.

Why Applying for a Personal Loan Online Makes More Sense?

Applying for a personal loan online makes for a smart choice because of the following advantages:

• Convenience: You can apply for a loan any time during the day from anywhere. You can do it from office or while sitting on a cosy sofa in your home. You won't have to meet and impress anyone. However, if you do want to set up a communication channel with a bank representative, you can do that easily by using the web chat option that most lenders offer you. It saves you time and money because you don't have to make multiple trips to your bank to collect information or to fill out documents. Online documents tend to be simpler and you can apply by uploading scanned copies of your supporting documents. The whole process may take you less than half an hour.
• Faster approval: Since many of the intermediary steps get bypassed or precipitated, the speed of approval is usually much higher than the physical route. For all you know, your application may get an in-principle approval within an hour, provided all the documents submitted are in order. The whole process usually doesn't take more than a few hours usually.
• Greater access to information: When you're applying online, you'll not only have easier access to information on the loan that you're looking for curated properly on the bank's website but you can also compare loans from different lenders on sites like BankBazaar. You can check interest rates, fees and charges, tenors, and relevant terms and conditions before selecting one. Digitisation of banking products has led to democratisation and has probably made your job of hunting down information easier.
• Lower interest rates: Most lenders in Singapore offer discounted interest rates and better deals when you apply online. Online application is not only more convenient for you but also for the lender as it leads to greater cost rationalisation. Most lenders pass on a portion of the cost benefits to their customers. Some lenders may also offer other joining benefits when you apply online. In addition to lower interest rates and waived charges, you might also get shopping vouchers or more.
• Ideal for emergencies: Since online services are available round the clock, you won't have to wait for the bank to open in the morning if you meet an emergency at the middle of the night. Just upload your documents, fill out the form, and you're set. The approval may take less than an hour and money may be disbursed before you know. There are also no back-and-forth movements between the lender and you since involvement of human employees is kept to a bare minimum.
• Access to more tools: When you're applying online, you'll get ready access to tools like monthly payment calculator, interest payment calculator, and more. You'll also get other financial information that improves the accuracy of your decisions. You'll have an exact idea of your monthly payment liability and overall interest liability even before you have started the application process and without requiring any assistance from bank officials.
• Better tracking technology: Once you have applied for your loan online, you can continue to get real-time updates on the status of your loan. You won't have to get in touch with your bank or risk annoying bank representatives by calling them again and again to check the progress of your application. The entire process is also very secure since financial management companies these days use highly secure channels for transactions.
• Privacy: Privacy is important for most applicants. If you don't want to meet a bank official in a face-to-face interview and explain to him the reasons for taking the loan, you can explore the possibility of applying for your loan online.
• Improved technology makes for a more personalised experience: When you're applying online, your lender assesses your application using complex algorithms, devoid of biases that human assessors can have. Your application will go through affordability and stress tests. As the terms offered to you will be more personalised, chances of future defaults will also decrease.

If you're planning to apply for a loan today, get started online instead of wasting time and energy by visiting the office of your lender. You'll realise the conveniences soon enough.

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