Are Online Loans The Same As Those Offered At Banks?

When it comes to loans, quick easy approval is the dream goal.

We’ve all known someone who was disappointed when they couldn’t get a loan. Loan applications can be stressful, after all, especially when we have to deal with the red tape that comes with most mainstream applications.

At Fundo, we do our best to be fair to our borrowers. This is why we’ve opened up our target demographics to a wider range of borrowers. By streamlining our online application process, we’ve made applying for a fast easy loan from anywhere quicker and easier. Your application may even be eligible for same-day approval and loan release.

But before we jump into the application form, there are a few things you’ll need to know about our process. Let’s take a look at some of them.

Are online loans the same as those offered at banks?

The answer to this question is yes, technically. Generally speaking, the differences between last minute loan options depend on the type of loan you plan to get.

There are two main types of loans: secured loans, which require collateral, and unsecured loans, which do not.

Other loan types, like instalment loans or fixed-rate loans, then typically fall under or include one of these categories. This is the difference between loans from any two lenders, or even between two small payday loans from the same lender.

Some personal loans require collateral. These are called secured loans, and examples include some short term cash advance loans or vehicle mortgages.

At Fundo, our small, short-term loans, quick easy approval included, are unsecured personal loans. We don’t require our borrowers to provide a property or asset to secure their loan, which lowers the application requirements compared to some bank loans that may require a car or estate property, for example.

Lower security on a quick and easy loan doesn’t mean a lack of obligation, however. A loan is a responsibility, and we trust our borrowers to keep up with their timely repayments on their loans, quick easy applications and all. The more we build on our lending relationship through timely or even early repayments, the more likely we are to approve their future loans.

We incentivise healthy repayment habits through the Fundo Credit Score, which increases with every prompt repayment. The higher your Fundo Credit Score, the better your chances are of getting your next application with us approved.

We suggest taking advantage of this feature, as it also comes with possible discounts on loans, quick easy turnaround on future applications, and other benefits.

Is it easy to get a small travel loan online?

The answer depends on a few circumstances.

First, the type of loan you’re applying for can affect the ease with which you can apply. While money on the spot loans and quick payday loan options are typically the easiest small short-term loans to apply for, there may be a security or collateral requirement, as some lenders require collateral even for small loans.

If you’re looking for a travel loan without collateral, then look for unsecured loans like what we offer here at Fundo.

Second, the stated turnaround time of a lender should be noted as well. Fundo, for example, accepts applications at all hours of the day and all days of the week. However, we have business hours that we keep for processing applications for online quick loans. To wit, we process applications Mondays through Saturdays and can be reached during these days and corresponding business hours.

Don’t worry – if you submit your application during operating hours, we’ll likely see to it within the same day. You may even hear back from us during the same timeframe.

Third, the loan amount may require a more thorough credit check or a higher minimum documentary requirement. A $500 loan may likely have lower eligibility criteria compared to a bigger loan, so it’s best to always ask about your ideal loan’s eligibility requirements first before completing an application.

For Fundo, we offer loan amounts ranging from $500 to $2,000 for our unsecured loans, quick easy turnaround possible for eligible loans.

It’s important to note that unsecured online quick cash loans don’t mean non-credit-checked, either. And while we do perform credit checks on qualified applications, your credit score isn’t the only factor we use to judge your creditworthiness. We understand that every person’s financial situation is complex and unique, and we do our best to consider all factors before deciding on an application for loans. Quick easy applications are part of this consideration as well.

How do I send in my documents for an online loan?

Regarding sending in documents for an application, clear digital files, photos, or scans of your documents will suffice when uploading them for fast easy loans online. The files should be small enough to meet the requirements of the website, but clear enough so that the details – like your name, ID number, photo, and signature specimen – are legible.

When uploading your documents, also make sure that all relevant pages or information are included.  For example, if you’re uploading a picture of your ID, check if any parts of the ID appear blurred or are covered by stray objects or shadows. The extra time you spend to ensure clear, legible pictures may help your loan application get a positive review. 

Speaking of documents, Fundo has some eligibility criteria that we look for in applications. Here are the following requirements:

• you must be at least eighteen years old;
• you must be an Australian citizen or permanent resident;
• you must be earning a minimum of $500 weekly (before any government benefits);
• you must have a demonstrable plan for repaying your loan; and
• you must not be placed under undue financial stress by a Fundo loan.

Meeting these requirements doesn’t automatically guarantee your application will be approved, but they do greatly increase the chances of your application being reviewed positively by our team.

As well, we encourage applicants to have a separate income source from their government benefits or allowances. If you rely solely on such benefits for your finances, we may ask you to reapply at a later time.

When it comes to quick loans online, you really can’t do much better than Fundo’s loan offerings. From personal loans small, short-term loans, and more, Fundo has a product that’s suited for your purposes.

Introduce yourself to a brand new loaning experience and apply for new loans, quick easy and simple, with us today! 

The opinions expressed in this article are strictly for informational and entertainment purposes only and shouldn’t be taken as financial advice or recommendations. Any or all opinions in the article may also change without notice.