The difference between an online loan or a traditional loan, as regards the formalities to be fulfilled, does not exist, as for both types a loan request will have to be signed and a series of economic conditions will have to be signed and accepted. What really makes the difference can instead be summarized in the following two points, namely:
- the amounts that can be granted: there is no lack of situations in which by making an online request for the same type of loan that can also be requested through an agency, different minimum and maximum amounts are obtained;
- the channel used for requesting and managing the case.
As regards the latter aspect, the type of financing that from the beginning of the request, to sending the documents with the digital signature, up to the communications, additions and results, passes via the web is defined as ‘100% online loan’.
Times and methods of the investigation
The current investigation phase for the granting of a loan is opened from the moment in which the bank or financial company comes into possession of all the complete documentation and it ends when the signature of the person in charge of the office responsible for sending the bank transfer crediting the requested sum is put.
Often, especially in the case of online loans, the first step is actually represented by the estimate phase, and then with a few clicks you can send the request. However, from the sending of the request itself, the preliminary investigation phase does not begin, but you must wait for the email or telephone contact with consequent request for documentation.
At this point it is necessary to collect all the documents, sign the copy of the contract and send the whole or deliver it to the indicated address. From the sending the time of the investigation starts, which can run out in a few hours, up to a few days. What differentiates fast loans, or immediate loans, from other types of financing, however, are not only the reduced investigation times but also the sums that can be requested, generally limited, and the short repayment times.
100 percent online or mixed?
Traditional banks have for some years extended their services to digital ones too. Having said that, as mentioned at the beginning, a real online loan is that type of financing that involves all the phases remotely. In particular, electronic management must be provided for:
- quotation request;
- loan request by sending the application with digital signature;
- sending documents;
- positive or negative communication;
- sending the transfer to the bank account of the funded.
However, many banks offer only a part of these remote services, primarily the request for a quote or the online calculation of possible conditions. In most cases, in order to proceed with the request, an appointment must be made in a branch. In all these cases, however, we remain in the sphere of more traditional loans, and it is said that shortening of the evaluation times and possible approval of the request will not be obtained.
Different is the matter of funding that does not use the digital signature and which imposes the need to print the contract and sign it in one’s own hand and then send it by post, or scan it and always send it online. These can be considered full-fledged online loans even if they are not 100% paperless.
Types of instant loans
We now come to evaluate two examples of immediate loans that can also be requested online represented by the credit line and by credit cards with repayment by installments. The first solution is offered only by some lenders and generally allows to obtain an amount equal to the amount of the paycheck, or at most double. This kind of financing is provided by banks to their account holders, and in many cases requires less time. It is an extremely simple and useful solution for emergencies of modest amount.
Immediate loans linked to an opening of credit in a current account can generally be requested by those who have credited the salary on the account, for which normally does not need other income documentation.
As an alternative, revolving cards can be used, which can possibly extend the repayment times to 24 installments. These do not require approval for each purchase made, being ready for use once granted, until their expiry.
Another ‘immediate’ form of financing is represented by credit with a pledge, which is exploitable for all those who have valuable goods but logic it does not represent a solution accessible via the web if not in the simulation phase.
Types and times for fast loans
Fast loans fall into the category of personal loans and they also make it possible to obtain generally modest amounts. However, they require the presentation of the income documentation, and as a preliminary investigation time it can be up to 48 hours. They can be repaid through not particularly long amortization plans, and can be requested by all those who have demonstrable income or property guarantees.
How to choose?
In the field of online loans, Astro Finance and Lite Lender are among the banks that collect the most interest on the Italian market, above all thanks to the short deadlines for the disbursement of the loan. Obviously, however, each case is separate, and therefore even turning to these banks it is not certain that you will be able to obtain the amount you want or need, and to do it very quickly. So in doing your own research and evaluations you should always use the same criteria and that is:
- request more quotes;
- compare them;
- look for the solution that mediates the more or less guaranteed times with the conditions applied that best suit your needs.