Why should you apply for a loan online? Here are our top 5 advantages

19 January, 2016

1. Lower Interest Rates

 

While banks are established financial institutions, they still have some inefficiencies. High operational costs can often translate into higher interest rates for borrowers. An online platform (like Monexo’s peer to peer lending marketplace) enjoys much lower costs and can offer favorable interest rates to prospective borrowers.

Monexo typically offers personal installment loans at rates from 7-24% on a declining balance. In a unique feature on our platform, we even offer borrowers a “reverse-bid” option - if they are unhappy with their assigned rate, they can request lenders to fund them at a lower rate.

2. Enhanced Security

 

Many traditional financial institutions, particularly in Hong Kong, have not put in place secure means for sending in personal documents. To meet KYC (Know your Customer) and AML (anti-money laundering) checks set by the HK government, Monexo will ask potential borrowers for documents like a HKID card, passport, and address proof to verify identities.

Credible institutions will ask for the same documents, but do not have secure submission methods. Instead of presenting printed copies of your documents that could be easily lost or end up in the wrong hands, applying for a loan online allows you to upload digital copies safely and securely. Monexo’s best-in-class technology ensures that the platform has bank level security and all sensitive information is kept confidential.

3. Convenience

 

Usually to apply for a loan, you need to visit the individual or institution that is lending you the money. If you’re busy working, it can be hard to make it in regular business hours.

Going online eliminates this problem entirely. Apply from the comfort of your living room by filling out a form, uploading your digital documents to a secure site, and in many cases your application can be processed in the same day.

4. Speed

 

With online loan applications, you can be approved in the same day and receive your funds within the same week. That kind of speed is unprecedented, with so much red tape surrounding the processes at banks.

In the wake of the 2008 financial crisis, credit restrictions tightened up all over the globe which means that even credible borrowers are made to wait weeks and months for a loan, with no guarantees they will ever actually be approved. Gain some peace of mind knowing that there’s an answer in store for you within a day - and if you’re approved, rest easy knowing the money will be with you shortly.

5. Transparency

 

Rather than signing a contract, worried that you have missed something in all the fine print, take a look at online platforms’ detailed FAQ sections that outline all the processes, requirements, and stipulations when taking a loan in a clear, transparent manner.

Monexo’s FAQ section goes in depth about our products. We’re also devoted to giving our borrowers’ the best customer experience, meaning we’re available for any questions and clarifications around the clock.