Top 5 Myths About Online Loans Debunked

The birth of online loans has marked a new era in lending. Remember when Nicolaus Copernicus first presented his idea that the earth orbited the sun back in the 16th century and everyone thought he was crazy and laughed at his ideas? Well, online lending is sort of like that. And just like with Copernicus, there are still some pesky myths of how shopping for loans online works: myths that are preventing people the world over from getting the personal loans they need. But never fear! We’re here to debunk, bust, and put these tired myths to rest.

(Shout out to Copernicus—much respect.)

Myth #5: Online loan applications are confusing.

Consider your social life online—if you’re like most people, you probably have multiple social media profiles. If you’re on Facebook or LinkedIn or Club Penguin, you know how to create an online profile. Good news, everyone: filling out an application for loans online is very similar! The only difference is that, instead of creating a cute penguin avatar or stalking old classmates, you upload your basic employment and banking information. Filling out an application with a reputable online lender should take about as long as watching a seven minute YouTube video once (or that Spike Jonze perfume ad twice).

Myth #4: Customer support is lacking and/or unavailable.

Whether we’ve applied for loans online or not, we’ve all had to experience the bad customer service nightmare. You have an issue that you need assistance with, so you call the service provider and … when someone finally answers the phone, like, an hour later, they’re halfway across the world. At OppLoans, we’re happy to debunk the myth of poorly managed customer support for online loans. We do it every day! See the quality of service we provide by checking out our reviews on Google and LendingTree. All of our Loan Advocates are located in Chicago, Illinois, and their incredible customer support is what we’re known for!

Myth #3: You need a high credit score to be approved.

If you’ve heard that you need a high credit score to be approved for a safe and affordable online loan, then you’ve heard wrong. You can be approved today for an online personal loan with or without a high credit score. In fact, a lot of online lenders don’t even need your credit score to approve a loan for you; they just need proof of stable income to make sure you can afford to repay your loan comfortably. And when you take out a personal installment loan from OppLoans, we will report your payments to credit bureaus so that your loan can help build your credit score (read more in our Blog 15 Tips for Improving Bad Credit)! Put that credit score requirement myth to bed.

Myth #2: Online personal loans aren’t as fast.

If you have a 3D printer, you can actually hook it up to your smart phone and print out your online loan into cold, hard cash. Just kidding! You should never print money. That’s considered fraud in every state except Florida. (You can do anything you want in Florida.) But either way, with OppLoans you won’t need to worry about getting your cash fast. If your loan application is approved, we can have money in your account as soon as the next business day. That’s a crazy fast turnaround, especially when you consider traditional bank loans can take anywhere from a week to 45 days to process. Boom. Consider this myth about online loans officially debunked.

Myth #1: All online lenders are the same.

Incorrect. All online lenders are not created equal. Some will be more expensive than others, others will be offering online payday loans that are illegal in your state. There are a number of predatory lenders out there, so find out who you’re dealing with! Read reviews prior to applying. Check the lender’s rating with the Better Business Bureau. Compare prices, terms, and privacy policies. Once you’ve done your research, you can come right back here and apply. We’ll just be over here with affordable, safe personal installment loans and the best customer service you’ll find in the business.

The information contained herein is provided for free and is to be used for educational and informational purposes only. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog.