Online Lending Firms

25 June 2010 - Which Way To Pay

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Online Lending Firms



As the world enters an age of austerity to clear up the fragile economy, many banks are becoming tougher on borrowers.  Increasingly, Canadians are turning to online lending firms to get the cash they need.


With a multitude of lenders available on the internet, offering everything from straightforward personal loans to home loans, car loans, payday loans and of course credit cards, consumers are spoilt for choice.  


Most lending firms require an application process in order to decide whether to accept a prospective customer.  While at the bank this might require paperwork and maybe even a discussion with a bank representative, online lenders are making it easier and faster than ever to get a ‘yes’ or ‘no’ decision.


Type in your basic information and your standard online lender will boast ‘a decision in seconds’ – meaning you can get on with your day.  But how good a deal are you really getting?


The truth is, most online lending firms are just as legitimate as any other financial services firm.  All you have to do is make sure that they are regulated, monitored and registered.  Check their terms of use, background information and read the small print!


If you are ever in doubt as to the legitimacy of a loan company, back out and don’t touch them until you have done your homework.  However the vast majority are quality firms – after all, if they were doing dodgy deals and not offering customers a good service, they wouldn’t get very far!




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