Do you need money ASAP but feel a little uncertain about where to go next? Are you wondering if you should get a personal loan, but you are unsure of the differences between payday loans, installment loans, traditional bank loans, and personal loans?
If that's the case, you've come to the right place. Here at the Atlas Credit blog, we love filling you in on all the necessary details that help you select the best option for your specific situation. Today, we're going to discuss the awesome benefits you'll find from applying online for a personal loan from a company like Atlas Credit! Here are nine reasons for getting a personal loan.
The ability to sit at home in your pajamas and apply for a personal loan online has to be one of the greatest advancements of modern technology. Seriously, all you need to do is enter your information into an online form and find out if you qualify for a loan.
Since the whole process can occur over the Internet, there's no need to make repeat journeys to your lender's office. And in all likelihood, you'll be approved for your loan even if you have bad credit. How convenient is that?
2. Great in an Emergency
According to an article from CNBC, most people in the United States have nothing put away for their futures and less than $1,000 in total savings. So, while we like to think we'd be ready if an emergency came around, the truth is a little bit harsh.
That's one of the reasons a personal loan can truly be a lifesaver. No matter your specific emergency, being able to receive a sudden influx of cash to handle your expenses can change your life for the better.
One thing that turns a lot of Americans away from traditional banks is how picky they can be when it comes to lending money. Banks use a far more rigorous method of approving the loans their customers apply for, and in many cases won't hand out any money without collateral first.
That's right -- to qualify for a loan from your bank, you might need to put something on the table first. Your car, your home, whatever you can use for leverage to convince them to help you. With a personal loan from a lending company like Atlas Credit, that's not only unnecessary, it's unheard of.
4. Smaller Interest Rates
Because of the flexibility of personal loans, they often have lower minimum payments and interest rates than those of competing loans. Why else would so many people use personal loans to pay off their other debts?
Plus, the personal loan industry falls under certain regulations that protect consumers by keeping the loan affordable, quick to receive, and easy to get qualified for.
5. Easy to Apply
Speaking of easy qualification, the actual application process is incredibly simple. If you apply for your loan online from your home in Oklahoma or Texas, the only real hold up is your Internet speed!
6. Different Criteria for Applicants
One of the amazing benefits of online personal loans is that you don't need to have perfect credit to get them. When you go to a traditional bank, they will look at your credit score and demand close to perfection to approve your loan. The problem is, very few people have anything close to that type of credit record.
Online personal loans are different. Lenders such as Atlas Credit offer loans to people who have poor credit because we know you are more than just some numbers on a page. If you can show right now that you have the means to pay back a loan, then you deserve a chance to repair your credit and prove your reliability.
7. Personalized Loan Repayment Schedule
A good reason for getting a personal loan online is that you can work with the lender to create a repayment schedule that fits your needs. At Atlas Credit, we sit down with you to determine the optimal way for you to repay your loan. We look at dates and your budget. Traditional banks just set the dates without worrying about whether you can realistically fit those numbers into your budget. Plus, personalization makes you feel appreciated, which is a great bonus when you borrow money.
8. More Favorable Terms Than a Credit Card
Charging expenses to a credit card may seem like the easiest choice at the moment. You have the plastic in your pocket, and you don't need to fill out another application. But credit cards often have unfavorable terms, with high interest rates that can make paying off your card a nightmare when you can only afford the minimum monthly payment.
Personal loans, on the other hand, usually have lower interest rates than credit cards. You won't be tempted to use them again and again like a credit card, either. This stops you from driving up your debt load.
9. No Collateral Needed
Many traditional bank loans require some form of collateral. You have to promise you'll give up something big if you default on the loan, such as your house. When you take out a personal loan online, you don't have to provide collateral. Your word is enough for us to trust that you will pay us back. Our arrangement will save you many a sleepless night wondering if you made the right choice.
The online personal loans offered by Atlas Credit are a phenomenal way to help you correct your budget, afford that repair you've been putting off, or come out the victor in a tough financial fight. If you want to save time and get your money without hassle, consider these many benefits of a personal loan from Atlas Credit. Apply online or in person at any of our offices across Texas and Oklahoma today!