What are the different types of personal loans offered online?

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Would you like to apply for a personal loan online, but want to know more about the different credit options available to you? You made the right call!

Comparing the different types of personal loans offered online can help you choose the option that best suits your needs as a borrower.

Here are some of the main types of personal loans offered online and their characteristics.

Quick loan

Sometimes also called emergency loansexpress loans or instant loans, quick loans are a type of personal loan designed for urgent needs for cash.

This type of loan is ideal for people who want to pay for essential goods and services when they are temporarily short on cash. This minimizes the negative impact on your credit rating, unlike a late rent, mortgage or car payment.

The applicant usually gets their money within 24 hours of the request with this type of credit. Amounts for online quick loans usually vary between $300 and $1000.

Loan with no documents

Some private lenders offer loans with no documents to facilitate access to credit and eliminate complex procedures. The borrower therefore avoids a credit check and does not risk hurting their credit score with multiple applications.

Many online lenders use IBV (instant bank verification) to process these types of loan applications. IBV is a highly confidential and secure technology that gives lenders quick access to the borrower’s profile, providing the borrower with an approval as fast as possible. Sometimes, all it takes is a few minutes!

Installment loan

Installment loans are loans in which repayment terms, monthly payment amount and loan terms are set in the contract depending on the borrower’s ability to pay.

The reimbursement period stated in the contract is usually long enough for the borrower to take back control of their finances while dealing with a difficult situation.

Some installment loans are also open-ended, meaning the borrower can pay back the loan sooner than stated in the contract.

Payday loan

A payday loan is an online credit that allows the borrower to be approved for a certain amount, provided they have a stable income.

Whether their salary is payed by check or deposit, they can obtain an advance on their salary.

DMO Credit offers different types of personal loans

In conclusion, borrowers wishing to obtain a personal loan online have many options. You simply need to choose the one that best suits your needs and personal situation.

At DMO Credit, we do everything we can to make the lives of borrowers easier. This is why we offer all the types of personal loans mentioned above.

Apply today to get a quick loan between $300 and $1000.

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Last update on October 15 2020. Author : DMO Crédit. Questions? Contact our Customer service