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Guide to Applying for an Online Loan

Posted by Kya Thompson on February 7, 2017
Woman applying for online loan on her iPad

If you’re in need of funds, going to your bank or another financial institution may not be the quickest or easiest route. As a result, you may be considering an online loan for your short-term financial needs. The are plenty of advantages to online loans, but when applying for a loan there are some things you should consider. Here are a few of steps we recommend to make sure you’re on the right track.

Assess Your Situation

  1. Why do you need a loan?
  2. How much to do you need?
  3. What can you afford to pay back?

Payday loans, installment loans, and line of credits are expensive forms of credit. Make sure your reason for seeking short-term credit is worth the cost. It’s important not to borrow more than you require. If you do get the amount you’re looking for, consider whether the terms and rates match the amounts and timing of what you’re willing and able to pay back.

Do Your Research

If you’re not familiar with online loans, find out what types of products are out there and what is available in your state. If you’re looking for an installment loan, for example,  make sure it’s legal in your state and that the lender is state-licensed and easy to contact.

When searching for a lender, you could end up in one of two places; on the direct lender’s site or on a loan matching site. Loan matching services will collect your information and send your request to a network of lenders; which means, multiple lenders may contact you.

Compare rates and terms of different lenders to get an idea of how much your loan or line of credit will cost and how payment will work. Check review communities to get a feel of how the business operates, and try to eliminate bias by reading both good and bad reviews.

Apply for Your Loan Online

If you think you’re ready to apply for an online loan, make sure you have the necessary information available for your application. This includes but is not limited to, your bank account and routing number, SSN, and driver’s license or State ID. After filling out and submitting your application you’ll quickly find out if you’re eligible for a loan. Additional verification steps may be required, so confirm with the lender if you need to do anything else to get approved. Once your loan is approved your funds may be made available to you by as soon as the next business day (depending on the lender and your bank’s policies).

At the end of the day…

Online loans can be a quick and easy way to get money in a time of need. Before applying online for a short-term loan, assess your situation and determine if this form of credit is right for your situation. Make sure you do some research on your own to get an understanding of how short-term loans and lenders work. When you’re confident and ready to apply, pay attention to the details and ask questions to ensure your application and funding process goes smoothly.



Disclaimer: This article provides general information only and does not constitute financial, legal or other professional advice. For full details, see MoneyKey's Terms of Use.

Posted in: Personal Loans

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Not all applications are approved; duration of approval process may vary. Credit limits/loan amounts are subject to further verification criteria. If you are a returning customer, loan amounts may vary.

*If approved, any requested funds may typically be deposited into your bank account the same business day; timing of funding may vary by product and state. The date and time funds are made available to you by your bank are subject to your bank's policies. For specific funding cut-off times, click here.

**You may request a draw from your Line of Credit at any time, so long as you have available credit and your account is in good standing. In the State of South Carolina, you can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it, with a required minimum draw of $610.

As you move through your credit journey, your account may become eligible for reduced charges and/or increased credit limits/loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility.

Depending on your state of residence, applications submitted on this website may be originated by one of several lenders, including: CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow Line of Credit account through MoneyKey.

Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page.

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO/CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey. In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law License No.1004516.

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