When you need to borrow money online - what to do?

As digitalisation sweeps across various industries around the world, the finance industry is not immune from its effects. With internet penetration reaching 50.8% in Sri Lanka and mobile penetration at a whopping 141.7% (source: DIGITAL 2021: SRI LANKA, Hoostuite) in 2021, consumers are highly depending on using their mobile phones to find solutions to their problems online. One such major innovation is the ability for people to borrow money online, which has become extremely popular due to its high level of convenience and ease of access. 

If you are looking to borrow money online instantly and you have never done it before, here are some tips for you to get started

   1. Do a quick Google search for terms like “borrow money online” or “borrow cash online”. The first few results will be paid ads and the next will be the organic results. Check all the different websites and try to glean their levels of professionalism, convenience and transparency.

   2. Browse social media leisurely. Social media platforms track user behaviour and show them related advertisements. If you have shown interest for loan money online, the relevant ads will find you. Visit the social media accounts of all these companies and go through their posts to get an idea of the various services they provide to borrow money online fast.

   3. Ask friends and family whether they have previously used any company to borrow cash online and get their suggestions. A recommendation from a trusted party far outweighs those of any online reviews.

   4. Read online reviews. Never borrow money online from anyone without reading up on online reviews from other customers. Online reviews are freely available on Google and other social media platforms. However keep in mind that usually only customers with negative experiences take time to leave a complaint whereas hundreds of happy customers will not do so. Further, online reviews can always be manipulated as well.

   5. Read the terms and conditions before accepting any loan money online! This is the most important of all and something too many people forego. Neglecting to read the fine print always results in unpleasant situations which could have been easily avoided had the customer read what he/she has agreed to.

   6. Weigh the pros and cons of borrowing money online. Is it really necessary? Will you be able to pay it back on the agreed date without fail? Think carefully before you borrow money online fast or else you might be left with severe buyer’s regret.

   7. Plan your expenses for the upcoming months wisely. You will be tying yourself to a financial commitment for the next few months so don’t undertake any large expenses or else you’ll be left struggling to pay back the loan you took.

   8. Make arrangements for the repayment. If you had read the terms and conditions of repayment, you would know that you cannot delay your monthly payment even by one day or you will be charged last payment fees. However, it is not uncommon to miss your repayment date or get caught up in other work that before you know it, your repayment date has come and gone. It is worth investing in online banking to do a quick transfer with ease,or even put a standing order to make the payment automatically.

The above mentioned points are by no means a complete list of things you should know before you borrow money online instantly,  but it is a good place to start. Get in touch with OnCredit for any other questions you might have.