What is a Loan Service | OnCredit Sri Lanka

What is the Loan Service?

Even if you come from generational wealth or run your own multi-million rupee business, getting a loan is something you would eventually face at some point in your life. Financing a large purchase with a loan service makes fiscal sense when you weigh losing a large chunk of your capital against paying interest to the lender. On a lesser scale, even those who live off monthly salaries would need to get a loan when it comes to larger purchases.

However, there is a growing demand globally for a loan service that can help finance smaller expenses, such as an overdue utility bill, an unexpected medical emergency or even simply for daily living expenses. Such situations are not given a helping hand from big financial institutions or banks. In these situations, online loan services (like OnCredit) have quickly risen to the occasion and have proudly built a loyal customer base for online loans.

What is an online loan service?

What is an online loan service

Online loan services are simply that: a service provided by financial institutions for customers to obtain an online loan through a website or a mobile app. Previously unheard-of, the concept of online loan service has become very popular globally especially in developing markets. By condensing the entire loan service process into a few easy steps, services like OnCredit have made it possible to obtain quick loans and short-term loans through online loan services. This concept has been growing around the world and it is known for its speed and convenience. You could obtain its services via OnCredit.lk

How does an online loan service work?

Online loan services work and operate very differently, whereas in the past, loan applicants had to visit a bank branch, painstakingly fill out numerous forms and submit many documents. Online loan services are a much more simplified concept of the entire process. Online loan services work by shifting the entire loan application process to a virtual platform, like a website or a mobile app. Online loan applicants simply have to visit the website or mobile app, and follow the step-by-step process including uploading the necessary photographs (no need for any professional pictures - just mobile phone photos would do). This entire process takes less than 5 minutes after which you will receive a verification phone call. If you are found to be eligible, you can receive the cash immediately or at least within a few days.

What are the benefits of online loans for customers?

Benefits of Online Loan Services

  • You don’t need to fill out countless forms when you apply for an online loan. We require just a few details to be submitted on the website itself. The simplistic process on the website is just 6 steps where you can submit within just 5 minutes of your precious time.
  • You don’t need to provide hard copies of any documents! We only require a photograph of yourself (a selfie) and one of your National Identity Card (NIC). Unlike traditional bank loans, the concept of online loans does not require you to hand over countless forms and documentation for your credit evaluation.
  • There is no need to visit physical branches unlike when you apply for traditional loans. This is especially beneficial for loan applicants who live away from city centres, and especially so in the middle of a pandemic, because many people are hesitant to visit places these days. Since the whole process happens online, it is much easier to use and customer friendly where even a less technologically savvy person can easily use the platform easily.
  • The entire process is very quick (application only takes a few minutes) so if you are looking for quick loans, online loan services are the way to go. As mentioned previously, you can easily get a loan from OnCredit as their process is just 6 steps, and all it takes is less than 5 minutes and your money will be in your account in under an hour.
  • There is minimum need for any human interaction. If you are extremely introverted or are simply uncomfortable talking to strangers, online loans can be a godsend as there is less human interaction with you. The only human interaction you will have is through the verification process where you will have to get in contact with a human being on call for the verification process.

As you can see there are many different loan services in Sri Lanka. Depending on your requirements, you should choose which one would suit you best. There are also many different online services that provide unsecured loans, it is vital that you do a bit of research before you commit to or get their services.

However, If you are looking to get fast cash, online loan services like OnCredit are definitely an ideal way to gain access to quick loans and short term loans. Get a loan today with OnCredit, it's simple and easy. Just login to OnCredit.lk to get started today